- Joined
- Mar 3, 2003
- Messages
- 752
- Reaction score
- 6
I closed on a home a little over two months ago that I purchased with a physician loan. I used Regions bank with the help of Christofer Roberts. There were not any other physician loans available in my area (deep South), but I did receive some quotes on traditional loans from several other banks. The Regions loan had by far the best terms.
The loan application itself was actually quite easy. The communication from the loan officer was very good, and he made it as painless as possible. I was able to close on my house 30 days prior to my start date, using my verified contract for my income.
The terms: 30 year, fixed rate loan at 4.5% APR. Required to put 1k deposit on house, can count towards closing cost or down payment; we essentially put zero down, except that 1k. Able to borrow up to 417k with 2 months reserves, although I believe they will go higher with 6 months reserves. No PMI!! Could have gotten a lower interest rate with 5-10% down but was happy with what we had.
The seller paid about 7k of the closing costs for us, so very little cash had to leave my hands at closing.
All in all, I think I got a great deal. Local bankers could not believe I got a loan with 0% down and no PMI.
Highly recommend Chris Roberts and Regions! Would defnitely use again!
http://www.regionsmortgage.com/chrisroberts
The loan application itself was actually quite easy. The communication from the loan officer was very good, and he made it as painless as possible. I was able to close on my house 30 days prior to my start date, using my verified contract for my income.
The terms: 30 year, fixed rate loan at 4.5% APR. Required to put 1k deposit on house, can count towards closing cost or down payment; we essentially put zero down, except that 1k. Able to borrow up to 417k with 2 months reserves, although I believe they will go higher with 6 months reserves. No PMI!! Could have gotten a lower interest rate with 5-10% down but was happy with what we had.
The seller paid about 7k of the closing costs for us, so very little cash had to leave my hands at closing.
All in all, I think I got a great deal. Local bankers could not believe I got a loan with 0% down and no PMI.
Highly recommend Chris Roberts and Regions! Would defnitely use again!
http://www.regionsmortgage.com/chrisroberts
