I'm a young surgeon in San Diego and am looking to purchase a home here. Does anyone know of physician loan programs for jumbo loans w/ min?

Asked by Gmundis, San Diego, CA Sun Sep 25, 2011

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Wilhelm Koenig’s answer
Wilhelm Koen…, Mortgage Broker Or Lender, Oklahoma City, OK
Tue Apr 2, 2013
I sure do. I have 3 options for physicians living in Oklahoma. Other posters shared great advice about lenders in California; I'd follow their advice if you plan to buy in CA. If you're going into practice in OK, I'd love to show you the options that I have for physicians. Thank you!
0 votes
John Arendsen, Agent, Leucadia, CA
Thu Oct 27, 2011
Big Oops! I didn't realize she was from Compass. I just looked at her title and it said Mortgage Broker Lender. Should have connected the dots. My apologies Yvonne. I'll delete my comment. I love you folks. We've been with your for over 10 years and have and continue to recieve excellant service.
2 votes
Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Thu Oct 27, 2011
@John A.

John, just curious. Why would you try to undermine Yvonne from BBVA Compass with a carrot that you know management and implying the OP would benefit more through your personal introduction than working directly with one of their employees? Do you really believe that?

Happy funding, Rudi
Web Reference:  http://www.umboc.com
2 votes
Greg Von Her…, Agent, La Jolla, CA
Mon Sep 26, 2011
I just represented 2 physicians on a purchase. They used BBVA Compass - they offer a 5% down program to 1 Million, 10% to 1.5 I believe. However, since San Diego is considered a declining county they require an extra 5% down.

B of A has a physician's program that is capped at 850k at 5% down, but they also have the declining county overlay of 5%.

Suntrust bank has a physician's loan program in select states, CA not being one of them - however, if you open a checking account and hold it for a year they will lend in any state - I'm not sure what the downpayment amounts are but they do have that physician's loan.

I work with a lot of physicians. I would rate BBVA as #1. They were VERY responsive and competent. Having been in the lending business prior to entering real estate sales I know a good lender when I see one.

My physicians have educated me on all the options. I hope that helps, and of course please contact me directly if you'd like to chat.
2 votes
Kevin and Ju…, Agent, Wildomar, CA
Sun Nov 6, 2011
Lots of good answers below - I hope you've had good luck interviewing lenders! Great time to buy!
1 vote
Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Thu Oct 27, 2011
Good for you John. I'm sure Yvonne appreciates that.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
1 vote
Nancy Bergman, Agent, San Diego, CA
Thu Jul 30, 2015
I know someone at BofA who does $1.0 MILLION for 5% down.
They just rolled out some new limits.

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
Andy Brown, Mortgage Broker Or Lender, Carlsbad, CA
Thu Jul 23, 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. Be happy to discuss.
0 votes
jaguarsdc, Home Buyer, Plattsmouth, NE
Mon Dec 22, 2014
Are you kidding me? 1st your best bet is a the old 30 yr you know your payments and if you do lucky acquire a better income later and want to take it inside of helping others, just work with your loan officer and pay it off early.
2nd thing is the craw in my gut-I'M 55 next month, have no retirement portfolio and spent the last of my savings and my coin collection also , was homeless for the fifth time since lossing my job 11 months ago, very difficult to get a job {no one wants to hire a felon-no matter how experienced}. Have put in over 100 app.'s for employment, don't even get a screw you... are you nuts. ( no call backs) I live like a bum, scarping all the time, collecting cans in the wee hours of the day for penitence and you can't live below your means? I really do hope you got what you wanted 3 yrs ago, but dam have some empathy for your fellow man and heal some people for no charge please. I can't even afford to pay attention. I pray to GOD you get this so you can rethink your priorities in life. >>>BLUE KAHUNA
0 votes
, ,
Thu Dec 18, 2014
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
Mark Katz, , 33019
Wed Oct 17, 2012
Physiciansrelocationservice.com is a great place to start
0 votes
Sinatra123, , San Diego, CA
Mon Jul 30, 2012
Dr Mundis! Long time no see . You may remember me. Ron Fender. I had a couple office visits with you for my lower back. . I am a realtor, and Yes I have some great programs for first time buyers. up to 850K. Give me a call 6198478502. Just realized your post was last year. I would imagine you are already enjoying your new Pad !!! If not, give me a call . Hope all is well with You. Thanks.
0 votes
Rickrealtorj…, , Jacksonville, FL
Mon Jan 9, 2012

