"Doctor Loan/Physician Loan Programs"

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Hello, searched the theads but can't find info on current doctors loans in California. Only one I can find is Compass. Anybody know of others so I can compare?

Thanks,
Paul
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Anyone know if there are doctor loans available in Vermont? Thanks!
 
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yeasterbunny said:
Not so far, but I've been looking too. According to http://whitecoatinvestor.com/personal-finance/the-doctor-mortgage-loan/ (look under the "State availability" section) it doesn't appear any of the big ones frequently mentioned in this thread service Vermont.

Actually this is a pretty good FAQ site that might answer a lot of the questions in this thread.
Click to expand...

Yeah, been looking/asking around and they don't seem to exist in VT. Wells Fargo offers a physician loan, but it is only applicable for attendings who have completed residency within the last 3 years.

NEFCU offers a 5/1 ARM at around 3.5% with at least 5% down (must pay PMI) and they don't take your student loans into account. If you do their 30-year fixed at around 3.65%, they DO take student loan debt into account...
 
Any physician loans available that require < 20% down and with no PMI?
 
Hello, searched the theads but can't find info on current doctors loans in California. Only one I can find is Compass. Anybody know of others so I can compare?

Thanks,
Paul

We do Physician Loans in CA. Please contact me.
 
Looking for a mortgage loan in WI. PM me plz with any programs
 
eeynihs said:
Yeah, been looking/asking around and they don't seem to exist in VT. Wells Fargo offers a physician loan, but it is only applicable for attendings who have completed residency within the last 3 years.

NEFCU offers a 5/1 ARM at around 3.5% with at least 5% down (must pay PMI) and they don't take your student loans into account. If you do their 30-year fixed at around 3.65%, they DO take student loan debt into account...
Click to expand...

I contacted one of the middleman firms about VT and they hooked me up with someone from B of A, who apparently DOES still offer some flavor of physician loans despite most of what has been posted recently. I believe the deal was 5% down, no PMI, student debt ignored and qualifying with the contracted salary, as long as you closed within 60 days of when you were to start work.

Not sure if B of A offers these nationwide.
 
yeasterbunny said:
I contacted one of the middleman firms about VT and they hooked me up with someone from B of A, who apparently DOES still offer some flavor of physician loans despite most of what has been posted recently. I believe the deal was 5% down, no PMI, student debt ignored and qualifying with the contracted salary, as long as you closed within 60 days of when you were to start work.

Not sure if B of A offers these nationwide.
Click to expand...

Offered with Huntington as well. Be careful. You pay slightly higher interest rate than market to offset PMI waiver.
 
I want to post my experience with Fifth Third Bank. This mortgage process was one of the most difficult I've ever gone through. While it's not all due to Fifth Third, we did have problems with the Fifth Third underwriter being slow. Luckily my realtor kept on them about the loan. However the problems didn't end after signing.

Fifth Third Bank requires you to get a bank account with them. They also require you to sign up for automatic payments on your mortgage. In return they give you a better interest rate. I'm fine with that. However here are some issues we encountered.

First off they did not allow me (the spouse) to be put on the bank account without incurring a monthly fee. This is problematic because my wife is incredibly busy as a resident and it is better for me to deal with Fifth Third during their banking hours. While we were told the checking account would not be charged a monthly fee, we were charged a monthly fee. My wife had to call during banking hours and get this fixed. They did fix that problem and reverse the fee. Hopefully it doesn't reappear next month.

As I said, Fifth Third automatically takes your loan payments from your Fifth Third checking account. Now here is where I make a terrible mistake. The automatic payment had not gone through by the 5th of the month, so I get worried about being late and decided to use the Fifth Third website to manually make the payment. The website has a convenient button to pay your mortgage. That transaction went through, interest and principle get paid, which I have verified on the website.

A few days later the automatic mortgage payment hits the Fifth Third checking account. There wasn't enough money in the account, so we get hit with a $37 overdraft fee from Fifth Third. Five days later the automatic payment retries and we get hit with another $37 overdraft fee. My wife takes the time during her residency hours to get a hold of the bank and get the first overdraft fee removed. It took a couple tries to get her banker. The banker can't remove the second fee, the manager has to do that. So far my wife has not been able to contact the manager.

