"Doctor Loan/Physician Loan Programs"

Discussion in 'Finance and Investment' started by slazenger, Mar 3, 2007.

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  1. SGTG

    SGTG

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    Sep 12, 2011
    I have been in a physician in NC for almost 9 years. We just refinanced our home loan in the beginning of August with Fifth Third Bank. We had started building our home just before the downfall of the economy three years ago. We had an extremely difficult time with our builder during the entire process and even after the process was over. He was very unethical and ultimately created an almost impossible scenario for us to refinance out of the bank that carried our construction loan. My wife worked hard to find a physician loan product and bank that would be able to work with us. We feel extremely fortunate to have found Mike Zimov, a physician loan specialist with Fifth Third Bank.

    Our construction story is almost impossible to believe even when you have lived through it. Michael is an amazing person. He truly believed in us from day one and worked with us and our construction loan bank to get us to where we are now. He feels very passionate about what he does and believes in helping physicians and their families create stability in their home lives. We will never be able to thank him and his bank enough for taking care of our loan needs. He and his team went above and beyond to make sure our refinance was successful. Thanks to Mike, we are back on our feet and finally enjoying the life that we have worked so hard to create for our family.

    We highly recommend Mike Zimov ( Phone 937.530.3006) to all physicians that have been searching for the perfect bank/loan. He is truly the best. Good Luck!!!
     
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  3. ccmonopolies

    ccmonopolies 5+ Year Member

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    Jul 22, 2010
    ..........
     
    Last edited: Sep 23, 2011
  4. NICUfello

    NICUfello 2+ Year Member

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    Sep 26, 2011
    usa
    Have you guys had any luck in Los Angeles? Regions and Suntrust doesn't seem to do business here, from what I can find.

    I am looking at single family for 300-350K, down payment of $35k. 1st year fellow.

    Help appreciated.
     
  5. NICUfello

    NICUfello 2+ Year Member

    215
    33
    Sep 26, 2011
    usa
    Hi guys

    Still shopping for a place in Los Angeles. After talking to Physician Loans, it seems with my 55K fellow salary, I would qualify for a 200-250K mortgage. They require a 5% down, and I can give more down payment to get into a more expensive house.

    Only thing is they are recommending a 5/1 ARM.

    What are your thoughts on that?

    For us, the purpose would to buy this place, live in it the next 24-36 months, and then once I am done with fellowship, buy another more permanent place, and we would rent this out.

    Or should I just not buy anything, and continue to save for the next 24-36 months?

    I currently have $35k saved, and am saving about $3000/month.

    Thoughts/help appreciated.
     
  6. psych

    psych 7+ Year Member

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    Oct 14, 2007
    Question for anyone who knows the answer: As a resident, do physician loan programs make you show proof that your loans are in forbearance?
     
  7. pgg

    pgg Laugh at me, will they? SDN Moderator 10+ Year Member

    10,164
    3,792
    Dec 14, 2005
    Not Home
    When fixed rate mortgages are around 4%, my thought is that it would take a special kind of stupid to chase another half point or so by accepting the risk of an ARM.


    Especially since your stated intent is to keep the place long term as an investment. It's nuts to not take the fixed rate loan and be grateful that at the exact point in history when you're looking to buy an investment property, mortgage rates are at artificially suppressed historic lows.
     
  8. 53PhysicianLend

    53PhysicianLend Still have questions? [email protected] 2+ Year Member

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    May 16, 2011
    Generally, loans in forbearance are reported to credit bureaus this way. Most physician lending institutions will not count these loans in debt to income ratios. We would require proof of forbearance if the credit bureaus are reporting a payment owed.
     
    Last edited: Dec 2, 2011
  9. psych

    psych 7+ Year Member

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    Oct 14, 2007
    Very helpful. Thanks!
     
  10. Guile

    Guile 1K Member 5+ Year Member

    1,667
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    Jul 26, 2006
    Get a fixed rate mortgage. Rates are at historic lows. Get in while you can. You can easily keep that as an investment property once you are an attending, but you'll make a lot more when your interest rate doesn't go up in 5 years.
     
