Hi-- Im a physician in a large group practice with good income. The group structures itself so that we are all "self - employed"

Asked by christopherohampson, Denver, CO Sun Sep 29, 2013

I want to buy a second home for 350-450 in steamboat. I am told I only qualify for arms and high interest junk loans due to self employed status. This seems nuts -- high income credit 800 physician in a stable group etc. Help?

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14
Ben Gearhart, Agent, Denver, CO
Sun Sep 29, 2013
Hello,

We would need to look at the last year of tax returns. However, there are many fixed rate options on 2nd homes, just by being self employed doesn't limit you to what kind of product you are offered. Please give me a call as we work with many self-employed borrowers and 2nd home financing. Thank you- Ben Gearhart ben@capworksmortgage.com 303-910-7015 or apply at http://www.capworksmortgage.com
1 vote
Dr S Jones MD, Both Buyer And Seller, Orlando, FL
Tue Jan 28, 2014
Hi Chris, If you are an MD, DO, DPM, Resident or Established Physician - the following bank rep will provide you with 0% (zero) down 100% loan and No MI with Preferred Client rate and standard costs.

Asst. Vice President / Sr. Mortgage Officer / Tom R. Callahan / thomas.callahan@53.com
Fifth Third Savings, at 904-591-6722

Offering 100% Lending within Alabama, Florida, Georgia, Tennessee, South Carolina, North Carolina, West Virginia, Kentucky, Missouri, Wisconsin, Michigan, Indiana, Ohio, Illinois, Pennsylvania, New Hampshire. And New York with 5% down.

Mr. Callahan has been recognized nationally as a ranking leader within the mortgage industry and has assisted hundreds of Physicians within Northwestern Memorial Hospital and Univ of Chicago Medical Center in my new home town.

Best wishes to you! Sarah Jones, MD
0 votes
Bernedette, Home Buyer, Vero Beach, FL
Sun Jan 12, 2014
Hi christopher,

You may want to contact Rae Drake with Fifth third Bank. I have referred her for the past 10 years to my buyers and she has always performed professionally. She puts her clients interest first and is extremely knowledgable of the industry and the banks programs. They have a great Doctor Program- She is even married to a Physician.
You can reach her at 352-514-1829 or rae.drake@53.com

Good Luck,
Bernedette- Realtor in Vero Beach, Florida
0 votes
Ethan Besser, Agent, Englewood, CO
Tue Oct 8, 2013
You need to contact a different lender and see if he can give you different information.
0 votes
Robert McGui…, Agent, Denver, CO
Tue Oct 8, 2013
Hi Christopher,

I spoke with Carl Hammond - 303-798-2697 - yesterday at The Mortgage Network. He has some interesting and exotic programs that appear to be tailor made for your situation. He has some 'portfolio' lending products with great alternatives to the strict guidelines of the 'big banks'. Even taking your assets in consideration when doing loan approval. Let me know if I can be of further help with your purchase.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes
Ritchy Haynes, , Denver, CO
Fri Oct 4, 2013
This is absolutely incorrect! Being self employed has no bearing on what type of loans you qualify for. As a lender we would want to review your last 2 years personal and business returns and assuming the debt ratios are ok you could easily qualify for 80% conventional financing. Feel free to contact me as we offer great program for physicians with reduced closing costs
0 votes
Mike Desmara…, Agent, Denver, CO
Wed Oct 2, 2013
It all depends on the lenders you have been speaking with. Are they Brokers or do they handle the loans? Get in touch with me and I can help you find a lender to work with. I have helped several professionals in similar situations.
0 votes
Denise Olson, Home Buyer, Pewaukee, WI
Mon Sep 30, 2013
The compnay I work for just implemented a program where the Underwriter will review your tax returns, PRIOR to your having an accepted offer or submitting a loan for refinance. You don't have to take out an ARM but that is what is offered by a lot of companies. I never have understood the reasoning. That to me would seem like more risk for the investor. If you would like I can have our company do the review I mentioned. Dense Olson, Production Manager, PrimeLending A PlainsCapital Corp. https://lo.primelending.com/dolson
0 votes
Jean Stevens, , Denver, CO
Sun Sep 29, 2013
I would suggest you visit with Alan Schrum, President of Englewood Mortgage. He does a lot of loans for second homes in the mountains. His phone is (303) 414-6800, and his email is aschrum@englewoodmortgage.com. He's the best.

Although my office is in Denver, please let me know if I may refer a top-notch Realtor for the Steamboat area.

Jean Stevens
Broker/Owner
The Stevens Group
http://www.ColoradoLiving365.com
0 votes
Robert McGui…, Agent, Denver, CO
Sun Sep 29, 2013
Christopher,

Good answers below. You might want to speak with Compass Bank as well. I know they have some great special programs for Physicians, Attorneys, Accountants who are building a home. There may be similar programs in place for 2nd home purchases. It would benefit you to speak with some of the other local banks who do not have to adhere some of the rigid and sometimes bizarre standards and requirements of the big banks. Good success in your search and purchase.

Robert McGuire
Broker/Consultant
Your Castle Real Estate
http://about.me/robertmcguire33
0 votes
Camille Simms, Agent, Toms River, NJ
Sun Sep 29, 2013
I have a great lender that provides an excellent doctors program for loans. Feel free to contact me if you would like more info.
Camille Simms
Camillesimms@remax.net
303.501.0528
0 votes
Al Parker, Agent, Englewood, CO
Sun Sep 29, 2013
Hi Christopher,

Self employed lending requirements have changed quite a bit since the crash. Sounds like you need a lender that knows this niche better. Without knowing more specifics, it does sound nuts. I have a very good lender with 20+ years of experience on my team that may be able to help you given more information. We also have an affiliate in Steamboat for your home search. Just let us know if we can help. Have a great day! Al Parker, 303-716-3607, alparker@remax.net
0 votes
Annalisa Amb…, Agent, Aurora, CO
Sun Sep 29, 2013
There are lenders with physician specific loans.
0 votes
Joseph Sobin, , Denver, CO
Sun Sep 29, 2013
The best option is to find mortgage lender in the mountains who understands the secondary market. Most likely will have to do a min 20% down on the property due to non-primary status. If you are working with a broker in Steamboat they should be able to refer you to a reputable mortgage broker.

Also I have access to a whisper listing, a 3bd on 2 levels penthouse at Christie Lift offering ski in/out yet also walk to Ski Time Sq and base area. Asking is in your upper range ie $450k but is supported due to size, location and history of rental income.

If interested can send link to unit which is offered for vacation rental but not presently on the market, actually owned by a physician in pvt practice.
0 votes
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