Physician Mortgage Loan

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

  1. lms9787

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    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

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    Try fifth third bank
     
  4. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD
    Physician Partner Organization

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  5. DOCTOR LOAN PRO

    DOCTOR LOAN PRO Sponsor

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    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

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    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!
     
    #5 wormdigger, Nov 15, 2013
    Last edited: Dec 4, 2013
  7. NICUfello

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    Anybody know who is lending in AZ for physician mortgage loans?
     
  8. 53PhysicianLend

    53PhysicianLend Still have questions? [email protected]

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    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
    Physician Partner Organization

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    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
    Physician Partner Organization

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    Is that your site Michael?
     
  11. 53PhysicianLend

    53PhysicianLend Still have questions? [email protected]

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    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.
     
    #10 53PhysicianLend, Dec 4, 2013
    Last edited: Dec 4, 2013
  12. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD
    Physician Partner Organization

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    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

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    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

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    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

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    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...
     
    #14 Jmuhnie, Nov 20, 2014
    Last edited: Nov 20, 2014

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