physician mortgage

[path19]

Does anyone have experience with the no money down/no PMI mortgage offer from the physicianlending.com site and/or Chris Grubb? Any other similar offers you could recommend?

P.S. I've heard SunTrust bank has a nice deal going but unofortunately it's not available in that many states.

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[mx_599]

Does anyone have experience with the no money down/no PMI mortgage offer from the physicianlending.com site and/or Chris Grubb? Any other similar offers you could recommend?

P.S. I've heard SunTrust bank has a nice deal going but unofortunately it's not available in that many states.

didn't something similar to this just come up in another thread?

I didn't have a chance ti investigate the site you mention, but is this a special mortgage for physicians? I thought these had went away with the recent credit crunch?

edit:

interesting, I just went to site. well that answered some questions. foxmarked the link. cool, thanks for sharing!

 

[Mtloomis]

Does anyone have experience with the no money down/no PMI mortgage offer from the physicianlending.com site and/or Chris Grubb? Any other similar offers you could recommend?

P.S. I've heard SunTrust bank has a nice deal going but unofortunately it's not available in that many states.

There are still companies who do them. I'm an agent in Ohio and every year I work with about a dozen or so residents who do these types of Mortgages. My wife is an OB/GYN resident and we have one on our house as well.

No idea about the site you listed.

These loans don't meet Fannie May or Fredie Mac guidelines. Thus they normally aren't sold on the secondary market. The companies who lend the money hold the note. That means they lend you the money out of their own pocket. It doesn't seem like 2 guys on an internet company could have that kind of capital.

What I'm guessing the site is, is simply two guys who call around and find a lender and real-estate agent for you. The owner holds a license in California because they're easy to get there and as such he can get referral fees from the agents he sends people to. They don't actually do the loans.

I do something similar. It's actually a helpful service because you can get connected with people easier than doing all the research yourself. But I'm pretty sure they aren't actually the lenders.

 

[Hiett]

As far as I know, if you are not paying 20% down, you will have to pay the PMI. Otherwise the lenders are not ready to give you a loan. It would have been better if you you would have given a 20% down payment. You can try to refinance your existing loan. In order to refinance, your current loan should be at least 6-7 months old. You should also check if there is a pre-payment penalty clause attached to the loan. If there is a pre-payment penalty clause, then you may have pay a penalty if you pay off the loan early.