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I just sent you a PM. Sorry you haven't heard back from us. I'm working on tracking down what happened to your request.
"Doctor Loan/Physician Loan Programs"
- Thread starter slazenger
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You will not get a loan from anyone with a 664. First things first learn how the credit score is structured and game plan to increase it rapidly. You can increase it by well over a 100 points in short order depending on the particulars of your score. Second, I would slow down just a bit, make sure you like the job, place, etc....and you arent locking yourself into further illiquid debt just for the sake of whats standard practice. You never really know what your first job will be like until youre doing it.
You dont have too much student loans so theres no good reason your credit score should be so low. Pay balances down on credit cards to below 10%, no late payments, automate everything, etc.....Its literally way too expensive to jump in with that score.
You dont have too much student loans so theres no good reason your credit score should be so low. Pay balances down on credit cards to below 10%, no late payments, automate everything, etc.....Its literally way too expensive to jump in with that score.
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Yes, we can help you. We offer loans in WI. I will send you a PM.
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I know this is such a general question but we've decided to purchase a home in the coming months if we find the right one. I will be doing a 5-year residency. My spouse and I will have a minimum combined income of 104,000. per year. We can do a 5% down payment, which we think we should. The question is what is the best mortgage we could get? I have 90,000 student loans that I will be paying off with higher priority than the mortgage because of the higher interest rates.
So our options are conventional or physicians loan. These come in different shapes and we thought we would make it easier on ourselves (for decision purposes) to just determine that we will sell in 5 years and either buy a new house in case I want to do a fellowship. If I don't want to, then we could stay. There is a slight possibility that we will stay if I stay in the hospital or a near-by one so if we're both happy with our jobs. Anyway, so conventional or physician loan? 5-year ARM or not? In this equation, I am just deciding that we will attempt to sell in 5 years so an ARM might be a good idea. What is the best mortgage we could hope for? Then there's the question of how much to pay off. If we only pay off interest, I heard these are tax-deductable.
Thank you all.
So our options are conventional or physicians loan. These come in different shapes and we thought we would make it easier on ourselves (for decision purposes) to just determine that we will sell in 5 years and either buy a new house in case I want to do a fellowship. If I don't want to, then we could stay. There is a slight possibility that we will stay if I stay in the hospital or a near-by one so if we're both happy with our jobs. Anyway, so conventional or physician loan? 5-year ARM or not? In this equation, I am just deciding that we will attempt to sell in 5 years so an ARM might be a good idea. What is the best mortgage we could hope for? Then there's the question of how much to pay off. If we only pay off interest, I heard these are tax-deductable.
Thank you all.
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1) You'll need some variety of physician loan with your debt. There are 100% financing varieties as well as ones that require 5% down. Physician loans will allow you to use your match letter as proof of future income so that you can close on a house before you actually earn a paycheck. Your loans are small enough that you might consider trying to refinance them privately as well if your interest rates are at the usual federal 6.8%. I'd do that after your mortgage clears though...
2) Whether an ARM is worth it will depend on how likely it is that you'd keep the house past the limit, how much lower the rate is compared with a conventional 30 year fixed, and how much the per-year increase is capped, and if there's a maximum cap. Any lender can run the options for you so you can see what it means for the specific house you make an offer on. It's possible, for example, that a 5-year ARM could be 1% less than the 30-year fixed with a .5% per year maximum increase after 5 years (and thus would take a minimum of 7 years before it would overtake the conventional loan's rate). 7-year ARMs also exist if you want a smaller benefit with less risk. In this scenario I also assume a 15 year is out of the question.
3) Mortgage interest is tax deductible. But you'll have to do the math to see if you'll be paying enough per year in interest on your future home to deduct more than the standard deduction, and if so, how much you'll actually end up saving in taxes. $2500 of your student loan interest will also be deductible if you itemize at your stated income level.
2) Whether an ARM is worth it will depend on how likely it is that you'd keep the house past the limit, how much lower the rate is compared with a conventional 30 year fixed, and how much the per-year increase is capped, and if there's a maximum cap. Any lender can run the options for you so you can see what it means for the specific house you make an offer on. It's possible, for example, that a 5-year ARM could be 1% less than the 30-year fixed with a .5% per year maximum increase after 5 years (and thus would take a minimum of 7 years before it would overtake the conventional loan's rate). 7-year ARMs also exist if you want a smaller benefit with less risk. In this scenario I also assume a 15 year is out of the question.
3) Mortgage interest is tax deductible. But you'll have to do the math to see if you'll be paying enough per year in interest on your future home to deduct more than the standard deduction, and if so, how much you'll actually end up saving in taxes. $2500 of your student loan interest will also be deductible if you itemize at your stated income level.
