doc2005

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I know that many of us are looking into purchasing homes soon, so I just wanted to give everyone a heads up on what I found. After look at my credit union, a mortgage broker, and many online web sites, the best mortgage program I found was with Bank of America. It is one of the "doctor loans."

I just went through the whole process with the Bank of America. First, this really is a great program. The main highlights of the program are 100% financing, no down payment, no PMI. Also, they do not count your medical school loans when factoring your debt. The other big bonus is, contrary to many other lenders, they will let you close on the house about 2 months prior to the start of your residency (let you close without a paycheck).

The account manager that I used is David Benson. He is extremely helpful, especially if you are a bit confused. His phone number is 800-685-9398. You can probably go through any account manager, but he specializes in the Medical Worker Flex program and knows all about medical school, the match, and residency.

If you call him even just to talk about the program, PLEASE PLEASE tell him that Skip Alderson referred you. It would REALLY help me out. Thanks in advanced.

Good luck.
 

Homunculus

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doc2005 said:
If you call him even just to talk about the program, PLEASE PLEASE tell him that Skip Alderson referred you. It would REALLY help me out.
i'm sure it would, lol. $-)

BoA has been talked about extensively between here and the general residency forum. they require a certain credit score, and wouldn't budge to help me out. we used suntrust and got the same deal with better service.

definitely shop around.

--your friendly neighborhood comparative shopping caveman
 

TommyGunn04

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Homunculus said:
i'm sure it would, lol. $-)

BoA has been talked about extensively between here and the general residency forum. they require a certain credit score, and wouldn't budge to help me out. we used suntrust and got the same deal with better service.

definitely shop around.

--your friendly neighborhood comparative shopping caveman

What credit score do they require??? Do you know if they consider a spouse's credit as well? If so would they average the scores? (sorry, I'm a newbie when it comes to mortgage stuff...)
 

mshheaddoc

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I know that PHH Mortgage's physican loan program required a 680 I believe.
 
D

doglover

TommyGunn04 said:
What credit score do they require??? Do you know if they consider a spouse's credit as well? If so would they average the scores? (sorry, I'm a newbie when it comes to mortgage stuff...)
I believe Bank of America's physician loan requires a 720 middle score. Some mortgage programs use the primary borrower's scores, or the two mid scores of all 6 credit scores (3 from each person), but I'm not sure how BofA factors in scores from both people.