  11. hpb214

    hpb214

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    May 31, 2011
    In Ohio, does the 53 physician loan include purchasing a new construction home?

    Interested in a new construction home for about 600,000. What down payment would be required?
     
  12. 53PhysicianLend

    53PhysicianLend Still have questions? [email protected] 2+ Year Member

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    May 16, 2011
    Our loan can be used for an existing single family residence. If the home is built, we should be good. If not, there is a separate product called a construction loan that has it's own guide lines and requirements. Does this help?
     
  13. AnonFaculty

    AnonFaculty 2+ Year Member

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    Jan 15, 2007
    This guy advertises everywhere,but is no good! He waited until the last minute to order transcripts of my tax returns. Then, the IRS system went down. He tried to delay my closing. I got the transcripts through my Senator's office. Then, he incorrectly applied the amount of an economic incentive grant after being told multiple times. This ended up delaying my closing. When my attorney demanded a credit, my origination fee was credited. Then, to stick it in and twist it, he calls the title agent and tells her to withhold funding because I asked for the credit.

    He screws up and then tries to play vindictive.
    You can find any mortgage broker to run this loan for you, just don't make my mistake and hire this guy.
     
  14. mzim

    mzim

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    Dec 2, 2011
    This is not how the events unfolded. Unfortunately, a forum is a difficult place to defend against an untruth no matter how profound it might be. Transcripts were ordered the very day the underwriter asked for them and it is highly unusual that the IRS's system would be down. A nonprofit organization controls the grant. We applied the approved grant amount to the loan. We had no reason to believe this amount was incorrect since the borrower and his attorney were notified the same time the bank was. Although the borrower made 2 demands to have his loan cancelled, in the end, we funded his loan 17 days prior to the purchase contract deadline and gave him nearly $2,000 in credits. My team worked around the clock to do all we could. Like a doctor after surgery, sometimes I have an unhappy "patient" too. They are a very small but can be a very vocal minority.


    I am sorry you've had a bad experience.


    Mike Z
     
    Last edited: Dec 6, 2011
  15. vitrectomy

    vitrectomy 2+ Year Member

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    Dec 28, 2011
    Are there any physician loan programs in Massachusetts that offer loans >$1M with downpayment <20% ? My wife and I are both doctors.

    Thanks.
     
  16. Rex66

    Rex66

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    Nov 12, 2011
    as an fyi if you are still within a few years of completing your training, suntrust will also allow you to refi via their doctor loan prg. im taking a 6 to 3.625 on a jumbo.
     
  17. mathilda25

    mathilda25 7+ Year Member

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    Oct 27, 2007
    can anyone verify the best deals for physician loans at the moment? I can afford to put 15% down, but want to avoid PMI if possible. Is bank of america doing any physician loans these days?
     
  18. star23

    star23 Senior Member 10+ Year Member

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    Apr 24, 2001
    Any banks out there offer doctor mortgage loan in Iowa?
     
  19. Punchap

    Punchap Moderator Emeritus 7+ Year Member

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    Mar 4, 2003
    Florida
    Hello,

    Does anyone know if physician loans can be taken out above purchase price to cover the cost of renovations? I am looking to buy a small, fixer-upper in Ohio when I start my internship this summer, but I don't have enough money saved for the inevitable renovations.

    I have looked into FHA/203 mortgages, but am hesitant because I've heard of people having trouble verifying income prior to start of residency.

    Does anyone know of a good lender/solution to the above problem? Thanks in advance.

    Punchap
     
  20. Powdermonkey

    Powdermonkey ninja doctor in training 7+ Year Member

    Do loans HAVE to be in forbearance to be considered for a home loan? Why can I not show them that I'll be on the IBR plan? And since we aren't required to pay more than 10% of what we make a month why will it matter? I read somewhere recently that they want to make sure the mortgage plus all your bills will not exceed 30-40% of monthly wages, is that correct? I'm coming in to all this financial mess a little late, but once the match is over with I want to find somewhere and get all that rolling since its going to take a while.
     
  21. nlax30

    nlax30 Fellow 10+ Year Member

    3,678
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    Oct 4, 2006
    Physician
    I can put a plug in for Fifth Thirds physician loan program. Actually, it saved us from losing a home when our previous lender screwed us over.

