"Doctor Loan/Physician Loan Programs"

Visit College Ave for private loan funding: https://www.collegeavestudentloans.com/lp/product-choice/?utm_campaign=bank%20partner%20referral_casl&utm_source=hpsa&utm_medium=partner&utm_content=hpsa&brand=college%20ave&product=inschool&p_aff=hpsa&goal=acquisition
This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
I am buying in pensylvania.
Members don't see this ad.
 
Same here. I am calling around and can't seem to find any lenders in PA that will do 0% or 5% down mortgages. Everybody we talk to acts as though they've never heard of doctor's loans, and tells us they're too good to be true. I'm starting to get nervous.
 
ActiveDutyMD said:
It is important for med students/doctors to realize these companies aren't cutting you a break out of the goodness of their heart. Doctor's loans usually aren't a better deal than anything else once the fees and the higher rate are added in. Avoiding PMI and avoiding an 80/20 loan sound like a good idea, but it only takes a slightly higher rate or slightly higher fees to make the offers equivalent.

As far as not looking at your student loans...come on. Do you know ANYONE who has had trouble finding a lender in the last few years? Why do you think all this subprime stuff is in the news?
Click to expand...
Oh, the good old days in 2007 :laugh:

Rogue Synapse - I've found two brokerages/relocation companies that cater to doctors - one is called Physician Loans and the other was Exclusive Resident Loans. I'm trying my hand at a traditional lender (US Bank) right now, but if they won't look past my student loans, I might give these other guys a consideration. If my residency is 5 years long and I leave afterwards, I guess I don't see much downside to a 7 year ARM...
 
Members don't see this ad :)
Does anyone know of any lenders in the OKC area that offers physician loans?
 
Hi,
I recently was given the option to get a 7 year ARM with 6% interest 2/2/6 with 0% down and no PMI, and no points or loan origination fees. Does this sound like a good deal? I am in Ohio. Thanks.
 
I know I'm jumping the gun here, but are doctor loan programs for first-time home buyers only?
 
I have been shopping around for an FHA loan and the rates for these are below 5% right now. Also, I spoke to a couple physician loan companies with 0% down and their 30 yr fixed rate was 6% so I would think on an ARM you should be below 6%. I would shop around a bit if I were you.
 
Is anyone aware of a Physician loan program which will fund properties in NY state that are co-ops? I will be an intern in July and am looking to purchase a property near the hospital; all properties that are available in a reasonable price range and distance are co-ops which FHA loans and Compass Bank loans do not finance. I'd like to put the minimum amount down possible... Any information would be appreciated!
 
Just to throw this out there, I recently contacted a local bank (Ohio) that offers physician loan. This is what they offered me.

#1 - 5/1 ARM @ 4.125%

#2. 30/15 Balloon @ 5.5%

Honestly, I don't see anything special about this. Beside no PMI and NO DOWN Payment, it's really is not that competitive of a loan. The guy was just gloating about how this is the best and exclusive... blah blah..

Show me a sub 5% fix interest and we'll talk.

Anyways, i'm just throwing this out there so people can compare. This quote is as of 04/24/2010.
 
Some potentially good news for some. Saw a post from a BoA loan officer, [agent name removed], on another site stating that they will be bringing back their Doctor loan in the next 2-3 months. The post was dated April 20, 2010.

Not sure if this is going to help me, as I'll be ideally looking to close and move to Delaware in June where I'll be starting as an attending. Going to call and see if I can find out any more details. Having more of these options hopefully coming back to us is good to see!
 
Last edited by a moderator:
Members don't see this ad :)
slinx said:
Some potentially good news for some. Saw a post from a BoA loan officer, [agent name removed], on another site stating that they will be bringing back their Doctor loan in the next 2-3 months. The post was dated April 20, 2010.

Not sure if this is going to help me, as I'll be ideally looking to close and move to Delaware in June where I'll be starting as an attending. Going to call and see if I can find out any more details. Having more of these options hopefully coming back to us is good to see!
Click to expand...


If any of you need a good realtor, I can help. I am starting med school this fall, but have been a licensed agent for some time. I have a great network of the top relocation agents across the country (and internationally) that have very successful careers helping people move to new areas. This takes a lot of the guesswork out of finding a good agent, and it's free of charge to you....I would just need to get in touch with you and then make a couple of calls to find you a good agent who would take care of you. PM me if you want more info. I'm happy to help.
 