I'm currently working with a few institutions on getting a physician loan pre-approved before I start looking at housing. One of them told me today to not do income based repayment until he runs all of the numbers for me. What's the reason for that? Will I get a better rate if I'm paying more per month for student loans?
Also, what all banks/companies should I be looking at? I'm getting numbers from physiciansloans.com, City Wide, and BB&T. Anyone else I should look at?
Also, what all banks/companies should I be looking at? I'm getting numbers from physiciansloans.com, City Wide, and BB&T. Anyone else I should look at?
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The only reason I can think of would be that if their institution knows you are applying for income based repayment but it will be say 6 months or so before you can apply due to your grace period then they would be forced to calculate 1% of your balance as a payment to count in your debt to income ratio because they would of course know you were not planning to defer. This for most residents/ fellows would push you over lenders debt to income ratio limits. It is easier to have their bank consider your loans deferred while you are training to not have to deal with that issue. Now with that said what you do after you close on your new home with your student loans would be your business and as many of us know with the income based repayment if you are married with children in many cases your payment will be $0 on a monthly basis so it would then be in your best interest to go that route. Good luck!!
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I will say in my experience most residents/ fellows go with an ARM over a Fixed only because it provides a lower rate (so lower monthly payment) and there is a very small chance they will still be in the home when the ARM can adjust at the end of the fixed period. That being said most residents/ fellows can no longer afford a 5 Yr ARM due to qualification changes in lending, where now you must be able to qualify off the fully adjusted payment, meaning if you locked at say a rate of 3.5% and the cap was 5% above that, so the lifetime maximum of the loan was then 8.5% you would need to qualify off the payment based on the interest rate being 8.5%. That is NOT the case on the 7 Yr ARM which is why it has become the more poplar option as it normally is only about .125% higher in rate in any event and provides an additional 2 years of security in case you did decide to stay on for a fellowship.
This leads me to the Fixed rate option. This has been the least poplar option for residents/ fellows because historically the rate could have been any where from 1 point higher or more in some cases than the ARM. This is NOT the case currently though. In fact if you contact any lender currently you will probably find their 7 Yr ARM is only .25% to .375% at most lower than their 30 Yr fixed (however I am sure there are exceptions to this). I have actually spoken to some of my counter parts and found their 30 Yr Fixed was actually LOWER than their ARMs currently. I only mention this because I wouldn't want you to rule it out when speaking to any potential lenders. I would have them at least quote you a 7 Yr ARM and a 30 Yr Fixed so you can compare on your own. If I can be of any help please feel free to PM me.
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We were preapproved for a 5-year ARM on a physicians loan (as well as a 7 or 10), nothing down and no mortgage insurance by Fulton. We have a tendency to go with the 10-year ARM. The reason is that we realized there is the possibility of staying in-house or near-by after residency and my spouse has a good job here. From what I am reading it sounds like a 5-year ARM is popular for with residents. However, for a 5-year residency that seems like a close call doesn't it? You have to sell within a few months. With a 10-year, in case we stay, we would should be able to pay off the house on two incomes (one being attending salary) within the 10 years.
Glad to helP! Congrats on your purchase. Sorry I took awhile to get back. I closed on a townhome as well and everything worked out perfectly! Janine Lopez was great to work with which is why I recommended her. She knows her stuff. I talked to a couple other agents before going with her but Janine knew the programs really well and directed me to the right people all within a day or two. The other agents pretty much had to ask around and didn't get back to me as quickly as she did. Plus she was very knowledgeable in both DC and Northern VA.
I'm all settled finally..both at work and new house so I'm pretty stoked about it all. Just happy I finally stopped throwing money on rent. Rent is very expensive in the DC metro area. I paid roughly about $48K the last 2 years in just rent alone. I ended up going with a 30 yr fixed conventional although the 5 and 7 yr ARMS were attractive. But I got a 4% rate 30 yr conventional which is super. I put a little down payment and a little bit of closing help. Sold my car since i'm a short walk to the metro anyway.
I got better numbers with the doctor loan but I will say that every doctor loan is structured a bit different based on my experience with talking to the different loan officers/lenders. Also, not all lenders can lend in some states.
If you're looking in DC metro, northern VA or MD, contact Janine Lopez. She's a real estate agent but she works with all the lenders that offer the doctor loan in DC, MD/VA. She knows the specifics of each lender's program really well and works with the lenders in the dc metro area. She definitely helped with the entire process and made everything easier. Her email is [email protected] or cell 202-489-6398.
If you're looking in DC metro, northern VA or MD, contact Janine Lopez. She's a real estate agent but she works with all the lenders that offer the doctor loan in DC, MD/VA. She knows the specifics of each lender's program really well and works with the lenders in the dc metro area. She definitely helped with the entire process and made everything easier. Her email is [email protected] or cell 202-489-6398.