Today, about a week later, we get a letter from Fifth Third mortgage stating that we missed our mortgage payment and that we owe our mortgage payment plus $25 in a penalty fee. I'm at a loss why their computers can't figure out that we've paid without charging penalty fees and demanding full payment on a debt already paid.

So that's were we are now. I know my regular bank USAA would clear this up in a heart beat with one call, unfortunately they don't do doctor loans.
 
eeynihs said:
Yeah, been looking/asking around and they don't seem to exist in VT. Wells Fargo offers a physician loan, but it is only applicable for attendings who have completed residency within the last 3 years.

NEFCU offers a 5/1 ARM at around 3.5% with at least 5% down (must pay PMI) and they don't take your student loans into account. If you do their 30-year fixed at around 3.65%, they DO take student loan debt into account...
Click to expand...

Sorry about basic questions, but I'm looking to buy in about 6 months. What does ARM stand for... I know it is a type of loan that is for a shorter period of time?

Also when you guys are saying that the DO or DON'T take your student loans into account, are you talking about even loans in forbearance or just those in repayment (IBR or otherwise)?
 
eeynihs said:
Yeah, been looking/asking around and they don't seem to exist in VT. Wells Fargo offers a physician loan, but it is only applicable for attendings who have completed residency within the last 3 years.

NEFCU offers a 5/1 ARM at around 3.5% with at least 5% down (must pay PMI) and they don't take your student loans into account. If you do their 30-year fixed at around 3.65%, they DO take student loan debt into account...
Click to expand...

Sorry about basic questions, but I'm looking to buy in about 6 months. What does ARM stand for... I know it is a type of loan that is for a shorter period of time?

Also when you guys are saying that the DO or DON'T take your student loans into account, are you talking about even loans in forbearance or just those in repayment (IBR or otherwise)?
 
badasshairday said:
Sorry about basic questions, but I'm looking to buy in about 6 months. What does ARM stand for... I know it is a type of loan that is for a shorter period of time?
Click to expand...
Adjustable-rate mortgage. You can get a lower interest rate than you would with a fixed-rate, but in 3/4/5 years (whatever the term is), the rate can adjust and go up or down to match current rates. If you're a resident who will be there for 3-4 years, and the rate doesn't adjust for 5 years, then you may never have an adjustment, and you simply benefit from the low rate. Of course, you might have trouble selling the house too.

I think the repayment duration on an ARM can vary just like a fixed-rate mortgage. I've got a 30-year fixed.

Also when you guys are saying that the DO or DON'T take your student loans into account, are you talking about even loans in forbearance or just those in repayment (IBR or otherwise)?
Click to expand...
With my loans in forbearance, they did not take them into consideration. If you are making payments on them, I would assume they would take them into consideration, because your net income will be reduced by your IBR. They did take my signed residency contract as initial proof of income, before I ever got a paycheck, which was good.
 
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Is anyone familiar with loans available for MN? I did medical school in Texas
 
Do any of you know of companies in Iowa? I did a google search but didn't come up with much.

Thanks!
 
Anyone know about banks in Seattle-Bellevue that do doctor's loans? I read somewhere that Key Bank and BofA do them in WA but it would be great to hear something more definitive. Other banks that are possible options here would be great to know also.
 
searched through the whitecoatinvestors site. Dont see much on physicians loand for mortgages in NY. Looking in upstate NY (syracuse/albany/utica) Anyone have any knowledge on if these loans are available in that area
 
For the doctor loan programs, can renovation costs be rolled into the loan (i.e. loan issued for higher amount based on value after renovation completed)? I'm thinking of buying a fixer upper in a good neighborhood that will easily increase the value.
 
Hi-
I'm looking to refinance our fha loan. Do you all have a general idea of what eould give betterrates and/or what is a better loan? Fha streamline or a doctor mortgage?
Thanks!
 
QUOTE=UTPhysicianLoan;13120736]Hello, searched the theads but can't find info on current doctors loans in California. Only one I can find is Compass. Anybody know of others so I can compare?

Thanks,
Paul

We do Physician Loans in CA. Please contact me.[/QUOTE]

Thank you for your reply, by the time I saw this we were moving forward with BBVA Compass Bank.

OK, now that I have finished purchasing a house 12/12 in California (yippee) I thought I'd post to share with you because we were quite pleasantly surprised how smooth the entire process went. We also felt the costs, interest rates, were competitive and most importantly.....there were NO last minute hidden surprises, extra fees, etc. etc.

