Tim,

There are a few lenders that offer these loans under specific circumstances. The majority of these loans are offered to Doctors. For instance, Bank of America had a "Doctor Loan" 100% Financing Loan with no PMI that was discontinued in April of this year, but a similar loan is still being offered to Doctors by SunTrust, TowerMortgage, Compass Bank (in their home states) and there is one other lender out there.

As a dentist, I am not sure if you qualify for this type of loan as well or if it is reserved for MD's only. If you qualify, then it is probably exactly what you are looking for, and they are still a good deal.

Check out the article called "Bank of America Doctor Loan is No Longer Available - Now What?." Google it and it should pop up. I think it will answer a few of your questions.

If you have any more questions, don't hesitate to contact me.

Brendan
(773) 692-1413

Hi Tim,

I am not sure about who is offering a doctor loan anymore. However, if you want 100% financing Merrill Lynch and possibly Morgan Stanley and First Republic Bank offer 100% financing with a pledge of securities either from you or a relative as collateral. These programs do not have PMI.

I hope this helps,

Phil

There are no lenders still offering any loans with 100% financing and no PMI to anyone, becasue they are just too risky. PMI is designed to protect the lender from default...and as you know, loan defaults are very high these days. FHA financing has great loans that allow you to put as little as 3.5% down, and your PMI is reasonable. FHA loans are also great loans becasue they allow you to hold on to your precious cash and use other people's money to enjoy the benefits homeownership brings. Of course you need to qualify fo the loan and make your payments on time...but that is a given!

Good luck!
Julie Thall
jthall@rpm-mtg.com