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It depends on how much lower the 5 year ARM rate is and what the growth-rate on it per period can be. When I bought my house, it would have taken an additional two years after the ARM ended for the offered rate to overtake the rate on the fixed in the worst case scenario of maximum increase.
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My wife is finishing up her family medicine residency and has accepted a position paying $180,000 starting in August in a small town in South Carolina. My preference would be to rent for a year and save up for a traditional ~20% down payment, BUT the rental market in this town is non-existent. ZERO listings on any national site, ZERO listings on craigslist, only a single home listed on a local realtor's website that would accommodate our family of 3 ($1200 per month) - all other available rentals listed on that site are commercial or 1 room $400 shacks. I'm not exaggerating either. Obviously there is no guarantee that single home would still be available in July or a new viable option would be available, so now I feel like we may have to buy immediately.
Her sign-on bonus is only $5,000, so we really would need a zero-down doctor mortgage to buy now, and all the costs/fees/etc we have to pay would have to be at or under $5,000. Between now and July we can save up enough to pay for the move as well as our bills in July (residency ends June 30, new jobs starts beginning of August).
The good news is houses are cheap and a majority of the ones I've looked at and find interesting are SIGNIFICANTLY less than what her annual salary will be. A lot in the $130,000 range, even a couple right at $100,000.
The bad news is obviously the lack of savings, and also our credit scores - according to Equifax, 712 for me, 688 for her.
I guess my question is how screwed are we and should I contact the realtor about that single rental available before it's gone and use the sign-on bonus to eat a few months rent between now and the move there at the end of June.
Her sign-on bonus is only $5,000, so we really would need a zero-down doctor mortgage to buy now, and all the costs/fees/etc we have to pay would have to be at or under $5,000. Between now and July we can save up enough to pay for the move as well as our bills in July (residency ends June 30, new jobs starts beginning of August).
The good news is houses are cheap and a majority of the ones I've looked at and find interesting are SIGNIFICANTLY less than what her annual salary will be. A lot in the $130,000 range, even a couple right at $100,000.
The bad news is obviously the lack of savings, and also our credit scores - according to Equifax, 712 for me, 688 for her.
I guess my question is how screwed are we and should I contact the realtor about that single rental available before it's gone and use the sign-on bonus to eat a few months rent between now and the move there at the end of June.
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The various physician loan companies can pre-approve you for a given loanable amount in a day or two (sometimes same day). Contact one (or more) and get a pre-approval letter. Given the housing costs you're talking about and her income, I doubt you'd be hosed. Also, in the current market, your monthly payments on a $130k house should be well under $1000/month. While your credit isn't fantastic, I doubt it will be a dealbreaker given the sums you're talking about. Minimal harm in asking, and at that price, you'd easily be able to pay off your mortage early (thus negating the less ideal interest rate you might receive without putting money down).
If not a physician loan, you can always look into getting an FHA loan (3.5% down payment), which have less stringent credit requirements (and which you'd also be able to afford).
You should get her credit up above 700 or at least 710. She's not far off. She can probably pay off or pay down her credit card and it will shoot up to above 700. I don't know where you live but 20% is a lot of money and will take a long time to save up but if you can do it go for it. I thought about saving 20% but it was almost impossible with the rent I was paying. My doctor loan had zero PMI and my rates were very competitive locked in. From what my realtor told me FHA has a higher PMI than conventional loan and you have to pay it on front end and additionally to the monthly for the life of the loan unless you refinance. I wouldn't do fha unless my credit was shot w no hope getting above 700 and had no other alternative honestly but thats just me.
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I am looking at purchasing a lot and building in Louisiana. I would be looking for a construction loan for the lot/construction. Most likely post build value will have a significant equity. Depending on the amount of equity, would I be able to convert the construction loan to a doctor loan if there is not >20% equity?
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looking for help purchasing a home in Louisville ky with a physicians loan.
If anyone from the area knows a good broker, or a good real estate agent in the area, that would be awesome, as I am from florida, and having a hard time figuring the neighborhoods out.
If anyone from the area knows a good broker, or a good real estate agent in the area, that would be awesome, as I am from florida, and having a hard time figuring the neighborhoods out.
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I will be starting residency in Wisconsin and am wondering if there are any 0% down physician loan programs offered in that state. Where I am at now, there are two providers that offer very competitive and lucrative physician loans, but unfortunately do not have a footprint in the dairyland. Thanks
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5/3 Bank offered loans in WI as of a year ago. They are not the only bank that offers physician loans to WI, but to my knowledge they are the only one that offers them at 0%, and the rates are competitive.