1. We went with Compass Bank mainly due to the fact that I couldn't find anyone else (see post above) on the web at the time. (Since then I have found out that BofA and gentleman posting above offer doctors loans in CA.). Non-doctors loan lenders (and I talked to quite a few) could not offer a jumbo loan of the size we needed without a substantial down payment.

2. Stats: We are first time home buyers and 1 year post residency so we had only a minimal amount saved for a down payment.

3: The deal: BBVA: 900k loan, 5% down, 4.5% fixed. Closing costs were < 2k.

4. I'm gonna give a plug for our loan officer Rodney Watson Office 916-789-4412 email: [email protected]. He really made the whole process smooth. He is professional, timely and pulled no punches. He spent extra time explaining details (over and over sometimes) and ultimately followed through on everything that was promised from day one.

.
If you have questions about my experience feel free to contact me. I am by no means financially savvy, just frugal. I don't check SDN so pls email [email protected]

Good luck with your home buying.

Cheers,

Paul
 
FYI for anyone interested:

In the process of securing a Bank of America physician loan in NYC area. Rate is 4.125%, 10% down, no PMI, no points. Annoyed because the rate was in the 3.8% range a few weeks ago and the other party drug their feet with the contract.
 
Congratulations to all the 4th year medical students that received their match! I’m sure you all are very excited to move on to the next phase of your career. Should you plan to purchase a home, we (Regions Bank) offer our Physician/Dentist mortgage program in the following states:

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

We understand that buying a home may be a great decision for many, but not all. We are happy to walk you through the steps to help with your decision. Based on recent data, the principal and interest payment of a mortgage in many areas is 60 -80% of the rental payment for a class A apartment!

I wish you all much success!

-Chris
 
Hi all. I will be starting my residency in Baltimore in June and am looking into buying. If any of the loan experts on this board service the area, please PM me. I'm trying to compare rates between companies and also see how much I would qualify for.

-Thanks
 
Hey, does anybody have any recommendations for how to choose a lender? It seems like there are a thousand different websites advertising "physician mortgages," and I can't figure out which ones are reliable/legitimate.
 
shan564 said:
Hey, does anybody have any recommendations for how to choose a lender? It seems like there are a thousand different websites advertising "physician mortgages," and I can't figure out which ones are reliable/legitimate.
Click to expand...

We've posted a video called "What criteria should I use when choosing a mortgage lender?" on our website in the Videos tab. If you have any problems finding it, you are welcome to PM me and I will send you the link.
 
doctorFred said:
FYI for anyone interested:

In the process of securing a Bank of America physician loan in NYC area. Rate is 4.125%, 10% down, no PMI, no points. Annoyed because the rate was in the 3.8% range a few weeks ago and the other party drug their feet with the contract.
Click to expand...

Hmm ill be moving to long island so am starting to look at physician loans. Will have to delay buying a house a year or more if it really means 10% down though. That sucks.
 
FYI chase told me they are doing same thing but don't roll PMI into the interest and still give no PMI at 10 down.
 
How in the world does anyone plan on getting 10% down? Spouses working? There any loans that require 5% or less down? or is it pretty standard for physicians loans to require 10%? No bloody way I can just come up with 20-25,000 at the drop of a hat.
 
sylvanthus said:
How in the world does anyone plan on getting 10% down? Spouses working? There any loans that require 5% or less down? or is it pretty standard for physicians loans to require 10%? No bloody way I can just come up with 20-25,000 at the drop of a hat.
Click to expand...

There are a lot of programs that allow 0-3% down.
 
2121115 said:
For the doctor loan programs, can renovation costs be rolled into the loan (i.e. loan issued for higher amount based on value after renovation completed)? I'm thinking of buying a fixer upper in a good neighborhood that will easily increase the value.
Click to expand...

Sorry, the only program like that is the FHA 203k which is an FHA loan which allows you to finance the purchase and then renovation of a home.
 
SeekerOfTheTree said:
How much of a loan can you get on a residents salary?
Click to expand...