Great market for you to take advantage of, I hope you find the program that best fits your needs.

I know this may seem a little strange, as I am a realtor on the East coast, but I noticed your question while finishing up my latest blog entry. I have a banker here in Jacksonville, FL with BBVA Compass Bank who you should definitely reach out to. They have a program that I think you would be satisfied with. Every time I have a Professional, like yourself, he is the only one I will do business with.

Give Paul Cushman a call anytime at 904-564-8023 or send him an email at Paul.Cushman@BBVACompass.com. At the very least, he will provide you with some information that will enhance your financing experience for your new home.

Good Luck!!
0 votes
John Maruri, Agent, Chula Vista, CA
Mon Jan 9, 2012
Hello Gmundis,
Id be happy to assist. I know two really great loan officers that would love to assist you if they can and put together some loan options. Just let me know and be happy to share. You can contact me by emailing me, calling me at 619.392.1550 or visiting my site at http://www.johnmaruri.yolasite.com. Looking forward in hearing from you soon.
0 votes
Mark Lee, Agent, Timonium, MD
Sun Oct 30, 2011
I have two great lenders who can help you. Please feel free to contact me for their information.


Mark Lee
Residential and Commercial Real Estate

Mark Lee Team
RE/MAX Acclaimed Realty

c: 410-375-6114
o: 410-561-0055
f: 1-888-375-7119


A Passion For Excellence. A Passion for Real Estate.
0 votes
John Arendsen, Agent, Leucadia, CA
Thu Oct 27, 2011
This type of dialogue among professionals does nothing but build synergy.
0 votes
Ray Lyon, Agent, Santa Monica, CA
Thu Oct 27, 2011
Bank of America has a great Doctor program. You can put down 5% on a loan up to $850k. They will sldo overlook student debt. The new conforming limit is $625K so this is a great alternative. A few other banks have the doctor program but they only go up to $750k. Find a local Bank of America and ask them about the program.
0 votes
Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Wed Oct 26, 2011
To John Georges,

I don't know how e-approval by-passes the law. To collect information on a mortgage loan application the person and firm they represent must be registered with the Federal Government an receive their National Mortgage Licensing Number (NMLS).

As a consumer, I would also be concerned about providing my personal and financial information on a website that does not disclose their policies, location or anything about the company except for this "service." I assume, since there is no charge that they sell this information to the real estate and finance industries.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
, ,
Wed Oct 26, 2011
Well most programs are geared towards low income people. If the property is rural then there is a USDA program with no money down and no MI. I do not offer those but can guide you to someone if that sounds like a good deal. If you only have a small down payment then you have FHA loans; with 3.5% down and they go up to a loan amount of $546,000 in San Diego County. The rate on a 30 year fixed is 3.75 % but there is mortgage insurance (as there would be on any loan accept the USDA over 80% of purchase price or appraised value which ever is less) The Mortgage insurance moves the APR up to about 4.9%. If you can go with a 15 year loan and put down there is less Mortgage insurance.
If you need a loan for more than $546,000 then the down payment goes up quite a bit. But in San Diego you can get a pretty nice house for $546,000.
0 votes
Terry Bell, Agent, Santa Rosa, CA
Tue Oct 25, 2011
You mention that you are a "young" surgeon, and I just wanted to suggest that before you get deep in debt, that you consider consulting with your accountant and or financial advisors about whether you should limit what you are spending and perhaps put more away in nest eggs! This economy has been a wake up call to many and the sooner you prepare for your savings and retirement the better. You might also discuss with your realtor and accountant the tax advantages of being able to invest in rental properties and other tax shelters. Best, Terry Bell, Realtor, Santa Rosa, CA
A thumbs up is always appreciated!
0 votes
Kimberly Dot…, Agent, San Diego, CA
Mon Oct 24, 2011
Greetings! I closed escrow last week with two physicians on an owner occupied home in San Diego that required a jumbo loan. They used a local credit union that was extremely wonderful to work with: Navy Federal Credit Union. Even if you're not with NFCU, I highly recommend a DIRECT lender like a bank or another credit union. Personally I have banked at Mission Federal Credit Union since the late 1980s and they have wonderful home loan programs for jumbo buyers. I can introduce you to my banker there.

