How likely am I to get approved for a mortgage loan being a new physician resident and with a credit score of around 640? Brooklyn area for 200k

Asked by DrMD, New York, NY Wed Jan 16, 2013

This is my first time, looking to put no money down.

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Javier Meneses’ answer
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Jan 16, 2013
It's going to depend on your financials. Everyone below is right, you should meet face-to-face with a loan officer so they can review your credit, financials & assets and pre-approve you. I can tell you kow that if you're looking for $0 down payment, this means you'll have to apply for down payment and/closing cost assistance. They are available and have their own qualification requirements. If you have questions, feel free to contact me.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
3 votes
Michael Denn…, Agent, Queens, NY
Thu Jan 17, 2013

I have extensive experience working with first time home buyers. There are still 0 down financing programs available that even allow the seller to pay part or all of your closing cost. But each program has its own criteria. A fico score of 640 would meet the credit score requirement for both programs. I can provide you with a complimentary review of your financials and a mortgage pre-approval certificate as required by most licensed realtors. Please contact me for further assistance at 917.699.0183.

Michael Denniston
NMLS LIcense # 24076
Cliffco Mortgage Bankers
1 vote
Mitchell Fel…, Agent, Brooklyn, NY
Wed Jan 16, 2013
Dear DrMD:

Unless you are a veteran of the US military, it is next to impossible to purchase a property with no money down. Usually you will need at least 3.5% of the purchase price. It also depends on what income you are currently showing, that is a big factor. You need to speak to some mortgage bankers and have them pre-qualify you to see what you can or cannot do. If I can be of further assistance contact me direct. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
1 vote
Kathryn Lilly, Agent, New York, NY
Wed Jan 16, 2013
Quick answer? Very Likely!
Long answer depends on what it is you are looking for financing for: what type of property etc and what your downpayment and cash reserves look like. Remember it is not only people that need to qualifie for loans, it is also a fact that different buildings/Property need to qualifie for certain mortgages/loans etc. One Bank says no, another will say yes.
Many Banks do have priorty programs for Doctors.
Good luck, feel free to call me for further information or help.
Kathryn Lilly, Broker
Realty on the Greene, LLC
1 vote
Anna M Brocco, Agent, Williston Park, NY
Wed Jan 16, 2013
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized visit with any licensed loan officer; don't just rely on online information...
0 votes
Scott Miller, Agent, Boca Raton, FL
Wed Jan 16, 2013

Here's a little secret I found out a few years ago working with a Dr and her husband. There are many banks that have specific programs for doctors. The interest rates were a little better than the norm and they were looking for zero to low down payments. These are banks we deal with everyday and have a presence in NY.

If you start to call around to the mortgage departments in each one, I'm sure you'll find out if they still do the Dr mortgages pretty quickly.


Scott Miller
Realty Associates
Boca Raton-Miami Beach, FL
0 votes
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