There are several variables (other debt payments, credit score, how much down payment, etc.), however, generally speaking I’m qualifying residents in the $200k to $300k with as little as 3% down payments. Hope that answers your question.
 
sylvanthus said:
How in the world does anyone plan on getting 10% down? Spouses working? There any loans that require 5% or less down? or is it pretty standard for physicians loans to require 10%? No bloody way I can just come up with 20-25,000 at the drop of a hat.
Click to expand...

We have physician loans with as little with as 3% down payment.
 
Still hoping someone has some info about physician loans that are available in MN. Thank you in advance!
 
Hi! I have matched into a program in southern NY and was hoping someone might have had success with a loan company. I'm looking to rent so only need $5,000 or so. Physician Loans said they don't provide for NY. Help, and thanks
 
Does anyone know of a bank/mortgage lender that offers "physician loan programs" in NH? I cant seem to find any.
 
If anyone is in MI and is trying to get a physicians loan please PM me. I have gotten the best deal from Huntington. I love them.
 
Wondering which lenders work in Chicago, IL? If you could reply or PM me that would be great
 
wowzersyea said:
Wondering which lenders work in Chicago, IL? If you could reply or PM me that would be great
Click to expand...

From whitecoatinvestor.com:

Fifth Third Bank:WI, MO, IL, IN, OH, KY, MI, TN, AL, GA, FL, NC, SC, VA, WV, PA

Regions Bank: TX, IA, MO, AR, LA, IL, IN, KY, TN, MS, AL, GA, FL, VA, NC, SC
 
B of A is definitely doing these loans again. Not sure if they are advertising them, but one of the middleman firms directed me to them. As far as I can tell they are the only ones available in some of the New England states (specifically Vermont and Massachusetts) where I am looking. I would be surprised if there are states where they are not available.

My loan is 5% down and I must have at least 6 months worth of payments available in cash reserve. No PMI. I think the rate today is 4.375% which is fairly consistent or a little above the national avg, I'm guessing it may have a little buffer built in to account for no PMI. Closing can occur within 60 days of starting the job to use your new income to qualify.
 
Does anyone know if you can use a physician loan to purchase investment property? I am also looking to refinance my condo to a fixed rate. I am in Louisiana.
 
Every bank has A corporate office that deals with high( or potentially high income clients like residents).
In ms where I'm at, I got a 0 down loan for 5 years with a. Baloon payment at the end. For this time all or most I'm Paying is interest( all tax deductible btw) and then in 5 years or before I either renegotiate, get a traditional mortgage or pay. Int rate is 4.3 or so for these loans.
This is feasible because after training you qualify for a better mortgage and rate, and in some instances you don't even need to put anything down for a traditional Mortgage as long as you owe less than 80% of the market value of your property.
This has risk if the market drops and your property looses value, so be very mindful where you buy
Pick a good neighborhood even if you must pay a bit more with this type of loans.
Remember to ask. Don't go to the traditional mortgage section. This is done in "elite "banking as they call it here.
This type of loans can be sold to other companies and such( like back in the day of crisis, but now you must really be able to afford it), but you don't really care about that because the rate is fixed.
 
bonesmd said:
Does anyone know if you can use a physician loan to purchase investment property? I am also looking to refinance my condo to a fixed rate. I am in Louisiana.
Click to expand...

Sorry but physician loans are specifically geared for owner occupied homes. Good luck!
 
SeekerOfTheTree said:
If anyone is in MI and is trying to get a physicians loan please PM me. I have gotten the best deal from Huntington. I love them.
Click to expand...

Hello. If you have any info about or a contact that I could use to find more info about a loan that would be much appreciated. Moving to Detroit and might need to buy.

Thanks
 
My wife and I are trying to apply for a mortgage loan under the doctor program. We got conditional pre-approval on our loan based on just our credit scores and salary. Everything was going on smoothly until our loan officer was informed by his underwriter that because my wife has a 1099 (independent contractor) and not a W2, we needed to have 2 years worth of pay stubs.

The loan officer should have picked up on it earlier ,if he knew, but apparently knew only when the underwriter brought it up. Has anybody come across this situation? I am pretty sure there are other lenders/banks/brokers who have successfully processed loans with similar situations; LTV okay, 10% down available, credit score okay, but not able to get a loan because of 1099 and less than 2 years on the job.

Need some help ASAP since we already signed a contract with the builder and need to find a lender to give us a commitment to lend and obviously follow through to closing after construction.
 
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