Home loans for Medical Residents in Chicago

Asked by Pedsdoc, Chicago, IL Sat Apr 10, 2010

I am a fourth year medical student, already matched to start residency in Chicago in June. My husband and I are hoping to purchase a condo in Chicago, and maybe even move in before I start. We are having a hard time finding a lender due to my student debt (even though it will be in forebearance for the next few years) and the fact that I am 2 months away from starting to work. Most of the "Physician Loans" do not seem to work in IL. Can anyone help?

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12
jjacobsDO, Landlord,
Thu Nov 28, 2013
100% Financing, No PMI, no student loans counted in ratio - regardless of your medical tenure so Medical Students are eligible.

The Medical Center Director we spoke to recently at our local Hospital provided the following as a contact:
If you are an MD, Resident or Established Physician - the following bank rep will provide you with 0% (zero) down 100% loan and NO PMI, No origination fee and Preferred Client rate, and standard costs. The rates are the lowest my group has found.

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

Mr. Callahan has apparently been recognized nationally as a ranking leader within the mortgage industry and has assisted hundreds of Physicians within Emory University Medical Center and Piedmont Hospital per my staff in the Atlanta area.

For others in need - they are lending in Alabama, Florida, Georgia, Tennessee, South Carolina, North Carolina, West Virginia, Kentucky, Missouri, Wisconsin, Michigan, Indiana, Ohio, Illinois, Pennsylvania, New Hampshire, Virginia and New York.

Best wishes to you! Tyler Jacobs, PhD / Broker

https://secure.53.com/mlo/thomascallahan
1 vote
mdrealtor01, , Chicago, IL
Sat Apr 26, 2014
Pedsdoc,

When it comes to Doctor financing, I always endorse Robert Curtis at Fifth Third Bank.

As a Realtor that focuses on medical professionals, I always recommend Robert to my physician clients and colleagues. He makes himself available 7 days a week, has great rates and outstanding follow-through!

It's my understanding that his program is available for existing Doctors, Residents and Fellows. He also has the ability to lend in nearly every state.

Here's his info:

Robert Curtis
773-732-9444
robert.curtis@53.com


Best of luck to you!

Jack
0 votes
Dr S Jones MD, Both Buyer And Seller, Orlando, FL
Tue Jan 28, 2014
Hi Doc, 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
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 26, 2014
Hi Pedsdoc,

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
Bob Brandt, Agent, Schaumburg, IL
Thu Dec 12, 2013
There are some new programs out for beginning Doctors that do not have a large down payment.
A Realtor and a good loan officer should have access to them.....
0 votes
Bob, it's nice to see that you are familiar with the Doctor Loan program. I think most agents don't realize that this terrific program is out there. If you ever have any specific questions on the Doctor Loan feel free to contact me anytime. -Robert Curtis/Fifth Third Bank
Flag Thu Dec 19, 2013
Robert Curtis, , Chicago, IL
Tue Dec 3, 2013
Hello Doctor,

My name is Robert Curtis with Fifth Third Bank; I specialize in our National Physician Loan program.

As the industry leader we offer Residents, Fellows, new and established doctors
(MD, DO or DPM) a wide range of fixed and Adjustable rate loans to meet all home financing needs.

Here are a few of the program highlights:

1) No Private Mortgage Insurance Required!

2) Loan Amounts up to $1.5 Million!

3) Available for both a new purchase and refinance of an existing property!

4) Targeted Benefits with Simple solutions all at low interest rates!

I’m more than happy to answer any questions you may have, feel free to reach me 24/7
at 773-732-9444 or robert.curtis@53.com


Robert Curtis

Fifth Third Bank
National Physicians Loan Specialist
Senior Loan Officer
773-732-9444
0 votes
Dr S Jones MD, Both Buyer And Seller, Orlando, FL
Sun Oct 13, 2013
If you are a Doctor you may be interested to know: Do Mortgages for Doctors with 0% Down, No MI, Low Rates still exist?

Our office recommends a Doctor Loan that offers more flexible terms such as No MI, 0% down, 100% financing, and requires a credit of 680 by utilizing Bank portfolio capabilities. Our medical focus group has had numerous members of staff contact:

http://www.DoctorMortgageAlliance.com

They were amazed at the programs available to Medical Doctors/Physicians.
The alliance was created by Medical professionals to simply direct fellow professionals in the right direction for obtaining the best mortgage deal available today. I like it - people helping people, is what it is all about!
Rates have been reported recently as low as 3.500% on a 5 year fixed/arm, to 3.750% on a 7 year fixed/arm term. Other terms such as a 10 year fixed/arm and 30 year and 15 year fixed terms are available.
The alliance has Loan Officers who have been professional with vast experience.
For those looking to purchase a home we strongly recommend that you email:

info@doctormortgagealliance.com or call at 800-385-0766 – they are very busy so email always seems to work best.

A mortgage banker should contact you in a timely manner to discuss options.
Good luck with searching for your new home! Sarah Jones - MD

http://www.doctormortgagealliance.com
0 votes
Simir Shah, Agent, Chicago, IL
Tue Apr 27, 2010
try Vic Lakhani 847 529 5800 with Bluestar Financial, I have had good luck with him

Thanks
0 votes
Matt Laricy, Agent, Chicago, IL
Sun Apr 11, 2010
Try calling Tony Lupescu from Guranteed Rate. The guy is great. If anyone can help you out, its him. His number is 708-351-6416.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes
Mark Malave, Agent, Chicago, IL
Sat Apr 10, 2010
Pedsdoc,

If anyone can help you, Ryan Mecum at Wintrust Mortgage can do it for you. He does all my personal loans and many of my clients. He will shoot you straight and let you know if it is possible.

Ryan Mecum
Senior Mortgage Associate
Wintrust Mortgage
Mobile 312-933-9778
eFax 773-305-2869
Web Reference:  http://www.markmalave.com
0 votes
Vik Wadhwa, Agent, Chicago, IL
Sat Apr 10, 2010
I looked into this for another client in Chicago who's buying a condo in Streeterville and will be working at Northwestern. We tried with Suntrust who use to offer them but no luck. I believe they may still offer them, but you'd have to have an account open with them for 12 months.


Founder / Broker Associate
http://www.StreetervilleHomes.com
0 votes
Bill Eckler, Agent, Venice, FL
Sat Apr 10, 2010
Peds,


Consider viewing the following resource. It may be helpful......


http://www.doctormortgagealliance.com

Good luck
0 votes
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