Lots of misinformation / bad information on here.

I'm a physician, and I've purchased two homes previously using the so-called physician loans. First home was with Bank of America - which, as many have said, no longer offers physician mortgages. Second home was with

http://www.physicianloans.com

They work through Tower Mortgage and have competitive rates for 100% financing, no PMI. No sneaky referral fees. No Realtor requirement. They're on the up and up.

Exclusivephysicianloans.com is a terrible deal, at least in my state (GA). They charge a 1-2% service fee, plus make you pay points. Tack another 5% onto that if you're buying in a "declining market." Some may have had a good experience with them, but I say, STAY AWAY.

Ditto for physicianrelo.com. They want you to use their realtors, or else they want you to talk your current realtor into signing a confiscatory contract in which they promise to give 15% of their commission back to the referral agency. They don't actually do any loans, they have a "top secret" list of lenders, which they will only release once you've signed with one of their realtors, or conned your realtor into accepting the agreement. It sounds like an utter and complete rip-off. STAY AWAY.

SunTrust offers physician loans in some states. These are 100% financing with no PMI, but the rates are pretty high for jumbo loans. Worth giving them a call.

I also recommend talking to your local bank, i.e., not a big corporation. They see you as an asset to the community and want to build a relationship with you. They will often come up with creative ways to help you finance a new home. I'm currently pursuing this avenue, just to see if they can beat physicianloans.com (Tower Mortgage).

Thanks to the people who have posted real information, not refer for kick-back scams. The above is my two-cents. Take it for what it's worth.

Bank of America's Doctor Loan will be back within the next 60-90 days. All of the details are not available but will be released soon. It should look very similar to the previous version that was suspended a little over a year ago. Stay tuned for more detais.

Craig Pullan
Mortgage Loan Officer
Bank of America Home Loans
503-804-5889 Cell
503-973-6709 Office
866-517-9074 Fax
craig.b.pullan@bankofamerica.com
http://mortgage.bankofamerica.com/craigbpullan

PRESS RELEASE: AUGUST 25, 2010
CONTACT for more Info:
TOM MILLER, Bank of America Home Loans
Thomas.A.Miller@BankofAmerica.com
. . . 303-522-8939

The new Bank of America Doctor Loan could be the right home loan for you.

If you’re a medical professional considering the purchase of a home, I would like you to know about the Bank of America Doctor Loan. With our new Doctor Loan, medical professionals1 like you can count on clear information and guidance from an expert mortgage loan officer, plus significant home financing advantages, such as:

• As little as 5% down on mortgages up to $850,000
• Employment start date up to 60 days after closing allowed
• Student loan debt not included in total debt calculation
• A range of fixed and adjustable-rate loans

Designed exclusively for licensed, practicing doctors or residents, dentists or other eligible medical professionals, the Doctor Loan from Bank of America Home Loans® could help you make the move to your next home.

As your mortgage loan officer, I will share my knowledge and experience every step of the way. You can depend on me for responsive service and expert guidance to help you choose the loan that’s right for you.

Program loans available in all 50 States.

Contact me today to learn more.

Good News! WHile many banks have discontinued the "Doctor's Loans" program, there is a great company called Physician Loans (physicianloans.com) which still offers special mortgage condition to physicians. THis allows medical students and residents to obtain a home loan even though their debt/income ratio is horrible. The loans have no Private Mortgage Insurance requirement, which saved us about $60-$80 a month. Also we opted for the Zero Down loan since the home loan was such a great rate and my med school loans are fixed at 6.8%. Super friendly and fast service from a family owned business was fantastic after working with big banks who strung as along until after we had made an offer on a home. Please check out physician loans and spread the good news. I was somewhat doubtful at first, but this company is also a member of the Better Business Bureau with a great rating. YOu won't be disappointed. We would not have a home during residency if it was not for physicianloans. And we'll keep using them even after residency.

I have read through the posts and am interested in finding out how long the Compass Bank Professional Program has been in existence - since its inception? And in the state of New Mexico?

Can anyone offer insight?

Anyone know who gives best rates for construction to permanent loans for physicians? if they exist at all? ..We're planning on building our 'green' home, for about a $1mil in Illinois.

Do BoA, Compass have programs in Illinois as exceptions? Any other banks/corp in Ilinois?

Thx

I used Jason Huffman last year for my purchase in Charlotte, NC just after completing my residency. I was able to obtain a 100% financing with no mi for $570,000. I picked his service because he worked at a bank (Suntrust) but was more surprised with him overall in following thru with our needs. Its just my recommendation but having never bought a home before I was happy with the results. His contact information is Jason.Huffman@SunTrust.com and number is 336-373-5038.

