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,
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
Until then, I look forward to working with you.
800 315 8803
firstname.lastname@example.org - best email
NMLS# 20743 - my licensing information
http://www.nmlsconsumeraccess.org/ - link to look up my license number
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
I would suggest you please call Tal Frank, Vice President , of Physician Loans,401-321-3931, email email@example.com.
Tell him Blair Cohen of RE/MAX Realty Center in Monroeville/Pittsurgh PA sent you.
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
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.
United America Realty
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
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.
Kenya Reeves Costa
Keller Williams Realty Los Feliz
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. Â®
149 S. Barrington Ave, Suite #660
Los Angeles .Â CAÂ 90049
Direct: 213.973.8637 (213.97.FUNDS)
CA License: 01154002
Visit Allanâ€™s Blog: http://allanglass.featuredblog.com
Keller Williams Realty
Risa Liebster, RealtorÂ®
Keller Williams Realty
I am ver familiar with the silver lake/hollywood/los feliz areas. Great area to buy now. Good luck.