Physician Home Mortgage Loan Question

[jejun]

Hello, I am interested in a physician loan. I will be starting my advanced residency speciality (PGY-2) in 11 months (next July) and have found a property I am interested in buying (I have done plenty of research on buying vs renting and for me this unit makes a lot of sense). This property is about 2.5 hours away from my internship location.

I saw BoA offers a physician loan with 7/1 and 5% down. Only issue right now is that I have to be at my "primary residence" 60 days before buying the home. I currently also consult for a company in the location of my advanced-specialty/this home and it provides about 50% of my current income. Is there any way for me to buy this home prior to 60 days before the start of my PGY-2 residency year?

I was thinking of saying, I spend weekends + commute on some days to claim it as my primary residence, but the 2.5 hour commute is probably not in their definition of "reasonable". I also thought my consulting job (which is mostly online) may provide a way?

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[NICUfello]

I shopped BofA, UtahPhysician Loans and Compass. These are the only ones available to me.

Compass was great customer service, highest rates.

Utahphysician was great initially, stopped answering my emails when I had a purchase contract, and contacted me after I was inescrow day 20. Had the highest origination charge.

BoFA service was great, rates were the best. But they can't close the loan on time. 40 days, 45 days, 50 days....

Buyer beware....

I was not asked any questions about "distance" etc from my employment, FYI

 

[UTPhysicianLoan]

I shopped BofA, UtahPhysician Loans and Compass. These are the only ones available to me.

Compass was great customer service, highest rates.

Utahphysician was great initially, stopped answering my emails when I had a purchase contract, and contacted me after I was inescrow day 20. Had the highest origination charge.

BoFA service was great, rates were the best. But they can't close the loan on time. 40 days, 45 days, 50 days....

Buyer beware....

I was not asked any questions about "distance" etc from my employment, FYI

NICUfello- utahphysicianhomeloans.com is always terribly disappointed when we find out we've dropped the ball. Reading your comment regarding our representative who "stopped answering my emails when I had a purchase contract," made me feel the same way I did when I caught my 3 year old son stealing gum from the corner 7-11. Disappointed! How do we work so hard and sometimes come up so short? I don't know, unfortunately. What I do know is that we take take your comments seriously and we are looking into what happened. We are also launching a client follow up system called Velocify, which will help our loan officers keep in better communication, especially during the crazy busy March to August relocation season. I appreciate you letting us know we fell short and I promise you that I will work tirelessly to ensure future clients don't have this same experience. Thanks for your open and honest review; we've learned a valuable lesson from you.

Sincerely,

Josh Mettle

 

[NICUfello]

NICUfello- utahphysicianhomeloans.com is always terribly disappointed when we find out we've dropped the ball. Reading your comment regarding our representative who "stopped answering my emails when I had a purchase contract," made me feel the same way I did when I caught my 3 year old son stealing gum from the corner 7-11. Disappointed! How do we work so hard and sometimes come up so short? I don't know, unfortunately. What I do know is that we take take your comments seriously and we are looking into what happened. We are also launching a client follow up system called Velocify, which will help our loan officers keep in better communication, especially during the crazy busy March to August relocation season. I appreciate you letting us know we fell short and I promise you that I will work tirelessly to ensure future clients don't have this same experience. Thanks for your open and honest review; we've learned a valuable lesson from you.

Sincerely,

Josh Mettle

Thank you Josh. I had spoken to you before. Our loan officer was great. Your underwriting was great too.

As I said I talked to them for a few months, no issues.

When I had purchase contract, they never answered my calls/emails. After LOTS of trying, and then going with someone else, my LO responded saying he never received my VM or Emails. Felt like didn't need my business.

I have two collegues, who as a result, I sent the referral elsewhere.

Anyways, water under the bridge.

Closed loan. Day 50. Final interest rate 3.53%. 0 point, 0 origination, 30 year. Late closing, but otherwise, felt I got a fair deal. Bank credited me $2800 for my troubles.

 

[UTPhysicianLoan]

Thank you Josh. I had spoken to you before. Our loan officer was great. Your underwriting was great too.

As I said I talked to them for a few months, no issues.

When I had purchase contract, they never answered my calls/emails. After LOTS of trying, and then going with someone else, my LO responded saying he never received my VM or Emails. Felt like didn't need my business.

I have two collegues, who as a result, I sent the referral elsewhere.

Anyways, water under the bridge.

Closed loan. Day 50. Final interest rate 3.53%. 0 point, 0 origination, 30 year. Late closing, but otherwise, felt I got a fair deal. Bank credited me $2800 for my troubles.

NICUfello- The good news is you are in your home, although as painful as it sounds like it was, and you got a great loan. I’m happy for that.

I totally understand the frustration when someone does not return your calls or messages, I have been there and it just feels disrespectful. I’m not sure who your loan officer was, but I can take a good guess. We had a loan officer stray from the reservation, so to speak, and we had to let him go. At the time he had 400 clients he was conversing with. We did our best to reply to emails, pick up the pieces and not let anyone down. Obviously I failed you in that and I earnestly apologize.

We have cured that situation and we are implementing new software to help us improve our follow up during the insanely busy March to August rush. Again, thank you for your honest criticism. Without someone bringing this to our attention, we would not know how to improve. Please let me know if there is anything I can do to help.

P.S. If you would not mind messaging me privately who the loan officer was, I would like to affirm it was who I think it was, and make sure I have the whole issue fixed.

 

[NICUfello]

Thanks for the response.

Intials DB

 

[UTPhysicianLoan]

Thanks for the response.

Intials DB

Thank you, NICUfello.

 

[Impromptu]

5th 3rd had a pretty good physician loan option for me (found through my financial advisor). No down payment. 7/1 ARM. 3.25% interest rate. No mortgage insurance. They paid many of the fees. They would have funded up to $500,000 for me, but I am in the mid-west and only took out $138,500. I needed good credit and a signed contract with my employer. Out of pocket up front cost me only a couple of thousand of dollars for escrow and inspections. Very doable for a graduating resident. I plan on paying it off prior to it turning adjustable.

 

[NICUfello]

5th 3rd had a pretty good physician loan option for me (found through my financial advisor). No down payment. 7/1 ARM. 3.25% interest rate. No mortgage insurance. They paid many of the fees. They would have funded up to $500,000 for me, but I am in the mid-west and only took out $138,500. I needed good credit and a signed contract with my employer. Out of pocket up front cost me only a couple of thousand of dollars for escrow and inspections. Very doable for a graduating resident. I plan on paying it off prior to it turning adjustable.

Sadly, when you are in some of the coastal states, these options aren't available to us