Home Buying in Silver Lake>Question Details

Brian, Home Buyer in 90027

Are there any real estate agents who have had experience with clients utilizing zero down physician loans in silver lake/hollywood/los feliz?

Asked by Brian, 90027 Wed Nov 3, 2010

My wife and I (both current residents in the LA area in our last year of residency) are wanting to purchase a home in the LA area, however we don't have 20% saved up for a down payment. We've read about "Zero Down Physician Loans" and are considering it an option as opposed to renting for a few years while we save up for a down payment. Any information would help

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Hi Brian;
The days of the zero down loan are gone. The program you are referring to was funded by Countrywide, and, well, you know THAT story! Best suggestion? Check with the institution where you will practice to see if there are any credit unions or benefits as a new physician, where they are assisting with down payment or financing. If not, then FHA at 3.5% down is your next best bet.
Best of luck,
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
1 vote Thank Flag Link Wed Nov 3, 2010
Contact Regions Mortgage for your Physician Mortgage needs. My group has closed 100s of these in the past three years. We do not require a 1% origination charge and we do not sell your loan to another servicer. It is a true 100% loan, no MI, with several terms to choose from. Contact John Olson, VP/Production Manager at 469-608-2691 or john.olson@regions.com.
0 votes Thank Flag Link Wed Mar 26, 2014
Suntrust Bank still does the Physician Loan. Matter of fact a Suntrust Loan Officer sent me the info last week. Now you can use this program if you are a Dentist. If you are interested in getting more information on this program,don't hesitate to call or text me at 202-378-0283. Or you can also e-mail me at DChomesforsale@gmail.com. http://www.buyandsellnewhomes.com
0 votes Thank Flag Link Mon Mar 24, 2014
This site maps out physician loan providers:
0 votes Thank Flag Link Mon Mar 24, 2014
Yes,there is a lender that does Zero Down Physician Loans ,I have closed a few of them with Doctors,if you have any questions please talk to you employer,they can point you in the right direction ! Good Luck !
0 votes Thank Flag Link Sun Mar 23, 2014
We offer physician loans in CA. Feel free to contact me 7 days a week at 800 315 8803 to discuss your loan scenario. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and I am usually available until 9 PM EST. I lend nationwide.

Until then, I look forward to working with you.

Bart Gabe


800 315 8803

bartegabe@yahoo.com - best email



NMLS# 20743 - my licensing information

http://www.nmlsconsumeraccess.org/ - link to look up my license number
0 votes Thank Flag Link Sun May 26, 2013
I have closed with a couple of Doctors using physician loans - most are 10% - but there are 1 or 2 programs that do 100% now
0 votes Thank Flag Link Sun May 26, 2013
I have heard of many programs offering little or no money down options in recent times, but here in northern California, I had not heard of "physician loans," although there are some special programs for special professions who will work in specific communities offering these. For instance, in the San Francisco bay area there were "teacher" programs, there were fire-fighter programs, and other such types of incentives for people in these professions. As you've read from the responders, many minimal down payment programs have all but vanished, and the few that remain have stricter underwriting guidelines and requirements. I would suggest that you look to any lender and even mortgage broker in the know to find out if programs like the one you describe and need, exist in the community you're targeting -- some of the programs have limited funds that when they run out the program ceases to offer help. As for buying with your credentials, that may be something to your advantage, depending on the amount of student debt you may be carrying (part of the stricter underwriting). Again, you would do well to talk with a lender well in advance of looking for houses; you'll find that houses abound, and some at deep discounts because of the ongoing housing/financing issues confounding the country.
0 votes Thank Flag Link Thu Nov 11, 2010
Thank you Realtors again. I didn't know they had special loans with 100% financing and I have been selling homes for 31 years. Maybe because it has not gotten out her to California yet. I will be looking for it. Thanks again for the question and for the top Realtor info.
Web Reference: http://www.SindyVerdugo.com
0 votes Thank Flag Link Wed Nov 10, 2010
Some HomePath REO homes offer 100% financing and even more benefits. Besides those, a FHA Loan up to $729,750 with 3.5% down, which can all be gift funds, is the best I can offer you.
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Wed Nov 10, 2010
Dear Brian,

BOA has some loans specifically geared towary physicians. I can send you some information on that if you forward your email to me.
0 votes Thank Flag Link Sat Nov 6, 2010
I spoke to Tal Frank, V.P. at Physician Loans and he informs me that they are not yet licensed in California. However another contact is Drew Daniels of Compass Bank and I think they do business in California. Drew's Telephone number is 512-419-3435 and again depending on market conditions in your area there may or may not be a downpayment (0%, 3%, 5%, 10%, 20%, etc.) requirement.