    Initially we had everything set up (pre-approval) for an FHA loan, that was then changed to conventional, only to be told about 3 wks before closing that we didn't qualify for either because of my loans and our debt:income ratio. And this was even with all my loans currently in process of being consolidated and put into IBR, it didn't matter.

    So if you're currently looking at FHA or conventional make sure your lender is REALLY familiar with your specific situation to avoid any last minute surprises.

    So basically last minute we were able to setup a loan with 5/3, same rate, same 30yr fixed, with no PMI.

    I have an attending currently going through Suntrust and from what he was telling me they seemed to have similar offerings.
     
  22. nlax30

    nlax30 Fellow 10+ Year Member

    3,678
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    Oct 4, 2006
    Physician
    N=1. But in our experience even though my loans are in forbearance and being put into IBR and I had my financial group send a letter with estimated payments, the lender we had stil said they had to take the full loan amount and repayment estimate into consideration and not just what my IBR payment would be. Which meant there was no way we were getting a conventional, or even FHA loan.
     
  23. Torsed

    Torsed Deo Vindice. 7+ Year Member

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    Apr 11, 2008
  24. DOCTOR LOAN PRO

    DOCTOR LOAN PRO Sponsor 2+ Year Member

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    Mar 16, 2011
    HI, Regions doctor mortgage is available in the state of IA. Feel free to contact me for details.
     
  25. 53PhysicianLend

    53PhysicianLend Still have questions? [email protected] 2+ Year Member

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    May 16, 2011

    Thanks! I am glad you are enjoying your new home.
     
    Last edited: Jul 25, 2012
  26. Eyefixer

    Eyefixer 7+ Year Member

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    Nov 26, 2007
    I probably know answer to this but does 5/3 bank do physician loans in CA?
     
  27. CompassMBO

    CompassMBO 5+ Year Member

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    Apr 22, 2009
    I don't know about 5/3 but Compass does with 5% Down Payment up to $1 Million. PM me if you need more details.
     
  28. WBGIII

    WBGIII Junior Member 5+ Year Member

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    Feb 7, 2006
    East Coast
    It is my understanding that if you want to qualify for a loan right out of medical school with a large student loan debt load, you have to put your student loans on forebearance. Is this true?

    I am set to graduate med school in May, as is my wife, and we're planning on being in California for residency. If anyone can post or PM me any leads about physician home loans available in CA I would greatly appreciate it! :)
     
  29. DOCTOR LOAN PRO

    DOCTOR LOAN PRO Sponsor 2+ Year Member

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    Mar 16, 2011
    Hi SDN!

    Regions Bank and myself are sponsors of this thread, and I wanted to let you all know what states we are located in since that is a frequent question. We have bank branches in the following states and are able to offer our Doctor Loan anywhere within these states:

    AL, AR, FL, GA, IA, IL, IN, KY, LA, MS, MO, NC, SC, TN, TX, and VA
     
  30. Soupbone

    Soupbone Member 10+ Year Member

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    Sep 24, 2001
    NYC
    Would love to hear reviews of the mortgage process with the various banks mentioned in this thread?
     
  31. nlax30

    nlax30 Fellow 10+ Year Member

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    Oct 4, 2006
    Physician
    Mine are in the process of being consolidated for IBR. But we did have to go with a physician loan, couldn't get a conventional or FHA because of debt:income ratio. I'm sure you could a private mortgage broker though that could help you out if you didn't want a physician loan.
     
  32. DOCTOR LOAN PRO

    DOCTOR LOAN PRO Sponsor 2+ Year Member

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    Mar 16, 2011
    Hi,

    We (Regions Bank) send out a survey after every loan closing. I'm happy to share some recent survey's. Buying a home is a BIG DEAL, and choosing a lender solely on rate is not always the wisest choice.

    -Chris

    http://www.regionsmortgage.com/chrisroberts
     
  33. cincincyreds

    cincincyreds 5+ Year Member

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    May 9, 2010

    That last statement sounds like BS. I would only choose a lender based on rate and fees, and whatever one comes out the lowest I would go with.
     
