Home Buying in San Diego>Question Details

Dmitri, Home Buyer in California

Physician mortgage loan in California??

Asked by Dmitri, California Sat Dec 5, 2009

I'm a physician looking to buy a house in southern California. Does anyone offer physician mortgage loans with 100% financing above the FHA limit in California? BofA physician loan program is no longer available.

Help the community by answering this question:


Dmitri: You need the advice of a Certified Mortgage Planner. They are well versed in creative financing and special interest lending procedures. Go to this site and find one in your area.


Web Reference: http://www.soreal.biz
1 vote Thank Flag Link Sat Feb 6, 2010
http://californiaphysicianhomeloans.com/ - Try this link it might be a helpful info for you ;)
0 votes Thank Flag Link Tue Jul 28, 2015
Hi Dmitri,

I know of a lender that does physician mortgages. Please contact me.

Kind regards,

0 votes Thank Flag Link Mon Jul 27, 2015
Dmitri -
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 - nbergman1@live.com
Web Reference: http://www.comehometopq.com
0 votes Thank Flag Link Mon Jul 27, 2015
There are many options in the growing Jumbo Mortgage Market now including 5% down to $850k loan amount or 10% down to $1.5m.
0 votes Thank Flag Link Thu Jul 23, 2015
Hi, my name is Matt Albert (NMLS# 658999) and I am a Doctor/ Physician Loan Specialist with Citizens Charter One Home Loans. I have been specifically working with physicians for over 12 years. We cover licensed medical physicians, residents, interns and fellows, which include MDs (Medical Doctors), DOs (Doctors of Osteopathy) along with DMDs and DDS (including Dental Surgeons, Orthodontists and General Dentists). We provide financing of 95% up to $850,000, 89% to $1 million AND 89% to $1 million for one time close construction Doctor Loan, all with NO PMI! We offer our Doctor Program in the following states:

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.

Matt Albert
Physician Loan Specialist
Mortgage Loan Officer
NMLSR # 658999
Citizens Charter One Home Loans
Phone - (336) 471-1825
Fax -(844) 574-2618
0 votes Thank Flag Link Thu Dec 18, 2014
Please call me we do offer that program 925 270 5480
0 votes Thank Flag Link Wed May 21, 2014
Hi Dmitri,

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.


Mark DeWitt
V.P. Branch Manager
HomeStreet Bank
0 votes Thank Flag Link Tue Oct 22, 2013
Yes there are still "physician mortgage" options available in southern California. Please feel free to give me a call any time. I work exclusively with physicians from around the country many of whom are in California.

Please contact
Anthony Gabor
Bank of America Home Loans
Mobile: 612-226-7092
Office: 952-471-9177
Email: anthony.gabor@bankofamerica.com
0 votes Thank Flag Link Mon Jun 28, 2010
Kaylow--Thank you for your response! I help clients from Palo Alto to West San Jose. My colleague, Raziel Ungar (who has also posted on this thread http http://:www.RazielUngar.com) can absolutely help you with San Mateo County. He is located in Burlingame and is an expert in that area. Let me know if you decide to look in Santa Clara County.
0 votes Thank Flag Link Mon Mar 15, 2010
I just closed a home last week for a UCSF radiologist using the loan program through Exclusive Physician Loans. Let me just say - it's the real thing. My client only put 5% down on a nearly $1.1m purchase in San Francisco, and we were still able to get it done despite us competing in multiple offers with four other qualified buyers with much larger down payments. My client is thrilled as he would not have otherwise been able to buy despite having a high income.
0 votes Thank Flag Link Mon Mar 15, 2010
Dawn, that was helpful info. I am a physician who has relocated to San Mateo county. Can you provide info on some zips that are considered "declining" in this area so I can get a feeling for this? I am looking in the area from Burlingame to San Carlos, or Redwood Shores/Foster City on the waterfront.
0 votes Thank Flag Link Mon Mar 15, 2010
In the Silicon Valley (where Stanford Medical Center, Santa Clara Valley Medical Center, Kaiser, and O'Connor Hospital--among others--are located) Exclusive Physician Loans offers physician loans. In most areas, there are zero-down loans for doctors (as well as dentists and attorneys). Doctors can go up to $1.5M loan value, but all other disciplines can go to $1M. Many zip codes; however, in the Bay Area are in "declining markets" (even though we are seeing multiple offers on most of the better inventory due to supply and demand), so these zip codes will currently require a 5% down payment. I am not sure about Southern California. In the Silicon Valley, I have had doctor clients strike out with other lenders and have referred them to Exclusive Physician Loans and the transactions have successfully closed. EPL is available in Southern California as well. Check the website for more information.
0 votes Thank Flag Link Mon Mar 15, 2010
Hi Dmitri,

Do you work in Escondido? If you I think i also work with you please call 760-533-5347
0 votes Thank Flag Link Wed Feb 10, 2010
Yes, BBVA Compass offers "up to" 100% financing programs in California for Physicians, Residents, Fellows, Attorney's and CPAs and there is no mortgage insurance required. The jumbo rates are particularly attractive.

