Financing in San Antonio>Question Details

Martin, Home Owner in San Antonio, TX

Loans for Pharmacists

Asked by Martin, San Antonio, TX Tue Feb 7, 2012

Several lenders offer "doctor loans" - mortgage loan programs specifically for MDs and often DPMs, DOs, ODs, JDs and CPAs are listed as eligible for these loans. Usually they offer special LTV and PMI terms. Any similar programs for pharmacists? Pharmacists make good money (not MD money, but good) and are in a stable profession, similar to the others listed. Seems strange that we would be left out.

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If you can put as little as 3% down and have good credit you can get approved for financing. The banks that offer 100% financing for doctors at reduced MI also charge higher rates (it's a give and take situation). If you have at least 3% to put down then we can get you something just as competitve through Fannie Mae Conventional financing. If you'd like more information or a competitive quote please contact me at your convenience to further discuss.

Easton Crafts,
Directions Equity Home Loan
1 vote Thank Flag Link Tue Feb 7, 2012
Hi, You may want to contact Rae Drake with Fifth third Bank. I have referred her for the past 10 years to my buyers and she has always performed professionally. She puts her clients interest first and is extremely knowledgable of the industry and the banks programs. They have a great Doctor Program- She is even married to a Physician. You can reach her at 352-514-1829 or Good Luck, Bernedette- Realtor in Vero Beach, Florida
0 votes Thank Flag Link Mon Jan 27, 2014
Hi M, If are within any Medical occupational group - Pharmacist, Dentist, Optometrist, MD's, DO, or DPM, etc. you are eligible for 95% financing with waiver of all PMI and the Bank is subsidizing the rates.

I just had a client lock in at 4.250%, 20 yr fixed, No PMI, low fees. I shopped three other lenders, this was the best deal. Suggest making contact with the recommended Sr. Mortgage Banker listed below –
Mr. Thomas R. Callahan – – Fifth Third Savings Mtg Group

This Doctor’s mortgage program is the real deal and I hope this information can assist you.

Good luck, T Jacobs – PhD/ RE Broker
0 votes Thank Flag Link Sun Nov 3, 2013
If you are purchasing a property 250K and under we offer a program w 1/2 % down.

We also offer professional loans, which would include Phamacists;however, as Easton stipluated that program will have a higher interest rate.

Feel free to contact me with your mortgages questions.

Bart Gabe
Lending since 1987
NMLS # 20743
0 votes Thank Flag Link Fri Nov 1, 2013
Bruce is right on... BBVA Compass has the professional loans that offer loans specifically to pharmacists. Give your local branch a call or go in to visit with one of their people.

Good luck!
0 votes Thank Flag Link Wed Feb 8, 2012
These have been called "professional" loans in the past.
Check BBVA

You might also check with a local bank like Frost
0 votes Thank Flag Link Tue Feb 7, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
So far... I am not really aware of any type of "Pharmacist" loan program. The doctor's loan is not really all that great... You may have a lower down payment, but you have a higher interest rate.... Depending on where you want to live... there are other programs that are pretty nice. USDA Offers a 100% financing product (rural areas, have to check each home to see if it is in the targeted areas) VA and Texas Vet for our military folks... On VA foreclosures, there is VA Vendee Financing (Just don't be in a hurry to close, they take 60 to 90 days) Fannie Mae and Freddie Mac offer some 3% down conventional products, and then there is good old fashioned FHA.. 3.5% down with VERY attractive interest rates.

The "Doctor Loan" was nothing more than marketing really. There are better products out there depending on what you qualify for.

Jason C Campbell
Keller Williams Realty
Realtor / Mortgage Loan Officer

0 votes Thank Flag Link Tue Feb 7, 2012
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