And of course there are many other types of loans available for qualified Buyers but do check with Drew as he is an expert on physician loans and may be able to help you with a no down payment loan. Drew has helped some of my Pittsburgh home Buyers purchase without any down payment and with the Seller paying all or almost all closing costs.

Or just come to Pittsburgh. Not only do we have no down payment physician loans available but, very affordable home prices that are increasing a little. We have several top notch medical facilities, we are ranked by many studies as the best place in the country to live and of course we have the Steelers. Need I say more... Pittsburgh is someplace special and a great place to live.

Congratulations to both you and your wife on finishing your residency and best of luck in your profession.

Blair W. Cohen
Certified DRS Agent
RE/MAX International Hall Of Fame
Experience...the difference, since 1977
5 Star Agent by Pittsburgh Magazine
RE/MAX Realty Centre
2660 Monroeville Blvd.
Monroeville, PA 15146
412-373-4221 Direct
0 votes Thank Flag Link Thu Nov 4, 2010
I am a certified DRS Agent and have dealt with different lenders on this type of loan. Physician Loans does them. However, there may be some areas where the market is very bad, and yours may be one of them, where a down payment may be required. Here in the Pittsburgh Area our market is not too bad and the zero down, physician loans are available. I have handle many of these.

I would suggest you please call Tal Frank, Vice President , of Physician Loans,401-321-3931, email talfrank@physicianloans.com.

Tell him Blair Cohen of RE/MAX Realty Center in Monroeville/Pittsurgh PA sent you.

Good luck,
0 votes Thank Flag Link Wed Nov 3, 2010
First, I'm a Realtor, not a lender so all I can do is get you a great deal on a home and help you find a lender that meet your needs, not all lenders offer all the loans I'm suggesting. You have to turn over every rock.

If you have absolutely no money at all, you may not be ready to buy a home; you need something for earnest money and how are you going to pay the inspector, movers and groceries?
Generally, the less money you have, the less sellers want to deal with your offer and the more you're going to have to pay for them to consider you offer and it's a fine line because your apparaisal needs to match your offer

Now, if you have very little money, here's a few suggestions
1) Most important, work with a really good Realtor ;0)
2) Ask the seller to pay your closing costs, you may have to offer more for the purchase. could be $5,000-$10,000 for you
3) Do you have anyone that can gift you ANY money (parents, rich friends, church)?
4) I was working with someone at USC and the medical center gives employees money. They have a lot of rules but at USC it could be $50,000 for you. Check with your HR dept (you never know)

A few loan options and I'll use $300,000 as an example. Having the seller pay all closing costs
1) FHA loans are 3.5% down, that's $10,500 down
2) There's a CalHFA program with a 3% deferred-payment junior loan, requires 1% down, so that's $3,000 down
3) There's weird/"sounds bogus to me" charity double back down payment money. The scheme is something like, the down payment comes from the seller.purchase price and the charity gives you most of the money as a gift and the charity keeps $500

Let me know if you need more ideas or any help, my number is 323-215-9836

- Daniel
Web Reference: http://mynewhouses.com/wp/
0 votes Thank Flag Link Wed Nov 3, 2010
I do know of a lender that has a new program for anyone in the medical field. As far as I know it is not zero down, but it is similar to FHA. Let me know if you would like the referral.
Web Reference: http://www.homejane.com
0 votes Thank Flag Link Wed Nov 3, 2010

I have done Physician loans. Bank of America had this product and it was discontinued some time back. Even if any bank offered it now you may only qualify for a low amount. This is because you have yet to complete Residency and your gross income will be low. Moreover, you may be planning on completing a one year fellowship. If so your earnings will still be low. If this does not apply, you will need an employment contract with the hospital/medical group/entity that both of you finally plan to work with after residency. Without this contract document I doubt you can get a loan. If you have any student loans then this will also be a factor affecting the home loan amount for which you would qualify.

