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.
