Financing in Verona>Question Details

Kz1000, Home Buyer in Verona, NJ

Do physician home mortgage loans still exist in NJ?

Asked by Kz1000, Verona, NJ Mon Jul 27, 2009

My husband just started his residency and we are looking to purchase a home (less than $417,000) in Essex County, NJ. I know that BoA and SunTrust used to offer loans with no PMI and zero down payment to residents but I believe that these programs are no longer in affect or do not apply to those purchasing in NJ. Are there any other programs like this out there?

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Thedrjojo’s answer
@binyamigavriel:

send me an email - oliverjo@umdnj.edu - and I will forward you his contact information... don't feel entitled to just post his name on the internet... my closing is in a week and a half so hopefully it all works out
0 votes Thank Flag Link Tue May 11, 2010
Yes Doctor/Physician loans are still available! My name is Matt Albert (NMLS# 658999) and I am a Doctor/Physician Loan Specialist with RBS Citizens/Charter One Home Loans. I have been specifically working with physicians for over 12 years. We cover licensed medical physicians, residents, interns and fellows, which include MDs, DOs, along with DMDs and DDS. We provide financing of 95% up to $850,000, 89% to $1 million AND 89% to $1 million for a one time close construction Doctor Loan, all with NO PMI! We offer our Doctor Program in the following states:

Connecticut, Delaware, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, North Carolina, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, Vermont, Washington DC, West Virginia. *Additional States are possible on an exception basis, exceptions also possible in regards to loan amounts on a case by base basis*

If I can be of any assistance please feel free to contact me regarding details of the program as we are NOT allowed to share guidelines of the program in online forums. You may do a search of my name and Doctor loan and easily find my contact information or see my profile. Good luck!
0 votes Thank Flag Link Sun Mar 1, 2015
I spoke to BOA today and they were completely clueless about this - first they never heard of it, then it was cancelled, then they admitted that there is reference to it on their website. Sun Trust doesn't seem to cover NJ, but i haven't spoken with them yet -justread their website info.
#Thedrjojo - please post that info- it would be most helpful
0 votes Thank Flag Link Tue May 11, 2010
I am starting my residency in July, also looking at Essex County right now (in attorney review right now), and Huntington Bank is offering me a Physician Loan with exactly that - No down payment, Zero PMI, and even allows me to roll 3% of the closing costs into the loan. If you are still looking for it I can give you the contact of the loan guy... April 30th is fast approaching.
0 votes Thank Flag Link Wed Apr 21, 2010
I would like to do the same. Did you already have a relationship with Huntington bank prior to getting the loan?
Flag Mon Mar 30, 2015
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