  34. ep4514

    ep4514

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    Aug 12, 2011
    I'm a 4th year medical student, who will be an intern in Cincinnati starting this July. I'm looking into buying a condo. What kind of doctor loans are available in Ohio? Thanks!
     
  35. doctorloans

    doctorloans 7+ Year Member

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    Feb 9, 2008
    Cary, NC
    One thing everyone should take into account: each lending officer is different, and sometimes there are really good lenders and really bad lenders within one bank.

    The point is, make sure the individual loan officer you're dealing with is an expert in doctor loans AND you get some kind of reference from previous clients.
     
  36. EM_Rebuilder

    EM_Rebuilder Member 10+ Year Member

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    Feb 27, 2006
    Texas
    Physician
    I agree.. I have been involved with three house transactions and using the lowest rates and fees is the best bet. On my last purchase, I did go with a bank that was approx $200 higher but it was mainly because it was a family friend and I had no issue 'helping them out'.... The funny thing is that they literally sold it to the 'other company' I was originally going to go with.

    That statement also makes me think of realtors. The lay/general public thinks you have to have a realtor in order to purchase a house. Buying/selling By Owner is SUPER easy. I had to sale one house with a realtor (moved away; in that situation I agree they make sense) but it was the biggest pain in the butt and I bet we had to have 30 phone conversations back and forth over stupid stuff to get the deal done.
     
  37. plauto

    plauto 7+ Year Member

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    Sep 16, 2007
    Anyone knows of banks offering doctors' loans in Utah? I am graduating medical school and moving to Salt lake city for residency. Thanks
     
  38. JennyB

    JennyB 5+ Year Member

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    Oct 27, 2006
    NY
    This was asked awhile ago but I saw no response. What physician loan companies available in NY?
     
  39. CompassMBO

    CompassMBO 5+ Year Member

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    Apr 22, 2009
    BBVA Compass can't do loans in NY or UT unless you were in medical school in one of our footprint states, Florida, Alabama, Texas, New Mexico, Colorado, Arizona, or California. OR, if you have been a customer of the bank's for 6 months. Those are the exceptions we would allow if the property isn't in one of the above states.
     
  40. UTPhysicianLoan

    UTPhysicianLoan 5+ Year Member

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    May 25, 2011
    Salt Lake City, Utah
    My company UtahPhysicianHomeLoans.com does Physician Loans in Utah. Please contact me and we can get the process started. We also have a FREE Relocation Package.
     
    Last edited: Apr 10, 2012
  41. knight3w

    knight3w New Member 7+ Year Member

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    Mar 29, 2006
    Hi friends,

    Quick question: I am in the process of getting a physician loan and the company is requiring that I prove that my loans are going to be in forbearance for the first 12 months of my residency? How do I prove that? Who do I contact about that? Can I switch back to IBR when my home closes?

    I also want to consolidate my loans. I am getting emails about a special consolidation and a direct consoliation. Should I do the special and then the direct? How will this interfere with my plan to get a mortgage? Should I wait until after I close to consolidate?

    Thanks a lot for any help you all may be able to provide,

    Knight3w
     
  42. ThePursuit

    ThePursuit 5+ Year Member

    137
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    Jan 6, 2010
    USA! USA! USA!
    Well, from what I understand, you need to log into the fed loans website, and then apply for forebearance. After you've closed on a mortgage, you can do anything you want with them (change to IBR etc.). They're not going to take your mortgage away, they just need proof that you dont' HAVE to pay on the loans.

    Also, I didn't think we could consolidate loans yet since we're not within 60 days (30 days?) of being required to make payments (starts sometime in october?). This is just what I was told by someone else.
     
  43. ThePursuit

    ThePursuit 5+ Year Member

    137
    3
    Jan 6, 2010
    USA! USA! USA!
    So, I am now closing on a home in PA. I thought I would give a quick review of the doctor loan programs I found that existed. A big thing was making sure that the loan program actually served the city/state I am moving to.

    A big take home for all of them was: you can get up to 3% seller CC assistance, no prepayment penalty, 0% down, some offered lower rates if you could do 5% down. Also, there's "no PMI", but the interest rates are about 0.5%-0.75% higher than market rates, so they essentially are just rolling PMI into your mortgage for the life of the loan and then not calling it "PMI".