Last edited:
slinx said:
Some potentially good news for some. Saw a post from a BoA loan officer, [agent name removed], on another site stating that they will be bringing back their Doctor loan in the next 2-3 months. The post was dated April 20, 2010.

Not sure if this is going to help me, as I'll be ideally looking to close and move to Delaware in June where I'll be starting as an attending. Going to call and see if I can find out any more details. Having more of these options hopefully coming back to us is good to see!
Click to expand...

were you able to get any more details?

i'm looking to move in to a new place by August and a good doctor loan program would be awesome.
 
spacecadet610 said:
were you able to get any more details?

i'm looking to move in to a new place by August and a good doctor loan program would be awesome.
Click to expand...

Well, no luck from BoA. Called their mortgage number and they didn't know anything about it coming back. Also emailed the BoA person who originally posted about it, and have not gotten a reply from him.

However, I did get an email today from my the local person I have been in contact with at SunTrust. She had mentioned to me about 3-4 weeks ago that they were some rumblings about the Doctor Loan program coming back to their non-footprint states, then didn't hear anything from her for a while. Got an email today that as of this weekend, the Doctor Loan program is back, at least in Delaware to which I am relocating. Not sure if this also applies to other non-footprint states, but definitely encouraging!
 
Last edited:
TheProwler said:
Oh, the good old days in 2007 :laugh:

Rogue Synapse - I've found two brokerages/relocation companies that cater to doctors - one is called Physician Loans and the other was Exclusive Resident Loans. I'm trying my hand at a traditional lender (US Bank) right now, but if they won't look past my student loans, I might give these other guys a consideration. If my residency is 5 years long and I leave afterwards, I guess I don't see much downside to a 7 year ARM...
Click to expand...

Any luck with the traditional lenders? I'm wondering if anyone has been successful in getting a mortgage, as I'm having trouble getting one myself. The problem is that I can get my housing monthly payments below the maximum debt-to-income ratio, but once my student loans are added in, nobody wants to qualify me.
 
Regions Bank offers 100% LTV doctor loans with No MI.
Residents are allowed in the program.
ARM and FIXED rates available.
 
Was told that Bank of America is starting their doctor loan / physician loan program again as of Aug 14 2010.
 
I was working on the Bank of america physician's loan, which is up and running. just a word to the wise, there are still some kinks in the program that they are working out. I just found out that as a 1099 employee (university), I need to be in a contract for a year before i qualify....

the search for a mortgage lender continues.....
 
I have been thinking of buying a house in the Missouri area and a friend suggested using a physician's loan. I am in my 2nd year of residency and am in no hurry to buy a house/condo during residency. Would it be better to wait until after residency to buy a house or go ahead and purchase one with the physician loan option? My friend definitely suggests using it however, I have been hearing bad things on this forum. Any help would be great!

Thanks
 
I'm also getting ready to buy a house. 2nd year resident, sick of renting. Trying to learn as much as I can about Dr. Loans. I have literally called 20 different agencies and banks and am determined to get to the bottom of this! It seems like EVERYONE claims to be the best. Any thoughts?
 
Hi guys,

A lot of things have changed in the doctor loan world since 2010, so please PM me if you have any questions at all. I'd be glad to help out or point you in the right direction. Match Day is quickly moving upon us!
 
cali-ob said:
In what states?
Click to expand...

Regions can do the doctor loan in AL, AR, FL, GA, IA, IL, IN, KY, LA, MS, MO, NC, SC, TN, TX.

They have a really good program, actually. Hope that helps...
 
I can vouch for the Regions Mortgage Program. We got a 7/1 ARM through them right before residency. This was back in 2007 when they could do loans pretty much in any state. For Regions when we closed, they tried to push back our closing and it became a huge issue between. I had to get involved with the actual underwriting of the loan. I have a mortgage background so they thought they were dealing with an idiot and I had to push back. Not pretty. Their SVP of mortgage underwriting, Scott, was very helpful thankfully. Also, my "personal banker" has changed a few times which has been frustrating when we started getting hit with fees because they changed the structure of their checking accounts. They used to require you to do auto-withdrawal for monthly payment from a checking account at Regions. Not sure if they still do (we still have autopay). Once the closing and checking account issues were resolved, we've had no problems whatsoever with them.