As a long time Realtor it is in my nature to help others. Well, I have had numerous "Professional" clients contact a FREE referral service called http://www.DoctorMortgageAlliance.com and pleasantly amazed at the programs available to given occupations. If you are a practicing Physician MD, Resident Physician, or Dentist your eligible. Or even on your way to graduating from your med school you are eligible to apply for this special mortgage program.
The program offers mortgages at 0% down, NO MI, very low rates, 30/15 fixed and 5/1 arms, and low close costs too. The program even allows the seller to pay ALL the closing costs. Plus the Mortgage Officer's have all been professional with experience in working with the given occupation types.

So, my advise is simply contact via the web site or e-mail info@doctormortgagealliance.com and a representative will reach you soon as they have with my clients.

Good luck with searching for your new home!

Take care, DB

I'm a physician who recently relocated and I used SunTrust to finance a $630,000 property with zero down and no mortgage insurance. The process was pretty smooth other than a couple hang ups with the appraisal. I've also referred several colleagues and they are pleased with the process. My loan officer specialized in the physician mortgage program and I'll be happy to relay his contact info. The only catch is that you must be purchasing a property in their banking territory in Southeastern US or have an existing banking relationship with SunTrust.

BEWARE:
There are relocation companies that require you to change from your existing Realtor or will charge a hefty fee to only provide you the name of a lender and loan officer.

Physician loan programs are only available through a few sources (Physician Loans and SunTrust to name a few) which is freely available through our website in your area and we do not force you to use our Realtor or charge a finder's fee.

You can still use your existing Realtor without asking them to sign over their commission which the other relocation companies require in order to help you.

Absolutely- SunTrust offers a specialized Physician Loan program up to 100% financing without PMI. On Jumbo financing the Physician Loan program offers financing up to 89.99% without PMI. Call me direct at 828-712-3868 and I can speak directly to you in regards to the parameters. Jeff Land

Check out http://www.DocHero.com . We are offering 100% financing, No Mortgage Insurance, No Points, and outstanding rates. We are also buying down your mortgage payment for the first year to help you buy those items that every home needs when you first move in. As a super regional bank, we lend this product in the following states:

Alabama
Florida
Georgia
Illinois
Indiana
Kentucky
Michigan
Missouri
North Carolina
Ohio
Pennsylvania
South Carolina
Tennessee
Virginia
West Virginia

This truly is a loan for Life's Heroes! Please call or write to get started!

Mike Z
Physician Loan Specialist
Fifth Third Bank
937.530.3006
michael(dot)zimov(at)53(dot)com ---spelled like this to avoid email crawlers

Tkim6599 - regarding a docto loan program in MA.

One option is to check with Bank of America since they do offer a loan program for doctors nationwide. Additionally there are some regional banks that may offer the program in MA on a cas by case basis or a local credit union that operates in the area.
As a word of caution, some companies will want you to pay them a finders fee or a referral fee in order for them to give you the name of a lender. Or they will require to change Realtors or make your Realtor pay them. You can obtain the name of lenders for free withoug having to pay a fee in spite of what the referral companies will tell you.

If you want to discuss in more detail (for free) you can reach me at 404.321.3725.

Anyone offering physician loans in Mass?

I am a Physician Loan Specialist with Fifth Third Bank. Currently, we are offering 100% financing with No Mortgage insurance. We are also buying down your mortgage payment for the first year to help you buy those items that every home needs when you first move in. The buy down expires on April 15 2011, but the rest of the details are in place as part of this great program.

Mike Z
Physician Loan Specialist
Fifth Third Bank
937.530.3006
michael(dot)zimov(at)53(dot)com ---spelled like this to avoid email crawlers

Just purchased a home in Hawaii through BBVA Compass's Physician Mortgage Program. My broker, Jennie Blue, was great in getting this accomplished for my family.

This program is available now in the following states.

***Great Program*** Physician Loans with residence in CA, AZ, CO, NM, TX, AL, FL

Our special home financing program is designed specifically to meet the needs of professionals for the purchase of your primary residence.
 Financing available with 0-5% down payment – up to $1,000,000
 Available for physicians, attorneys, CPA’s and dentists
 Private mortgage insurance is not required – save thousands over the life of the loan
 Single family homes, townhomes, lofts, and condominiums are eligible
 Student loans that are deferred for 12 months are not counted in qualifying ratios
 Refinances with high loan-to-values are also available
I will go out of my way to meet the demands of your busy schedule and make sure the mortgage loan process is a positive one.
For information on how you can take advantage of this special home financing program from
BBVA Compass, give me a call today for the details.