You should have no hiccups with a direct lender. My clients using mortgage brokers, and no offense to them because I was one for a long time, are having some problems with appraisals, investors backing out, investors wanting more money from the buyers, etc. Investors are those who buy the loan on the secondary market after the deal closes with the mortgage broker.

Direct lenders seem to be a bit more reliable. Don't shoot the messenger, you mortgage brokers! I want this person to have my honest point of view. I close a lot of real estate with high end clients and direct lending has been more reliable for them for a couple of years now.

Buyer, get pre-approved and you're ready to shop. If you want a referral from all my physician clients, I would be happy to provide it. How can I help?
Web Reference:  http://greenboxhomes.com
0 votes
Danny Davis, Agent, Encinitas, CA
Mon Sep 26, 2011
Yes, there are specific jumbo loans out there for physicians. Give me a call and I'd be happy to refer you to my prefered lender who specializes in these loans and we can also discuss the real estate market in San Diego.

Danny Davis
0 votes
Alexander, , San Diego County, CA
Mon Sep 26, 2011
Good morning Gmundis:

I've represented buyers as a real estate broker on a number of deals this year with attorneys and doctors who have used an excellent loan designed for them with lower down payments and no mortgage insurance.

Feel free to contact me directly to learn more.

Alexander 858-483-4687
0 votes
Derk Simonson, Agent, La Jolla, CA
Mon Sep 26, 2011
Hi Gmundis, I've forwarded your question to my lender, Kevin Kueneke. He'll get back to you. You can check me out at the web address, I'm a Realtor. Derk Simonson
Web Reference:  http://www.derk1.com
0 votes
Raymond Esco…, Agent, San Diego, CA
Mon Sep 26, 2011
Bank of Internet is the way to go!

0 votes
John Arendsen, Agent, Leucadia, CA
Mon Sep 26, 2011
Additionally, my son Chad Arendsen, CEO or Chad of All Trades INC., and co owner of TAG (The Arendsen Group) Real Estate Sales and Investments is our rehab, remodel, new construction and development arm. Please take a few moments to peruse his website as well.
0 votes
John Arendsen, Agent, Leucadia, CA
Mon Sep 26, 2011
Good Morning Gmundis, Have you targeted any particular part of San Diego as yet? We are a one stop, turnkey, family owned distressed property RE broker, general contractor, investor, developer and property management company, architectural and interior design company serving all of San Diego County.

