Physician Mortgage Loan

Discussion in 'Finance and Investment' started by lms9787, Mar 1, 2013.

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  1. lms9787

    lms9787 5+ Year Member

    9
    2
    Feb 13, 2010
    Philadelphia Area
    Hey! We are relocating to NY in June for residency and are having a hard time finding a "doctors loan" with no asset requirement, no mortgage insurance and 0% down. We have friends that have gotten one but those banks no longer offer it. Any advice?
     
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  3. PulseOx

    PulseOx ASA Member 7+ Year Member

    33
    0
    Jan 22, 2010
    Try fifth third bank
     
  4. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Partner Organization 10+ Year Member

    4,885
    1,671
    Nov 18, 2002
    Physician
    SDN Partner
  5. DOCTOR LOAN PRO

    DOCTOR LOAN PRO Sponsor 2+ Year Member

    27
    0
    Mar 16, 2011
    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
     
  6. wormdigger

    wormdigger

    1
    0
    Nov 15, 2013
    Ummm... Can you spot the fake reviews here? Seems like these "doctors" only exist to promote one person. I'd check out the sponsors and go from there. I am not interested in starting my transaction off with a lie....

    EDIT-- The spammer has been caught and his comments deleted... Good Job SDN!
     
    Last edited: Dec 4, 2013
  7. NICUfello

    NICUfello 2+ Year Member

    215
    33
    Sep 26, 2011
    usa
    Anybody know who is lending in AZ for physician mortgage loans?
     
  8. 53PhysicianLend

    53PhysicianLend Still have questions? [email protected] 2+ Year Member

    23
    0
    May 16, 2011
    I think there are at least 2 banks that can help you in AZ. Compass and CityWide. www.physicianbanks.com does a great job of breaking down the available lenders by state. Check them out!
     
  9. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Partner Organization 10+ Year Member

    4,885
    1,671
    Nov 18, 2002
    Physician
    SDN Partner
    I don't know of any banks that used to offer them but no longer do. In fact, I'm seeing banks coming out of the woodwork to offer these. They're not all the same terms though. Here's my doctor mortgage loan page.
     
  10. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Partner Organization 10+ Year Member

    4,885
    1,671
    Nov 18, 2002
    Physician
    SDN Partner
    Is that your site Michael?
     
  11. 53PhysicianLend

    53PhysicianLend Still have questions? [email protected] 2+ Year Member

    23
    0
    May 16, 2011
    I am a fan of the information available and the direction the site is going. I would have LOVED to get the nod on your list.
     
    Last edited: Dec 4, 2013
  12. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Partner Organization 10+ Year Member

    4,885
    1,671
    Nov 18, 2002
    Physician
    SDN Partner
    I was just curious as the site seems to have "borrowed" a lot of content from blogs such as mine. If you're referring to the list on my mortgage page, Fifth Third is on the list. I have one mortgage officer from your bank listed on it. I'm not sure why I haven't yet heard from you. Those aren't exclusive listings or recommendations (in fact, if you read the page my general recommendation is AGAINST doctor loans). I'm just trying to get readers some contacts they can call if they decide a doctor loan is right for them and monetize the page at the same time.

    You might be surprised just how hard it is to get someone who knows about doctor loans to actually call you back. For instance, I can't even get the name of a mortgage officer at 3 banks that reportedly offer physician mortgages despite multiple attempts to do so.
     
  13. cbtk18

    cbtk18 10+ Year Member

    492
    41
    Mar 23, 2006
    You are with Regions, correct? I am interested in hearing about what you guys offer. We are hoping to purchase a home in the Savannah Georgia area in the next few months (moving in May).
     
  14. Mesial1980

    Mesial1980

    1
    0
    Nov 17, 2014
    Nebraska
    Hey everybody,
    I'm just getting started in my research. Does anyone know of a bank offering a dentist loan in Nebraska?
    I don't need to find a lender until early next year so I have some time.
     
  15. Jmuhnie

    Jmuhnie Justin 10+ Year Member

    66
    2
    Jun 17, 2004
    I would second White Coat Investor on carefully evaluating whether a doctor's loan is truly a good idea. If you are only planning to have this house for the 3-5 years of residency, then you may break even if you are lucky. I personally went through a doctor's loan over the last 5 years. 0% down, no pmi. For 3 years we put the minimum payment and over the last 2 years (while I was waiting for my wife to finish her residency) we added an extra 50% to our payment. We sold our house this year for a small loss and at that time had only payed off about 16% of the total loan. We barely had our heads out of the water. The upfront cost and closing costs probably negated much of what we had "saved" by not renting. The risk of losing money on our house was very real and not likely worth it in the end. Many of my residency friends bought and sold in 3 years. I don't know any of them that would do that again.

    We moved out of state for my wife's fellowship and we are now renting with the plan to buy when we know we'll be staying put for awhile.

    I didn't realize how old this thread was...
     
    Last edited: Nov 20, 2014

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