Financing in Miami>Question Details

Jbl16, Home Buyer in Miami, FL

Looking for Physician Loan/sMortgages in Florida

Asked by Jbl16, Miami, FL Sun Mar 20, 2011

Looking for bank/mortgages that offer physician loans in Florida. Particularly 0-5% downpayment with no PMI. Thank you in advance.

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53physicianloan’s answer
At Fifth Third, we do not have a declining/ soft market policy in Florida (or anywhere else) on the Physician Loan program. We can go up to 100% financing for all of Florida if with in the loan limits. Please check out http://www.DocHero.com for more details. Good Luck!

Mike Zimov
Physician Specialist
937-530-3006
michael.zimov@53.com
Web Reference: http://www.dochero.com
0 votes Thank Flag Link Tue Jul 26, 2011
I know a really good mortgage broker, Tim Hart of Hart Mortgages; they are located in West Side of Florida, but does mortgages all over the state. He has the best prices and rates. I think putting only 5% down you will pay PMI. Remember the mortgage insurance is to protect the lender in the event you default on the loan. Since a buyer putting down a lower percentage has higher motivates to walk away in tough economic times, it would be nearly impossible to not pay PMI, unless of course you are paying a higher interest rate. Here is Tim's website, http://www.hartmortgageservices.com

ps. Here is a blog i wrote in response to WSJ article of "Homes Return to Pre-Bubble Prices"
http://2000shortsales.blogspot.com/2011/02/wsj-article-home-…

Best of luck.
1 vote Thank Flag Link Sun Mar 20, 2011
Both BVVA/Compass Bank and SunTrust Bank still have Physician/Professional Loan programs. The LVT is 95-100% depending on the state of the market. They will lend up to 100% in a stable market and 95% in a declining real estate market. If the loan amount is over $650K, SunTrust requires 5% down.

In additional there is also Physician Home Loans and the National Association of Doctors (NAD) have home loan programs with 0 or 5% downpayments. All four still lend in Florida. Good luck.
0 votes Thank Flag Link Wed May 18, 2011
JBL16,

I know this is the second time I have seen this post. Chances are if you haven't found the program by now, it does not exist. From what I remember about this program because I've never had it available to me, BofA was the only one offering it in their retail branchs. You might want to try to go into your local Bank of America. If they don't have the program available any more then chances are you will have to qualify utilizing a government backed FHA mortgage. This will have the most flexibility in debt to income ratios which is one of your biggest concerns. I'd be happy to assist you if you do not find the Physician Loan you are seeking.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
Josh.Lerette@myrfc.com
http://www.residentialfinance.com
0 votes Thank Flag Link Mon Mar 21, 2011
Please note that I'm looking specifically for "Physician Loans" not conventional or FHA loans. These physician loans typically don't take into consideration student debt, and offer 0-5% downpayment with no PMI.
0 votes Thank Flag Link Sun Mar 20, 2011
In today's Lending marketplace, there are basically two (2) types of mortgage programs available: conventional and FHA. With a conventional loan, anything over 80% loan to value must have monthly mortgage insurance associated with it. On an FHA home loan, there is also monthly mortgage insurance. Conventional lending will allow for 95% loan to value financing and FHA only requires 3.5% down - thus making your loan to value 96.5%.
Please feel free to call or email me for further information, rates and costs associated with the mortgage you are looking to finance.
Thank you,
Sherry Greenwald
0 votes Thank Flag Link Sun Mar 20, 2011
We have conventional programs with as little as 3% if you have a minimum 700 credit score. Or you can put 5% with a 660 or more. You would have to pay PMI. There are a plethora of programs all with more or less requirements. I'd be happy to discuss alternatives if I knew more about your situation. Call or email me to discuss.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
561-432-9237
info@floridamortgagecoach.com
0 votes Thank Flag Link Sun Mar 20, 2011
Hi, my name is Jackie and I am a realtor in Miami, Florida, I have worked directly with Frank Moya of Bank of America which has specific loan programs for this type of request. You can reach Mr. Moya directly at his email (frank.moya@bankofamerica.com) or through this alternative website, (http://www.hbm1.com). where you may contact him directly. I trust Mr. Moya will help you to the best of his knowledge because I frequently recommend him to my clients and he has always shown dedication, respect and professionalism.

If you should need any further guidance, don't hesitate to contact me at my email (jfloridian@aol.com)

Sincerely,

Jackie Sanchez
0 votes Thank Flag Link Sun Mar 20, 2011
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