States "Physician Home Loans" are available in

[FutureDOWife]

On the thread about home mortgages, I mentioned we are going to be getting a Physician's Home Loan and that it is only available in a limited number of states. I have had several emails requesting to know which states support this loan. I spoke with my mortgage person today and she told me the list of states:

Arkansas, Arizona, California, Dist. of Col., Flordia, Georgia, Iowa, Idaho, Il., KS, Maryland, Missouri, North Caroilna, New Mexico, Oklahoma, Oregon, South Carolina, Tennessee, Texas, VA, and Washington

The benefits of the physician loan, as I understand them, is there is no mortgage insurance- your rate is a little higher b/c of this but only 1/8 to 1/4%, there are no origination fees, and you can also be preapproved for a loan BEFORE graduating!!! This made me happy because we will have a home to move directly into instead of having to rent, first.

I also asked my mortgage person if I can put her name/number on here in case you guys have any additional questions and she said I could so if you need to know more, you can call

Bank of America
Bridget Oelklaus Giltner
(816) 979-4280 (Kansas City, MO)

I hope some of you find this information helpful!

Amy

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[Crypt Abscess]

Hi FutureDOwife- Thanks for posting this. Do you have any more details on this loan? What kind of ratios (debt to income) are they looking for? Would they do a >40% ratio? Are closing costs rolled into the principal? Thanks, Crypt

 

[FutureDOWife]

as I said in the post, if you have any additional questions, call my loan person and she will be happy to help you. Good luck!

 

[Linie]

In Maryland at least, not only is there no mortgage insurance, they don't require a down payment!

Of course that means the total of your loan will be bigger, but coming up with a down payment would have prohibited my buying a house.

The banks in Maryland that offer this awesome deal are Bank of America and Sun Trust. There are some restrictions- you have to borrow a certain amount- $250k, but it's flexible. They managed to give us the loan for $214k.

 

[dry dre]

Originally posted by Linie
In Maryland at least, not only is there no mortgage insurance, they don't require a down payment!

Of course that means the total of your loan will be bigger, but coming up with a down payment would have prohibited my buying a house.

The banks in Maryland that offer this awesome deal are Bank of America and Sun Trust. There are some restrictions- you have to borrow a certain amount- $250k, but it's flexible. They managed to give us the loan for $214k.

I assume that the $214k was approved on two incomes (not just a resident's salary)?!?

Thanks for the info.

 

[Linie]

Yes- two resident's salaries.

 

[ophtho1122]

Apply for an interest only loan using your credit score only. It is called no income/no asset or something like that. You can get approved up to 250k on only one residents salary. With interest only, you can afford it.