Moving for residency... Bank of America SUCKS!

[Obedeli]

I took the bite and went to check out Bank of America's physician loan program. What garbage it was compared to some local smaller banks recommended by residents. Also, the loan officer was full of "I don't know if we can approve that" "I'll have to see about that" and wincing all the while. She did NOT understand residency pay scale (or was willing to adjust to the increasing pay scale over each year) and was full of negativity. At no time, did I feel like my business was wanted and they were going to do all that they could to get me a home. At one point, I wanted to say "look lady, in five years I will be richer than astronauts, don't give me a any crap because at that point, I wouldn't even come in here to take a piss in your bathroom." The program had a 5-1 arm but they did not have an interest only loan which are great for small families looking to keep their payments low (which means low on equity but it is a price you pay to afford to live OUT of the ghetto with a family and a resident’s salary.)
My take on this was that it is VITAL to ask residents in the area you are going to serve about local bank programs for RESIDENTS not necessarily for "physicians."
In this case, the resident suggestion was right on!

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[turtle md]

I had the exact opposite experience with BoA. The mortgage executive was knowledgable and worked with me to secure my loan. The other mortgage companies I tried would not ignore my massive student debt. They wanted to see pay stubs from my work (what, like live in a hotel for a month to get those!!), while BoA accepted my contract. Of all the residents I asked, the one most like me (a family living off a single salary and not wanting to rent) recommended BoA. True, there is no interst only loan, but they cut through all the $#!t that the others were shoveling my way.

Hope this gives a rounder picture.

 

[Obedeli]

Good to know it was different for you. It HAS to be different for someone otherwise they would not have any business. My meeting with the representative was depressing and I have excellent credit! There was no optimism in ANYTHING! It REALLY pissed me off (as you can tell).
I may be old fashioned but when you are going to fork out a lot of cash (buying a car, home, boat, new boobs), I expect a positive attitude and the approach that they will do "all they can." That was not my experience with Bank of America.

 

[carol ann]

Dang too bad you got treated like crud. I hate that. It seems like the person you were talking to wasn't familiar with the program.

 

[k's mom]

I took the bite and went to check out Bank of America's physician loan program. What garbage it was compared to some local smaller banks recommended by residents. Also, the loan officer was full of "I don't know if we can approve that" "I'll have to see about that" and wincing all the while. She did NOT understand residency pay scale (or was willing to adjust to the increasing pay scale over each year) and was full of negativity. At no time, did I feel like my business was wanted and they were going to do all that they could to get me a home. At one point, I wanted to say "look lady, in five years I will be richer than astronauts, don't give me a any crap because at that point, I wouldn't even come in here to take a piss in your bathroom." The program had a 5-1 arm but they did not have an interest only loan which are great for small families looking to keep their payments low (which means low on equity but it is a price you pay to afford to live OUT of the ghetto with a family and a resident’s salary.)
My take on this was that it is VITAL to ask residents in the area you are going to serve about local bank programs for RESIDENTS not necessarily for "physicians."
In this case, the resident suggestion was right on!

Agreed, Bank of America does suck. I've dealt with a BOA auto loan and a credit card, and my mom has a primary mortgage and a home equity line of credit with them, and I cannot believe the ineptitude of their customer service and excessively un-friendly policies. They drove me to credit unions five years ago, and I'm finally out from under their sadistic creditcard racket. Essentially, my take is that the employees may be good and well-intentioned, but the company is rotten...rotten training, rotten management, rotten something.... perhaps a nasty authoritarian CEO policy maker who thinks he/she can do whatever the heck they want because people are suckers.

 

[bigbear]

So.....where did you go after BOA?

 

[Gator Fan]

I had a great experience with BOA. The guy I worked with was very knowledgable about the physician loan program, and extremely helpful. If you would like his contact info, PM me.

I also looked into SunTrust and Carteret. They both offer 100% financing deals as well, but BOA gave me the best deal.

 

[Obedeli]

So.....where did you go after BOA?

Compass bank.
Primo!

 

[IdahoDO]

Compass bank.
Primo!