    SunTrust - didn't service my location
    Regions - didn't service my location
    Compass - didn't service my location w/o 6 mos previous banking

    Huntington - reasonable rates etc but first officer just stopped replying to my emails and second officer took too long, so I needed to look elsewhere. Lender fees were about $600.

    5/3 - Winner! Among the best rates, offered 5/1, 7/1, 30yr fixed, lender fees were like $900. Helped me in a timely manner. I ended up going with them because they were both competitive and could close as quickly as I needed.

    Physicianloans.com = Tower Mortgage. By far the most responsive and helpful. Unfortunately, they also charged a 2% origination fee. I couldn't justify spending an extra $6,000 just because the loan officer was awesome.

    Doctorloans.com was just a referral site that found a physician loan program that serviced my area of interest. They also referred me to a real estate agent (which I didnt use) and some other insurance folks (which I didn't use.)

    Hope this was somewhat helpful.
     
    j diggs likes this.
  44. DOcat

    DOcat 5+ Year Member

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    Jun 14, 2007

    I also had this question. I know that physician loans will "ignore" your student debt, but do you have to be in forebearance in order to get a traditional loan?

    Thanks!
     
  45. jecrunner

    jecrunner 7+ Year Member

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    Jun 4, 2007
    Any physician loan programs in Maine? I'm having a difficult time finding one.

    I've also had the same problem mentioned by several previous posters- prequalified with a lender for FHA, told I could close before my first paystub....everything chugging along smoothly then told I need written verification from lender/servicer of student loans citing monthly repayment amount. I call the lender and they tell me they can't provide anything in writing for IBR until it starts and that I'm not eligible for forbearance until end of grace period.

    Oh, but they can provide a lender with written verification that my monthly payments will be $2900 under the standard repayment plan. No thanks :)

    Have people run into this same problem with the physician/doctor specific loans?
     
  46. JHU Texan

    JHU Texan New Member 10+ Year Member

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    May 21, 2004
    The only way I was able to get around this last year was to forgo my grace period and start consolidation early. I ended up getting a monthly payment from the direct loan people about 2 weeks before I was scheduled to close, which was definitely cutting it close....The downside is you have to start making payments right away, though if you have very little taxable income from your 2012 tax return this might actually be more favorable to you in the long run (esp if you're hoping for the 10 year forgiveness).
     
  47. RunningDoctor

    RunningDoctor

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    Apr 28, 2012
    I'm graduating residency in 2 months and have a contract to start in Honolulu - where the average price for a condo is $500K . . .
    While I have no problem qualifying for the loan based on my projected income, I would have to leave my family behind, move into a room/studio, and work for a month to provide "proof" of my income in the form of paystubs. We have a dog, so renting isn't an option (heck, finding a condo that takes dogs isn't easy either!).
    I'm looking for a doctor's loan because of the ability to close prior to starting work, which would allow us to move and settle before I had to start working. It looks like there are a number of programs, but they are all very state specific, and none of them include HI. Does anyone have any advice on where to look?

    Thanks!
     
  48. sharingdoctors

    sharingdoctors Banned

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    Jun 1, 2012
    There is no way I would leave my family behind. I'd do a cheap motel for a month. If you can get through residency, you can get through cramped quarters for a month. ;)
     
  49. 53PhysicianLend

    53PhysicianLend Still have questions? [email protected] 2+ Year Member

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    May 16, 2011
    Thanks for trusting us with your mortgage!
     
  50. Random Person

    Random Person 2+ Year Member

    25
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    Dec 15, 2009
    Hi All,

    I know that most folks here are MD's and DO's. Have any PHD Clinical Psychologists gotten approved for one of these loans? I know that they approve dentists and other medical folks as well.

    Thanks!
     
  51. UTPhysicianLoan

    UTPhysicianLoan 5+ Year Member

    42
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    May 25, 2011
    Salt Lake City, Utah
    .PHD Clinical Psychologists qualify for Physician Financing as long as the have a two year guaranteed contract of employment. .
     

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