Mark Huling
Branch Retail Executive
928-377-7136
mark.huling@BBVACompass.com

K Yang,

I work with many physicians who have completed their residency and fellowships in the North Carolina area, moving to other areas in the United States. They will ask me to recommend a lender to assist them in financing their new home. I always refer them to a NO COST referral service that matches physicians and lenders. http://www.physicianfirstresource.com has been helping physicians for years assisting them in finding the right financing for them. Even though the downpayment may be 0 to 5%, the rates are still as competitive as rates with banks putting down 20%.

PFR is commited to matching you with a Lender who has multiple mortgage programs, lowest rates, and have earned a high ranking for excellent client service.

PFR has done all of the research by partnering with the most trusted national lenders. They are here to help because they respect and understand the stress and long hours that come with being a successful Physician, Resident Doctor, or Dentist.

I highly recommend going to their website or emailing them at info@physicianfirstresource.com to get more information, you will be glad you did.

Anthony

We are a network of Realtors all around the country and are very familiar with the different physician loan programs that exist. Currently, Physician Loans http://(www.physicianloans.com) has the lowest rates for jumbo size loans but they are not in all 50 states yet. If you want information regarding the different programs, feel free to contact me directly at 404-321-3725 or visit http://www.drsagent.com.

New Mexico Buyer: feel free to contact me directly to review in more detail. Bank of New Mexico, Compas and Bank of America have available programs in New Mexico. We can put you in touch with one of their loan consultants who specialize in working with physicians.

Greta information about Bank of America physician loan. Does this also apply to physicians who started their own practice in last couple of months. In this case, the physician will not be able to show any present or future contrect ofr employment since he/she is self-employed. Thanks for the feedback.

Dr. Kassabian

From my experience in the Dallas/Ft. Worth area, BBVA Compass seems to have the only low down payment options for super jumbo. I also know that they recently expanded to California. I have a Dr. client in Southlake I am using them for right now. The purchase price is $1.5M and they are only requiring a 10% down payment. Their main # is 972-447-6541. I hope this helps.

Is any institution doing 10% for a loan amount of 1.7 M in California with home value of 1.9M ?

Thanks,

Armen Kassabian, M.D.

My name is Jeff Land and I work for SunTrust Bank's Mortgage Division. for nearly 16 years I have been specializing in helping residents and physicians with home loans . I understand the issues that are unique to the physician/ doctor profession. Such as student loan debt, employment contracts, and residency start dates.

With the help of SunTrust's Physician Mortgage program I am able to offer unparalleled programs that are only available to doctors. No PMI, up to 100% financing, and we do not count the student loans into the qualifying ratios!

If you are looking to purchase or even refinance and have questions, do not hesitate to contact me.

E-mail: jeffrey.land@suntrust.com Website: http://www.suntrustmortgage.com/jland

Office Phone: 828/712/3868

States within the SunTrust Physician Loan foortprint: Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington DC, and W. Virginia.

I am a Mortgage Loan office with Bank of America and yes you are half right it was taken off the table but we have BROUGHT IT BACK. AS of 2 days ago it is here.
Loans to $850,000
student loan debt does not count against your income or future income
95% loans.

Please contact:
Glen Steele
Bank of America Home Loans
424 234 0156
glen.steele@bankofamerica.com

Hi K. I just did a $650K loan for my doctor-client through SunTrust here in Boca Raton. Please give Michael a call below and ask him about the program. My buyers were EXTREMELY pleased with the service, rate, terms and I recommend Michael for this type of loan. Please let him know I referred you to him:

Michael Childs
SunTrust Mortgage
Sr. Home Loan Consultant
561-470-3707 office
561-445-8502 Cell
561-470-3705 Fax http://www.suntrustmortgage.com\mchilds
Live Solid Bank Solid

GOOD LUCK!

Scott Miller, Realty Associates, Boca Raton, FL

SunTrust Mortgage, Inc. offers Doctor Loans up to 1.5 million for purchase and refinance transactions. Down payments range from 0% - 10% with no morgage insurance. The product is available in AL, AR, FL, GA, MD, MS, NC, SC, TN, VA, DC, WV. For specific questions, Please contact me directly.

