Mortgages for professionals

[RxWildcat]

Has anyone had any experience in obtaining a mortgage designed for young professionals? I have seen some of these for physicians but several of them won't loan to others like pharmacists, lawyers, etc. These were a lot more common a few years back but just curious to hear what others have done

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[SpirivaSunrise]

Has anyone had any experience in obtaining a mortgage designed for young professionals? I have seen some of these for physicians but several of them won't loan to others like pharmacists, lawyers, etc. These were a lot more common a few years back but just curious to hear what others have done

Nope. I got mine through Wells Fargo...30 years, 4.25%.

 

[crazybob]

Nope. I got mine through Wells Fargo...30 years, 4.25%.

Was the 4.25% really low when you looked at mortgages?

 

[SpirivaSunrise]

Was the 4.25% really low when you looked at mortgages?

I signed October 29th.




And got an extra $10K from the builder towards closing by going with WF (other options were Sun Trust & Bank of America)

 

[SpirivaSunrise]

Wider timeframe...

 

[p-rog]

Wider timeframe...

What's the p-value again? Oh wait....

 

[npage148]

I had relatively little trouble getting an FHA 30y fixed (5.65%) in Jun 09

 

[Momus]

I had relatively little trouble getting an FHA 30y fixed (5.65%) in Jun 09

You like paying PMI everymonth >_>?

 

[Dr Wario]

My loan is a 5 year ARM at 3%, zero points and no escrow. Must say I'm pretty happy with it.

 

[npage148]

You like paying PMI everymonth >_>?

Yeah, I totally do, Thanks for asking!

I also liked putting down only 5% down and saving the other 15% but you probably think that's a bad idea too knowing nothing of my situation.

 

[cycloketocaine]

I got a 30 year 4.25% FHA loan in April of 09. And, in the great state of Oklahoma, you don't have to pay PMI if you are of Indian ancestry (you have to have an Indian card).

 

[PharmDstudent]

I got an FHA loan in Sept. It's 4.75%, fixed. PMI costs me $33 a month. I would recommend FHA if you have an excess of student loans and just graduated or are in school, because your credit score will probably be lower than an established buyer.

 

[spacecowgirl]

We just refinanced and as of last quarter FHA rates were lower than conventional rates. Unfortunately I waffled on the issue from November until December and rates went up 0.5%. We still got a great rate and really compared to when my parents bought their home in the 80s, we got an unheard of rate.

Of course I'd rather not pay PMI and even tried to refi to a shorter term (15 yrs) but they wouldn't let us do that without an appraisal and as everyone knows, home values are in the toilet so we had to refi at 30 years. So we just increased our payment amount and will still shave off a bunch of years and $$$.

 

[wes011]

My loan is a 5 year ARM at 3%, zero points and no escrow. Must say I'm pretty happy with it.

If you plan on buying a house and staying there for long term, go with a fixed rate mortgage. Rates are so cheap now compared to say like the 80s, when they were like 12%.

My wife and I refinanced ours about two years ago through Fifth Third Bank and we went on a 20 year loan at something like 4.85%.

 

[Dr Wario]

If you plan on buying a house and staying there for long term, go with a fixed rate mortgage. Rates are so cheap now compared to say like the 80s, when they were like 12%.

My wife and I refinanced ours about two years ago through Fifth Third Bank and we went on a 20 year loan at something like 4.85%.

My loan will be paid off in five years, more likely in 3. The current amount is only about 160k, I know I should be putting my money into something with a greater return but I'm still pretty washy on the econ.