FOR ANYONE GETTING A MORTGAGE: Beware that you need to be aware of what you need for closing (documentation wise) ahead of time. The past few people I know who have closed in the past 6 months had their mortgage company come back after "pre-approval" with problems of income/assets. Usually this will be 2 weeks before closing when they are "actually" underwriting your loan and scrutinizing your income/assets. Make sure you are clear of what counts as liquid assets under the new guidelines.
 
Are there any doctor loan lenders in California? I'd love to buy before I start residency next year but I know a typical bank will give me such a hassle. I doubt they will even talk to me! I have a significant amount of student loans (100k in private that I'm going to make payments on during residency and 275k in federal that I'm going to forbear). If I match to either of my top picks in CA, it looks like I could find a starter home for 75-100k.
 
psych said:
Are there any doctor loan lenders in California? I'd love to buy before I start residency next year but I know a typical bank will give me such a hassle. I doubt they will even talk to me! I have a significant amount of student loans (100k in private that I'm going to make payments on during residency and 275k in federal that I'm going to forbear). If I match to either of my top picks in CA, it looks like I could find a starter home for 75-100k.
Click to expand...

Hi Psych,

There sure are, please PM for more info. Good luck on your match!
 
They do still exist! The elusive physician loan still exists, and I just spoke with someone today! Google searches work real well, and I spoke with someone from physicianloans.com
 
Apparently, Bank of America is not doing a physician loan. They still take student loans in to account and need debt income ratio under 0.45. I kept trying to ask the lady about before she ran our credit but no, and now we have a hit against us and we have credit scores of 749 and 724. Grrr...
 
Hi Allerian1004,

Regions Bank has a great "Doctor Loan". What state are you buying in?
 
Allerian1004 said:
Apparently, Bank of America is not doing a physician loan. They still take student loans in to account and need debt income ratio under 0.45. I kept trying to ask the lady about before she ran our credit but no, and now we have a hit against us and we have credit scores of 749 and 724. Grrr...
Click to expand...

Maybe it's regional thing because I just got something in the mail in the past month from Bank of America advertising their physician loans that I think were stopped for a while.

I also heat that Suntrust still has options. I'll have to look into Regions, didn't think to check there.
 
I saw in a relatively recent post where some were having trouble finding the physician loan in Pennsylvania. I was wondering if anyone has had any recent experience obtaining this loan there. I am relocating to PA for residency now that I have matched and I am hoping to buy if I can get approved. I am currently doing my research now!

It sounds like Bank of America is not as easy to work with as they were in the past. I will have to look into Physician Loans with Tower and Doc Hero.

Any information is appreciated!
 
Any financial savvy people wanna interpret this for me and see if this is good/bad?

$175,000.00
Doctor Arm - 1 month (month?? can this be right??)
30 year term
3.250% interest rate
100% LTV
estimated prepaid $1425.58
estimated closing costs $5811.00
Discount Points 9.25%
Discount (if borrower will pay) $16,187.50

What does it mean if borrower will pay and does this seem exorbitantly high to others?
 
bdc said:
Any financial savvy people wanna interpret this for me and see if this is good/bad?

$175,000.00
Doctor Arm - 1 month (month?? can this be right??)
30 year term
3.250% interest rate
100% LTV
estimated prepaid $1425.58
estimated closing costs $5811.00
Discount Points 9.25%
Discount (if borrower will pay) $16,187.50

What does it mean if borrower will pay and does this seem exorbitantly high to others?
Click to expand...
Ugh this lender is totally taking advantage of you. I'd walk away from this without a second glance. Well, maybe a short 2nd glance. The 100% LTV is not a bad deal but coming up with $23K for closing PLUS you will need to have reserves for underwriting? I'd see what other products they can offer you. Yes it can be 1 month - means your rate will adjust monthly.

Your discount points of 9.25% is BS. You should NEVER have to buy down a rate that much. What is your rate if you don't pay?