Thank you,

Paul Godbold
SunTrust Mortgage, Inc.
704-362-5461 ph
Paul.Godbold@SunTrust.com http://www.suntrustmortgage.com/pgodbold

My name is Kevin Clausey, I work for BBVA Compass. We do have the Physicians One time close construction loan. It only requires a 5% down payment up to $1,000,000 with no PMI. Unfortunatley, we can not do this loan in the state of llinois.
We can do this loan in AL, AZ, CO, FL, NM and TX. I suggest you inquiry at a local credit union or local bank.
Thank you for your inquiry.
Kevin Clausey
Mortgage Banking Officer
713-881-0651 or kevin.clausey@bbvacompass.com

Bank of America's Physician Loan program will be back active as of 8/9/10. I would be happy to answer any specific questions you might have about it.

Mark DeWitt
Bank of America Home Loans
858-212-7054 Cell
866-746-1995 Direct Fax
Mark.DeWitt@bankofamerica.com

The wait for the return of the Bank of America Physician Loan is almost over! All of the loan details are being released Friday 7/30 and the loan will be up and running on August 9th. The program will have a maximum loan amount of $850,000 and require 5% down. Borrowers will be able to close a loan up to 60 days before starting their new position. For physicians still in training deferred student loan debt will not be counted in the income qualifying.

Please call or email if you are interested in learning more about the Bank of America Physician Loan.


Craig Pullan
Mortgage Loan Officer
Bank of America Home Loans
503-804-5889 Cell
503-973-6709 Office
866-517-9074 Fax
craig.b.pullan@bankofamerica.com
http://mortgage.bankofamerica.com/craigbpullan

Our special home financing program is designed specifically to meet the needs of professionals for the purchase of your primary residence.
 Financing available with no down payment – up to $1,000,000
 Available for physicians, attorneys, CPA’s and dentists
 Private mortgage insurance is not required – save thousands over the life of the loan
 Single family homes, townhomes, lofts, and condominiums are eligible
 Student loans that are deferred for 12 months are not counted in qualifying ratios
 Refinances with high loan-to-values are also available
I will go out of my way to meet the demands of your busy schedule and make sure the mortgage loan process is a positive one.
For information on how you can take advantage of this special home financing program from
BBVA Compass, give me a call today for the details.

Mark Huling
Branch Retail Executive
928-377-7136
mark.huling@BBVACompass.com

Just a note to everyone - I closed a loan today with Compass Bank for $1.17M with 10% down, no PMI, paying 1 point for a 30 year fixed. My rate was 5.625% when I locked 6 weeks ago but rates are curently 5.375 for this specific loan. I was very happy with the service, follow through, and final terms and the overall process. If you are able to put down 20% on a loan this large you will probably find a slightly better deal, but on a Jumbo over $1 Million you will not find anything better. You should use the loan officer referenced in this thread, and you will need to have account(s) with Compass prior to loan application in order to qualify for this program as an FYI so plan ahead. Also - Compass lists a 'footprint' of specific states they are able to make loans to, but this is 'flexible' depending on the situation, as it was in mine. Thanks to everyone who contributes to this thead - a great resource!

Mortgages specifically designed for physician still exist and are available in all 50 states.

Currently the lowest rate programs are with Physician Loans. Go straight to the source http://www.physicianloans.com and compare. You will not be disappointed and will save $$$ thousands of dollars over the life of the loan. Physician Loans is not in all 50 states so we help our clients to work with some of the other lenders and help guide them through the process. It is important to not only work with a company that offers the loan for physicians, but also to work with the best loan professionals who understand how to work with physicians.

We help every step of the way to break down the process and make it an easier home buying experience that will save you money in the long run.

I need a 1.25m physician mortgage in Miami-Dade county, FL with the lowest up-front costs possible. My spouse and I are both physicians. What are my best options? Will Compass write a 1.25m loan...does SunBank write mortgages in Miami-Dade for 1.25 with 10% or less down???

Any update about the reintroduction of the Bank of America Physician Loan program? Is it still targeting Aug 1st 2010?

is it possible to get a 1.5m loan with 10% down in 22101 or 22102?

Yes, Fulton Bank still does them in the central VA area.

Does anyone do these loans in MA?

The latest on the reintroduction of the Bank of America Physician Loan is that it will be released the first of August. We had originally heard and hoped it would be released in late June or early July. The bank has not yet released all of the details or the program guidelines but from what I have heard when the program is released it will have loan amounts up to $850,000 and require 5-10% down with no Mortgage Insurance. Other than the lower max loan amount and the higher down payment requirement the program will be very similar to the previous version of the loan. Physicians that have a contract for employment but not yet on the job will be able to qualify with the contract income. Physicians that are still in residency or fellowship and whose student loan debt is not in repayment can qualify without that debt counting against their income.

