Home Buying in Walnut Creek>Question Details

Roger, Home Buyer in Walnut Creek, CA

Physician Loan Programs?

Asked by Roger, Walnut Creek, CA Thu Jun 6, 2013

We recently moved to the area and are looking to buy (we're currently renting). Does anyone know which banks offer physician loan programs for jumbo loans? Do these exist in California?

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Mike Ahr got back to me and indicated that they do have a program ... $850k max loan, 89.9% max loan to value ... specifically designed for the doctor who has recently completed their residency (under 36 months ago) ... Wells Fargo's goal (like all the other lenders with a similar program) is to get you as a long term satisfied customer. He did indicate that if you have 20% down you would more than likely be better off doing a straight 30 yr fixed because all of the lenders with this low down doctors loan will have the mortgage insurance (required because of the low down) built into the interest rate. Give him a call at 925-945-2004. He is a great resource and very transparent with what is and is not possible.
1 vote Thank Flag Link Fri Jun 7, 2013
Hi Roger,
Wells Fargo does have a version of this product, but I still recommend comparing! Call Dan Lowe @
916-768-1000. He is with Merrill Lynch. They were the first to implement this program and still lead the way. Dan and I have closed more than 10 with great success. That being said, there are other programs as well with other intuitions.I am happy to share my contacts! 925-708-0008.
1 vote Thank Flag Link Fri Jun 7, 2013
Thanks, Vikki - I've been in touch w/ Dan and he's explained the Mortgage 100 Program.
Flag Mon Jun 10, 2013
I have done many of them and know of a couple lenders that honor that program. Are you with Kaiser Hospitals? If so, please contact me anytime for names, 925-917-9070
Regards,
Suzanne Looker
Pacific Union Real Estate
0 votes Thank Flag Link Fri Jun 7, 2013
Thanks, Suzanne. Yes, w/ Kaiser - will give you a call in the next couple days. Looking forward to learning more.
Flag Mon Jun 10, 2013
Hi Roger- Merrill Lynch does offer up to 100% financing on jumbo loans with no mortgage insurance requirement. A taxable asset pledge is required, and the account needs to be opened up at a Merrill Lynch branch. If you do not have the asset requirement, a relative (e.g. parent) can supply the asset pledge and keep their assets fully invested.

Give me a call if you want to discuss this further- 916-984-3214 is my office number.

-Dan Lowe
0 votes Thank Flag Link Fri Jun 7, 2013
I believe my loan officer, Mike Ahr at Wells Fargo Mtg (925-945-2004) has that available. I have a text msg into him now. He does an amazing job ... from loan app to closed escrow in under 10 business days.
0 votes Thank Flag Link Fri Jun 7, 2013
Thanks so much, Steve. Mike and I are playing phone tag but I hope to connect w/ him soon!
Flag Mon Jun 10, 2013
I am a former lender with rich experience in jumbo products and luxury home sales. There are some interesting programs that you might want to explore that a couple of my clients have exorcized when they were buying homes. It would be worth a 5-10 minute conversation to share the concepts with you to see if these programs suit your needs. If not, it would be a privilege to recommend a couple of my former colleagues who are experts in jumbo and super jumbo loans. I really am not trying to be cryptic, but earnestly hope to share at least one of these programs so you can find the best way to use all of your resources. it is critical now as rates are still historically low and while home prices are going up, they are still well below the peak we were at. Net net...great time to get into the game. I can speak intimately about this product, I have used it to buy homes myself! I would also be happy to provide the names of two of my clients who are Dr.s who also used the program when they bought their homes. It is called the Mortgage 100 Program. A little to hard to write about here. Please do afford yourself a 5 minute call with me. You will come away with new ideas on how to potentially structure financing and I'll wager, this will be a compelling call! I am looking forward to hearing from you! 925-708-0008 or meeting me in my office in Walnut Creek! Vikki
0 votes Thank Flag Link Thu Jun 6, 2013
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