We have a good eye for identifying real value and have the ability to acquire, rehab, remodel, re build, purchase and develop lots or land, design and build new and/or meet any of your RE desires. We would be very honored and happy to represent you should you consider giving us the opportunity to do so. Please take a few moments to peruse our website and by all means feel free to contact us anytime. My cell phone is 760 815-6977 and my email address is onthelevel@cox.net.
0 votes
Rene Leroux, Agent, El Cajon, CA
Mon Sep 26, 2011
Congratulations Gmundis and thank you for getting involved in the people business like myself. Once you get a loan that fits you and your goals, I would love to help you find that dream home here in San Diego. I've lived in this beautify city for almost 60 years now and have experienced living along the coast and as far inland as Descanso. As a Crypt-Analytic Linguist for the US Navy for 20 years, I've learned how to listen to what you have to say and translate that into the results you desire. I've also been blessed with the experiences of growing up with a father who was a Jack-of-all-trades Carpenter for 45+ years in this town; allowing me to better help you in the buying process. If this is something you would like to follow up with, please contact me at 619-741-8259 with any questions related to Real Estate or San Diego. Thanks and God bless, Rene "Rainy" Leroux, Realtor
0 votes
Jerry Heard, Agent, San Diego, CA
Mon Sep 26, 2011
I can appreciate your situation. When my brother and sister and her husband started their medical careers they wanted to get established in their practice and also find permanent residence. At that time there were not any loan special programs for physicians.
At this time Bank of America has a program for physicians. I would recommend contacting them directly or if you would like I can provide you with a referral to one of their loan officer who can explain the program to you.
When you are satisfied that the program will work for you, I can then help you find a home that meets your needs.

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes
Michael Marr…, , Las Vegas, NV
Mon Sep 26, 2011
For physicians, The big banks seem to have a niche here. B of A and Chase both have good physician loan programs to my knowledge.
0 votes
Elisa Peskin, Agent, El Cajon, CA
Mon Sep 26, 2011
I just closed a jumbo loan of $1 milliion, 10% down very low rate
0 votes
Johnny Huang,…, Agent, Walnut Creek, CA
Sun Sep 25, 2011
Physicians get preferred insurance rates as well with some companies. Good luck house hunting and please remember to protect your most important asset...yourself!
0 votes
Maryam Farzad, Agent, Chino Hills, CA
Sun Sep 25, 2011
The Bank of America Doctor Loan is for residents and licensed, practicing doctors, including dentists and other eligible medical professionals.1 This home loan offers significant advantages for these buyers, including :

As little as 5% down on mortgages up to $850,000 (some limitations apply)
Employment start date up to 60 days after closing allowed1
Student loan debt not included in total debt calculation1
Financing for attached or detached single-family residences, PUDs and condos

John Kordich, Bank Of America
Sr. Mortgage Loan Officer
Direct line:
949.500.2665 Ext.

Good Luck!
Web Reference:  http://www.YourLandStore.com
0 votes
John Arendsen, Agent, Leucadia, CA
Sun Sep 25, 2011
Drop us a line. We have several local options.
0 votes
Lydia Liu, C…, Agent, San Diego, CA
Sun Sep 25, 2011
$546,250 for agency jumbo, rates in the mid 4's .

Over that can go to 2m + in the high 4's low 5's depending on the scenario.

The agnecy jumbe max has changed in August. but there are jumbo jumbo can go up to 2 M.
the rate is about 0.5% higher.

Lydia Liu
RL lifestyles real estate
0 votes
Mary Lawler, Agent, San Diego, CA
Sun Sep 25, 2011
I had a client who is a cardiac specialist who got a great "doctor" loan through Eric Bender at Bank of America. He had some special programs for physicians.
Please call him directly at : 858.848.2513 or on his mobile: 858.373.8245.

His office is in the Sabre Springs/Carmel Mountain Ranch area, although he will service anywhere in California.. Please let him know I sent you!
Good luck!
I'm also available to help you locate your home if you don't already have a Realtor. I also work everywhere in San Diego County.

Thank you,
Mary Lawler, Realtor
Realty Executives Advantage
Web Reference:  http://www.MaryLawler.com
0 votes
John Georges, Agent, San Diego, CA
Sun Sep 25, 2011
Hello Dr.,

There are a number of programs that may fit your specific needs and Income/down payment criteria. May I suggest you try the following site for a full search and approval without any obligation on your part. I further suggest that you do not allow multiple banks or brokers to run your credit report. This may cause your credit scores to drop. Try;


My pleasure to answer any question you may have,

John H. Georges
Mortgage Services of America, Inc
888-619-4858, ext. 12
0 votes
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