Please do not hesitate to call/email with further questions.

Craig Pullan
Mortgage Loan Officer
Bank of America Home Loans
503-804-5889 Cell
503-973-6709 Office
866-517-9074 Fax
craig.b.pullan@bankofamerica.com
http://mortgage.bankofamerica.com/craigbpullan

Unfortunately, we can only do the loan in states where we have locations. Currently, we are in Florida, Texas, New Mexico, Arizona, California, Alabama and Colorado. I suggest that you contact local credit unions or smaller banks in the Arlington area..
Regards,

Tyler is absolutely correct! If you hold one of the following positions:

Physician
Resident Physician
Dentist
CPA
Attorney

the loan programs at BBVA Compass are great for loans up to $1.5M (depending on your profession and the state of the market: ie. whether or not the property is in a "declining" market). Each area may be different, so it's best to check with your Mortgage Lender.

I just closed two transactions with BBVA Compass last month for graduate physicians from Stanford. So far in CALIFORNIA, I haven't found another lender that offers such a program for my clients!

Good luck!
Dawn Thomas, Broker Associate
Intero Real Estate Services

Unless you live in the states that compass covers or you want a loan for $650K or less and you have a relationship with sun trust the 100% LTV no PMI is gone. BOA maybe be coming back with something but it will be 95% LTV

My name is Kevin Clausey, I am a Mortgage Banking Officer at BBVA Compass in Houston, TX. We do have the Professional loan for Medical Residents, Physcians, Dentist, Attorneys, CPA's and officers reporting to CEO's at Fortune 500 Companies. My direct line is 713-881-0651. e-mail: kevin.clausey@bbvacompass.com. We currently cover loans in 9 states.

What was your deal at Compass Bank for the $1.5M close? Could you please share the rate and any point(s), closing costs? I'm considering giving them a call. Thanks!

Greetings

I just closed on my dream home last week and owe it all to my Mortgage Advisor at BBVA Compass. I purchased a $1,500,000 for which they only required a 10% down payment. I decided on a very attractive 30 yr fixed rate and am not paying any private mortgage insurance. I literally shopped 10 different lenders and no one could come close to this deal. Furthermore, the entire process was not stressful and the service was impeccable. I highly recommend the Dallas group of Compass Bank. You can reach them at 972-447-6541.

SunTrust Mortgage still offers the 100% financing program for physicians, residents, interns, and fellows. The program offers up to 100% financing without the need for mortgage insurance. Jeff Land in the SunTrust Asheville NC office is well versed in these offerings. I used Jeff to buy my home in the Biltmore Park community shortly after arriving at MAHEC. He was knowledgeable and professional in his efforts. I have his cell phone listed at 828-712-3868. Call him-

Does anyone know of physician loans in the state of Washington? We recently moved here and had used Suntrust in Maryland when we were there for residency - but they don't lend in this state. Physicianloans.com also does not lend in Washington State.

For Physician loans I would call Jeff Hart at Sun Trust Mortgage. His title is Assistant Vice President Mortgage Banker. He is well versed in these type of loans. His contact info is: 404-303-2631 office. His email is jeff.hart@suntrust.com You can also go to http://www.suntrustmortgage.com/jhart. If he is not able to help, he can put you in contact with the right person. Hope this helps! Lisa
Lisa Whetstone
RE/MAX Executive Realty
Broker/REALTOR
(704) 607-9619 cell

BBVA Compass offers "special" financing for Physicians in Florida, Alabama, Texas, Arizona, New Mexico, Colorado, and as recently as February 1, 2010; California.

We offer competitve rates and terms; particularly on the 30 year jumbo product.

Also, for those Residents that matched on "Match Day" last month "CONGRATULATIONS!"; BBVA Compass has a new product offering that allows financing in any State if you are graduating from a participating college in one of the States referenced above.

Call me anytime to discuss rates, terms and scenarios.

Jennie Blue
Vice President, Mortgage Banking Officer
Office (904) 564-8700
Mobile: (904) 343-2088
E-mail: jennie.blue@bbvacompass.com

I have worked with the Compass group in Dallas on several physician transactions and they always do a great job. Their jumbo rates are excellent and I did confirm that they offer their physician program in CA. I would suggest giving their group a call. The main # is 972-447-6545.

just call them and ask. There are no strings attached.