I had the same problem with BoA as Obedeli. They didn't understand and wanted to see my diploma What the heck? ( I explained I graduate in June but have still matched and that just brought about more confusion.)I'm now in the process of talking with the residents about a local agency. If all else fails, I guess its back to renting

 

[Buckeye Anes]

For those of you moving to states that BoA doesn't cover or just don't want to use them I found another loan source www.physicianlender.com that offers virtually the same program but also offers interest only loans on a 5/1 ARM or 7/1 ARM. They like BoA give you a 100% loan without charging a PMI or breaking it into the dreaded 80/20 loan. They do however charge a 1 point initiation of loan fee. Hope this helps.

 

[clc17]

At first it was hard for me to talk to someone from BOa about this loan. Once you ask for a physician loan specialist, then its really pretty easy. Again, we like Wachovia better, they have the same product, and I can give you the name of someone to contact there that is completely familiar with their loans for residents. Other companies that do it are Suntrust and RBC (royal bank of canada). We went with Wachovia, but were preapproved also with BOA after the guy on the phone finally got us hooked up to someone who knew what they were talking about.

 

[Obedeli]

In light of a recent thread, I thought I would do Bank of America another favor for their terrible service and shady dealings..

BUMP!

 

[bigbear]

What is a "1-point initiation of loan fee"? Sounds like a rip off. Is this on top of an origination fee?

 

[MS05']

What is a "1-point initiation of loan fee"? Sounds like a rip off. Is this on top of an origination fee?

bump on the 1 point question...


Also, I had similar problems as described above. I called and specifically asked for a physicians loan specialist, of course the guy i was talking to on the phone said "oh ya, that's me" and I stupidly believed him. We talked for a while and he transfered me around a couple of times for the preapproval stuff and was told they don't offer preapproval for the no money down physicians loan and some other crap...long story short...you MUST talk to some who is really familiar with the program, not someone who is looking to skim off some commission.

I stumbled upon this website by accident, but this dude is on top of things, knows everything about the program, ran a credit check while I was on the phone (<10 minutes), answered all of my questions and was very nice.

Anyway, hope you have better luck with this...

http://www.mortgagesforphysicians.com/

 

[monstermatch]

The people you get on the phone at BOA are genearlly *****s who have no idea what the Dr. Loan entails. I ended up with a BOA loan even tho my first experience with the home office was annoying and disheartening. Once I found a local mortgage broker who had done Dr. Loans before and knew what the heck he was doing it worked well. Now its smooth sailing and I try my best to deal exclusively with local guys who have a clue.

 

[dchristismi]

I'm working with BoA right now, and they've been great... I think that going to someone there who specializes in physician loans is really the only option. All my questions have been answered in a timely manner, and so far, so good. Still, I think just walking into your local branch and finding someone who is really familiar with the program is probably not going to happen.

Keeping my fingers crossed...

 

[JR]

If you want my experience with this website, please read this thread:

http://forums.studentdoctor.net/showthread.php?t=192787&page=2

bump on the 1 point question...


Also, I had similar problems as described above. I called and specifically asked for a physicians loan specialist, of course the guy i was talking to on the phone said "oh ya, that's me" and I stupidly believed him. We talked for a while and he transfered me around a couple of times for the preapproval stuff and was told they don't offer preapproval for the no money down physicians loan and some other crap...long story short...you MUST talk to some who is really familiar with the program, not someone who is looking to skim off some commission.

I stumbled upon this website by accident, but this dude is on top of things, knows everything about the program, ran a credit check while I was on the phone (<10 minutes), answered all of my questions and was very nice.

Anyway, hope you have better luck with this...

http://www.mortgagesforphysicians.com/

 

[Obedeli]

I'm working with BoA right now, and they've been great... I think that going to someone there who specializes in physician loans is really the only option. All my questions have been answered in a timely manner, and so far, so good. Still, I think just walking into your local branch and finding someone who is really familiar with the program is probably not going to happen.

Keeping my fingers crossed...

I have seen this posted many times and I want to clarify, I WAS talking with a loan officer for physicians! I am telling you, she was full of "HMMmm I don't know.... I would have to see if that could be approved... your credit score must be high for me to even put this through (it was!)"... and crap load of wincing. PLUS, she wouldn't return my messages until I was so fet up and left a curt message. If that don't want my business, then I don't want theirs! As far as I am concerned, BoA will never have my business if I can help it.