I know someone who works and does BofA Dr Loans. She just mentioned that they are rolling out some new programs with 5% and 10% DOWN. I don't know if they do the 100% beyond the FHA but the deals for Jumbos and conventional loans, but can't hurt to ask.
Nancy S Bergman
Realtor - Cal BRE #01893550
Windermere Homes and Estates
14677 Via Bettona #120
San Diego, CA 92127
Cell (858) 617-9449
Email - firstname.lastname@example.org
Connecticut, Delaware, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, North Carolina, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, Vermont, Washington, D.C., West Virginia. Additional States are possible on an exception basis.
If I can be of any assistance please feel free to contact me for details as we are NOT allowed to share guidelines of the program in online forums.
Physician Loan Specialist
Mortgage Loan Officer
NMLSR # 658999
Citizens Charter One Home Loans
Phone - (336) 471-1825
Fax -(844) 574-2618
We do Physician Loans (Doctor/Dentist/) throughout California and several other states. The LTV would be tied to which market area you would be purching in. I would be happy to go over the details further with you.
V.P. Branch Manager
Bank of America Home Loans
We recently purchased a bank in California, and effective February 1st, 2010 can offer our special program.
You may contact:
Vice President, Mortgage Banking Officer
Office: (904) 564-8700
Mobile: (904) 343-2088
I noticed you asked this questions some time ago,
So was curious whether you were able to find anything that fit you?
I have a doctor client and want to know what's available out there for them in terms of loans. He actually does have the money to put down, but I still want to know as an option what you found.
Thanks a head of time,
Prudential California Realty
A 100% loan just for Physicians,....
I don't know of any but here is what we can do.
If you make an appointment with my receptionist we can see you in a week or so.
When we meet please come in 15 minutes early.
Just a heads up some times I am busy so you may end up waiting an hour or so.
I am sure once you have waited you will have some anxiety so then we will check you financial status.
The I will be along in an another hour or so after tending to other clients.
When you have waited for me another hour or so I will come in with a smile on my face talk with you for all of about 5 minutes and give you very little direction to go from there.
How does that sound?
We like to think of it as a professional curtesy we have for Physicians.
Please pay the co pay on the way out. Oh by the way you weren't covered for this so we will be billing you for our services. Don't worry Dmitri, I am sure as much money as a physician like you makes you will have no problem coming up with the money for the 5 hours we will bill you.
Ok enough kidding you around.
Perhaps you can contact other lenders and see what they have. There are links to direct lenders here.
So Cal Homes Realty
I don't know about the Physician mortage but what about doing a USDA? I wrote a blog on it, it might be of interest to you, if you want to check it out here you go,
Hope it helps, if you have any questions, just pop me an email or give me a call.
We are pretty much in the same position currently...it really is a bummer that BofA is not offering the program anymore.
I was wondering if Mark got back to you on "WHEN" Bank of America is bringing back the physician's mortgage loan program in 2010...?
Bank of America has a program called Neighborhood Champions for Doctors, Policemen, Firefighter, Etc. Which offers some flexable options. I would be happy to go over the programs with you if you like. The Physician loan program has indeed been suspended, but there is a possiblity it may go live again in 2010.
Bank of America Home Loans
San Diego, Ca.
If you want to know the truth, the interest only and hybrid loans that were available over the last 10 years or so, were actually created for doctors. Thatâ€™s right, it was for doctors that these loans were designed to accommodate.
Why? Because the idea was that a doctor who was doing his internship would go from making say 50 to 70K during his residency, to making 200 to 500k in a very short period of time. So, lenders were basically saying, just go ahead and by that nice big house with a fancy price tag. We will carry the mortgage by only having you cover interest for the short term. Or, even a hybrid loan where a percentage of the interest amortized is added to the principal side, so the payments do not exceed what he could afford.
In practice, this method of financing worked just fine for most doctors, because once they began to make the big money they would simply re-finance to a more suitable loan. Now they could qualify by way of income and assets. In fact, they usually would pay down the principal in a lump sum to give the 20% equity needed for a conventional loan.
Today, a doctor who canâ€™t afford a down payment of at least 3.5% is going to be out of luck. Sure, we can find you a loan, but it will be what we call a â€œhard moneyâ€ loan. You donâ€™t want that!
The question would be, who can you turn to for the 3.5% down needed? If you have no resources, than you just have to nut up like the rest of us leaping knowns.
and again another place.
The places the question was asked about are different. I would bet many of the things listed apply to you also.
Let me know if I can help you in any way,
Joan Wilson (Realtor, SRES, Ecobroker)
California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
License # 01341483
It is my Goal to Increase the Success and Profitability of Those I Serve