Financing in 63108>Question Details

Hemophilia, Home Buyer in 63108

I am looking to refinance my home--currently have physician loan at 6%--loan is in missouri. Would like to refinance with another physician loan.?

Asked by Hemophilia, 63108 Tue Aug 10, 2010

I am looking to refinance my home--currently have physician loan at 6%--loan is in missouri. Would like to refinance with another physician loan at lower interest rate with no PMI.

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Someone had previously asked the Q if Doctor Loans were still available?
Well we were just advised on the following:

If you are an MD, Resident or Established Physician - the following bank rep will provide you with 0% (zero) down and No MI with Preferred Client rate and standard costs. Refinances are eligible for the program.
The Medical Director at St Mary's Hospital we spoke to provided the following as a contact:

Fifth Third - Asst. Vice President/Sr Mortgage Officer / Tom R. Callahan / thomas.callahan@53.com

Mr. Callahan has apparently been recognized nationally as a ranking leader within the mortgage industry and has assisted hundreds of Physicians within the St Mary's and St. Joseph's Hospital network in Missouri.

Best wishes to you! Tyler
1 vote Thank Flag Link Sun Oct 13, 2013
Someone had previously asked the Q if Doctor Loans were still available?
Well we were just advised on the following:

If you are an MD, Resident or Established Physician - the following bank rep will provide you with 0% (zero) down and No MI with Preferred Client rate and standard costs. Refinances are eligible for the program.
The Medical Director at St Mary's Hospital we spoke to provided the following as a contact:

Fifth Third - Asst. Vice President/Sr Mortgage Officer / Tom R. Callahan / thomas.callahan@53.com

Mr. Callahan has apparently been recognized nationally as a ranking leader within the mortgage industry and has assisted hundreds of Physicians within the St Mary's and St. Joseph's Hospital network in Missouri.

Best wishes to you! Tyler
1 vote Thank Flag Link Sun Oct 13, 2013
Not sure if you're still needing the physicians loan but someone else may need one. Give Dean Pilcher, VP at First Bank. They have professionals loan -- Drs and Attys. Dean's telephone # is 314-616-2888. Plus they have great rates!
0 votes Thank Flag Link Thu Nov 27, 2014
Hi there,

Your original posting is quite a few years old, so I am not sure if you have already found the answer to your question. Most physician loans can be used in a refinance situation, if you go back to the lender who did your original physician loan. At least that is how it works in the case of BofA.

Hope that helps!
Neil
0 votes Thank Flag Link Sun Jan 26, 2014
You may try Ron Preiss, Bemo Harris Bank. 314-2031227. Believe they have physician program that may work for you. good Luck.



Kelly Weaver
Redefined Real Estate
0 votes Thank Flag Link Tue Sep 24, 2013
Hello! I am with First National Bank of St Louis, and we have a 100% Physician loan program that will work for a refinance as well as purchase. Please give me a call at 314-669-1909 to discuss.

thanks!
0 votes Thank Flag Link Tue Aug 27, 2013
I do have an answer from a prominent Home Town Bank:
Shad Lager of Pulaski Bank answers as follows:
We can look at a refinance -depending on the value of the home. In the past, some banks offered Physicians' Loan at 100% loan to value (LTV). Now-a-days, the guidelines require at least 5% equity in the home. Pulaski can offer a 95% loan with NO PMI-the rate is a bit higher, but the overall payment is much cheaper than paying PMI. Today the 30 year fixed rate on this loan program is at 4.750% with 0 points & no monthly PMI. Let me know if you have any questions.
Shad Lager
Pulaski Bank
314 878 3525 X 7704

Hope this is helpful: Good Luck with your "Re-Fi"!
Eddie Thompson 636 795 0395
0 votes Thank Flag Link Mon Aug 16, 2010
Hi Hemophilia, please advise if your current doctor loan is w/ Bank of America. If so, I can take a look at current options for you. Thanks,
0 votes Thank Flag Link Thu Aug 12, 2010
if you are simply interested in rate and term without cash out then i would tell you that there are many programs out there for you, when you say you want a physician this is many times lender lingo for low or no doc and or stated income programs. if you have a decent credit score and fair equity /loan to value i think janet steininger @ equity solutions could help you 314-849-5400.
0 votes Thank Flag Link Tue Aug 10, 2010
simply want to refinance at a lower interest rate as interest rates have dropped and 6% is much higher than the current going interest rate
0 votes Thank Flag Link Tue Aug 10, 2010
I would be happy to review your situation at no cost or obligation. I have a physician loan program which may suit your needs. Please feel free to contact me directy to discuss further.

Sincerely,


Frank Ruzicka
Licensed Mortgage Originator
Cornerstone Mortgage Inc.
(314) 995-9919 Office
(314) 503-3855 Cell
FrankR@CornerstoneSTL.com
Web Reference: http://www.FrankRuzicka.com
0 votes Thank Flag Link Tue Aug 10, 2010
there are many definitions of "no doc dr. loans" these days, could you be more specific, are you looking for limited documentation only or are you also wanting higher debt ratio loan? with these answers i could give you several options in the saint louis mortgage marketplace.
0 votes Thank Flag Link Tue Aug 10, 2010
Would the home appraise for 20% more than appraised value? If yes then you petition the lender drop PMI

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Aug 10, 2010
This type of loan is more difficult to find, but the following are sources of money that may be able to structure a loan that satisfies your needs:

Leader One Financial - Chris Sander - 314-222-5500
The Private Bank - Mark Delhougne - 314-301-2261
Pulaski Bank - Joe Lager - 314-579-7704

Good Luck!
Web Reference: http://BobWatersHomes.com
0 votes Thank Flag Link Tue Aug 10, 2010
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