Are you dealing with a broker or a bank directly? This has to be a broker ... it smells broker.
 
mshheaddoc said:
Ugh this lender is totally taking advantage of you. I'd walk away from this without a second glance. Well, maybe a short 2nd glance. The 100% LTV is not a bad deal but coming up with $23K for closing PLUS you will need to have reserves for underwriting? I'd see what other products they can offer you. Yes it can be 1 month - means your rate will adjust monthly.

Your discount points of 9.25% is BS. You should NEVER have to buy down a rate that much. What is your rate if you don't pay?

Are you dealing with a broker or a bank directly? This has to be a broker ... it smells broker.
Click to expand...

Yeah I don't know much about this stuff. This is through a guy at Suntrust. What do you mean reserves for underwriting? I am waiting on him to get back to me to ask about the 9.25%.....sigh.
 
underwriting = approval process when someone looks at your income, credit, savings, etc. When they approve you for your mortgage money wise they look at how much money you have saved as "backup" in reserves if you lose your job. The amount you have in reserves is the amount you have in liquid products. Usually you need to have $X in reserves to be approved to cover your mortgage, taxes and insurance. I'm not sure of the exact guidelines of what is considered "liquid" product anymore. Before you could count savings, 401K, etc but things have changed a lot.
 
I have some questions. It looks like I'll have to put 5% down with a doctor loan program in the area I'm interested in. What other cash do I have to have? Meaning will I need 5% + closing costs or can all closing costs be added to the loan amount? How much are closing costs typically for 100k house?
 
psych said:
I have some questions. It looks like I'll have to put 5% down with a doctor loan program in the area I'm interested in. What other cash do I have to have? Meaning will I need 5% + closing costs or can all closing costs be added to the loan amount? How much are closing costs typically for 100k house?
Click to expand...
Depending on the lender you are working with, you will need the 5% down payment plus closing costs/pre-paids unless you add them to the sales price and have the seller pay them for you.

What state will you be buying in, and in what state did you attend medical school? There are still 100% loans available.
 
Last edited:
mshheaddoc said:
Ugh this lender is totally taking advantage of you. I'd walk away from this without a second glance. Well, maybe a short 2nd glance. The 100% LTV is not a bad deal but coming up with $23K for closing PLUS you will need to have reserves for underwriting? I'd see what other products they can offer you. Yes it can be 1 month - means your rate will adjust monthly.

Your discount points of 9.25% is BS. You should NEVER have to buy down a rate that much. What is your rate if you don't pay?

Are you dealing with a broker or a bank directly? This has to be a broker ... it smells broker.
Click to expand...

This must be a typo... There are federal regulations that do not allow a broker or bank to charge this amount in discount points.
 
CompassMBO said:
Depending on the lender you are working with, you will need the 5% down payment plus closing costs/pre-paids unless you add them to the sales price and have the seller pay them for you.

What state will you be buying in, and in what state did you attend medical school? There are still 100% loans available.
Click to expand...

Want to buy in ca. Med school in ny.
 
Anyone know of any programs in Washington State. I've spoken to Paramount Mortgage, PhysicianLoans.com, BofA, and a local mortgage guy, and so far, nothing. I'm now looking at FHA with 1st time home buyer down payment assistance programs.
 
DOCTOR LOAN PRO said:
This must be a typo... There are federal regulations that do not allow a broker or bank to charge this amount in discount points.
Click to expand...

I mean we talked to him afterwards about it and he didn't say it was a typo....can you link me this law please?? Btw we ditched him obviously and are now going with FHA 3.5% down payment.
 
You must log in or register to reply here.
Next unread thread

Similar threads

F
Physician Mortgage Loan
Replies
2
Views
956
FarmerToDoctor
F
D
Student loan options
Replies
1
Views
1K
Andrew StudentLoanAdvice
Andrew StudentLoanAdvice
agranulocytosis
What to do with my loan?
Replies
6
Views
1K
agranulocytosis
agranulocytosis
CyrusHabs7695
Student Loan
Replies
0
Views
790
CyrusHabs7695
CyrusHabs7695
Andrew StudentLoanAdvice
Do you have student loans?
Replies
0
Views
806
Andrew StudentLoanAdvice
Andrew StudentLoanAdvice
Top