If there are any other questions will be glad to help.

Bob Khalsa
United America Realty
0 votes Thank Flag Link Wed Nov 3, 2010
Hi Brian,
I have checked with Wells Fargo in our office and their rep. said that you need to go to companies that specifically do physician loans. Wells Fargo doesn't do any zero down loans. I am very experienced in dealing with buyers using a variety of programs in the LA area. check out my website. http://www.karennumme.com for lots more information on neighborhoods and moving with pets. I have a masters of Architecture degree which has helped my clients see the visual potential of a property.Feel free to call me at 323.804 2008 I would be very happy to help you with a purchase or rental. That program sounds like a great option I will check further into the physician loan programs if you are interested in pursueing that direction. Trulia is a great place to get answers and meet a variety of agents
Web Reference: http://www.karennumme.com
0 votes Thank Flag Link Wed Nov 3, 2010
Hi Brian,
Congrats on your decision. I have worked with many buyers with many different loan programs. I have to admit, I've never heard of the physicians loan but I am always eager to learn from your loan officer,it would be a great opportunity :)
I do specialize in the area and after viewing your approval it should be a walk in the park !
Best of luck finding the perfect agent for you. Ask tough questions! There are some amazing and brilliant agents on Trulia.
Happy Hunting!
Kenya Reeves Costa
Keller Williams Realty Los Feliz
0 votes Thank Flag Link Wed Nov 3, 2010
Hi Brian,

Congrats on finishing your residency and best of luck with your home search. I've never done a "physician loan" but assume it works the same way as any other subsidized loan that allows a buyer to purchase with a low down payment.

Here are some resources I've found for you to review:





You have two steps ahead of you. First, is to see if you can qualify for a physician loan and for how much.

Second, the more daunting task, finding a seller willing to accept an offer from a client with 0% down payment. The more secure you are with your financing the easier step two will be.

Note I have not used any of the lending sources above and cannot attest to their abilities. You may want to start with Bank of America (the last link) to get guidance from a source you'd be familiar with.

Best of Luck!
Allan S. Glass
ASG Real Estate Inc. ®
149 S. Barrington Ave, Suite #660
Los Angeles .  CA  90049
Mobile: 213.952.9052
Direct: 213.973.8637 (213.97.FUNDS)
Fax:  213.947.4461
E: asg@allanglass.com
CA License: 01154002

Twitter: http://twitter.com/asgreinc
Linkedin: http://linkedin.com/in/allanglass

Visit Allan’s Blog: http://allanglass.featuredblog.com
0 votes Thank Flag Link Wed Nov 3, 2010
Try a mortgage broker 1st. Call Christine Iko at 310.339-1305 or christine@christineiko.com. If she can't help, she can point you in the right direction. Good Luck!
Eileen Lanza
Keller Williams Realty
0 votes Thank Flag Link Wed Nov 3, 2010
Why don't you call Marie Richarz at Metrocities Mortgage at 818.432.1613 as she is very knowledgeable. Good luck to you both!

Risa Liebster, Realtor®
Keller Williams Realty
0 votes Thank Flag Link Wed Nov 3, 2010
Hi Brian- it's great that you'd like to take advantage of the current market conditions and buy property in the Silver Lake/Los Feliz area. I have read about the zero down physician loans and they do sound like a good deal. My recommendation would be to speak to a lender who specializes in that type of loan. I would also speak to a lender about a standard FHA loan as those require only a 3.5% downpayment. There are also conventional loans available for as little as 5% down depending on you credit scores and debt to income ratio. If you would like a referral to reputable lenderss, let me know.
0 votes Thank Flag Link Wed Nov 3, 2010
I believe that the physicain loans are no longer available. But, you have other choices. There are other loan programs that may work for you depending on the kind of property you want to purchase and the price.

I am ver familiar with the silver lake/hollywood/los feliz areas. Great area to buy now. Good luck.
0 votes Thank Flag Link Wed Nov 3, 2010
Have you looked into an FHA Loan with a loan limit up to $729k?
0 votes Thank Flag Link Wed Nov 3, 2010
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