We recently purchased a bank in California, and effective February 1st, 2010 can offer our special program.

You may contact:
Jennie Blue
Vice President, Mortgage Banking Officer
Office: (904) 564-8700
Mobile: (904) 343-2088
E-Mail: 1-800-239-2265
website: http://www.bbvacompass.com/mortgages/jblue
0 votes Thank Flag Link Wed Feb 10, 2010
Hi, Dmitri,
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,
Khrystyna Chorna
Prudential California Realty
0 votes Thank Flag Link Mon Feb 8, 2010
Hi Dmitri,
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.

Harold Sharpe
So Cal Homes Realty
(951) 821-8211

0 votes Thank Flag Link Sat Feb 6, 2010
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.
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Fri Feb 5, 2010
We are also looking for a physician mortgage, in the SF Bay area. Would be interested in anything anyone has heard from BofA.
0 votes Thank Flag Link Fri Feb 5, 2010
ETA is in Febuary sometime. Feel free to contact me if you have any questions.
0 votes Thank Flag Link Mon Jan 4, 2010
Hi Joan,

No more information unfortunately. If you find out anything or find a lender please let me know.

0 votes Thank Flag Link Mon Jan 4, 2010
Hi Dmitri.
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...?
0 votes Thank Flag Link Sun Jan 3, 2010
Hi Dmitri, Here is the current version of the Bank of America Doctor Loan:

If you are a medical resident or licensed, practicing doctor, dentist or other eligible medical professional, the Bank of America Home Loans® Doctor Loan could help you make the move to your next home.¹ Advantages including:².
• 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
Flag Sun Jan 26, 2014
Hi Dmitri, we're also looking for no PMI but can put down up to 20%, please let us know if you find a doctor loan in CA. We'll do the same. We know they are available because there are middle-men who are willing to take a 1% fee in order to put us in touch with the lender, but we're trying to find the lender directly.
0 votes Thank Flag Link Wed Dec 30, 2009
The second mortgage costed me nothting. I had to pay thetax and title on the first mortgage though. They didnt charge much my first mortgage rate was 4.75% and my second was 4.99%
0 votes Thank Flag Link Tue Dec 15, 2009
Dmitri, I would be happy to go over the details with you, please call me to dicuss (it is a little to wordy to type).

Mark DeWitt
Bank of America Home Loans
San Diego, Ca.
858-212-7054 Cell
0 votes Thank Flag Link Fri Dec 11, 2009
Mark, when will BofA doctors loan program go live again in 2010? Is that for real or just speculation?
0 votes Thank Flag Link Fri Dec 11, 2009
Drsocal1976, thanks for the answer. How did you find out about physiciansmortgage.net? I don't know anything about it. Can they be trusted? You said you had to open a checking account with the bank. Which bank is it? What were you charged and what interested rate did you get?
0 votes Thank Flag Link Fri Dec 11, 2009
I recieved a loan from physiciansmortgage.net they helped me finance 90% purchase in San Diego for 1.5 million. They did a 729K first mortgage and a 620k second mortgage. I would talk to atch or Tony. they were great and didnt charge me hardly anything. also the second mortgage was completely free I just had to open a checking account with the bank.
0 votes Thank Flag Link Thu Dec 10, 2009
Hi Dmitri,

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.


Mark DeWitt
Bank of America Home Loans
San Diego, Ca.
858-212-7054 Cell
0 votes Thank Flag Link Thu Dec 10, 2009
The answer is No. After the mortgage debacle that we have all witnessed, nobody buys a home with no money down. Not even doctors.
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. That’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 can’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 “hard money” loan. You don’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.
0 votes Thank Flag Link Sun Dec 6, 2009
doctorloanusa.com does not do any loans in California.
0 votes Thank Flag Link Sat Dec 5, 2009
Call Mary Anne with Team Mortgage & Credit at (858) 688-9026.

Good luck!
0 votes Thank Flag Link Sat Dec 5, 2009
A similar question was asked here. Look at some of the replies. It might help.
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.
0 votes Thank Flag Link Sat Dec 5, 2009
You might want to check with US Bank too. They have special programs for doctors., called "the private client reserve". Call Kevin Hilderman at 858-334-0756.

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
Fax: 760-946-7894
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve
0 votes Thank Flag Link Sat Dec 5, 2009
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