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The answer is YES we do have two ways to do 100% loans in WI, one fits a resident and the other an Attending Physician. There are some guidelines that must be met to make this work, but the short answer is yes. We'd love to help you with your unique situation. Feel free to PM me your contact info.
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I paid off loans early by doing a lot of moonlighting during initial years oh Hospitalist job. There are some things you can do that will make it possible to do a lot of moonlighting. I listed them in my blog. I can't put the link here.
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Hey all,
My wife and I are moving to OK for my 4 year residency. I was looking to rent originally, but rent seems high compared to real estate costs, so now I am looking at buying. Nice houses are under $180k but nice rentals are $1.2k at least. Seems to me that buying would be the better route.
Couple questions:
1) I have run an ebay business on the side during med school and have $40k in savings. I have already paid my student loans down to $135k. Should I look for a conventional loan (and somehow show proof of income through ebay, tax forms, etc?) or would it be a better idea to go with a physician loan and pay those student loans down another $30-40k or so?
2) If I am hoping to move in early June, how long does the loan process usually take?
3) Do I have to include my wife on the loan? I ask because her Credit Score is 654 and mine is 814. I will have the sole income and she will be stay at home mom. Do banks look at more than just the number? Her credit score is that low because she basically never uses credit. She paid off her student loans last year and has never had a credit card. No late payments, no negative marks, no collections, etc. No credit inquiries. So it would be nice if they looked at her detailed history and not just her score.
4) Anyone have a loan/bank recommendation for OK?
My wife and I are moving to OK for my 4 year residency. I was looking to rent originally, but rent seems high compared to real estate costs, so now I am looking at buying. Nice houses are under $180k but nice rentals are $1.2k at least. Seems to me that buying would be the better route.
Couple questions:
1) I have run an ebay business on the side during med school and have $40k in savings. I have already paid my student loans down to $135k. Should I look for a conventional loan (and somehow show proof of income through ebay, tax forms, etc?) or would it be a better idea to go with a physician loan and pay those student loans down another $30-40k or so?
2) If I am hoping to move in early June, how long does the loan process usually take?
3) Do I have to include my wife on the loan? I ask because her Credit Score is 654 and mine is 814. I will have the sole income and she will be stay at home mom. Do banks look at more than just the number? Her credit score is that low because she basically never uses credit. She paid off her student loans last year and has never had a credit card. No late payments, no negative marks, no collections, etc. No credit inquiries. So it would be nice if they looked at her detailed history and not just her score.
4) Anyone have a loan/bank recommendation for OK?
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I have had many clients go through this process... however I am not a mortgage expert. I'll share comments based on my experience.
1) There are a lot of factors at play here... the question I would be asking first is how much cash reserve should you have on hand conservatively. This should help you make better decisions. If you have already done that and your $40k is above and beyond your required reserve, I would start by looking at student loan refinance (DRB now offers this for residents). If you can get that rate down, I would go for the conventional (it will be hard to say if you qualify until lenders look at your financials - I would be optimistic). If you cannot get the rate down on student loans, odds are you will get better bang for buck on the student loans.
2) Probably couple months - but can be big range - I would be talking to lenders now. (that's first step - figure out your options financing wise)
3) No
4) Whitecoatinvestor has a good post on lenders for various locations - http://whitecoatinvestor.com/personal-finance/the-doctor-mortgage-loan/
1) There are a lot of factors at play here... the question I would be asking first is how much cash reserve should you have on hand conservatively. This should help you make better decisions. If you have already done that and your $40k is above and beyond your required reserve, I would start by looking at student loan refinance (DRB now offers this for residents). If you can get that rate down, I would go for the conventional (it will be hard to say if you qualify until lenders look at your financials - I would be optimistic). If you cannot get the rate down on student loans, odds are you will get better bang for buck on the student loans.
2) Probably couple months - but can be big range - I would be talking to lenders now. (that's first step - figure out your options financing wise)
3) No
4) Whitecoatinvestor has a good post on lenders for various locations - http://whitecoatinvestor.com/personal-finance/the-doctor-mortgage-loan/
So, I'm finishing my residency in June, and have a 1 year signed contract that starts in Oct. Tried Bank of America's physician loan program, but declined me due to the fact they didn't like my contact was for 1 year (eligible to be renewed on a yearly basis) Credit score is over 800, have 5% down, and reserves to pay 6 months worth of mortgage payments. Where and who should I try next?
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What state are you purchasing your home in? We offer physician loans in AL, AR, AZ, CA, CO, FL,GA, ID, IL, IN, IA, KS, KY, LA, MI, MN, MS, MT, ND, NE, NM, NV, OK, OR, SC, SD, TN, TX, UT, WA, WI, WY.
What options are available to new dentist graduates in Georgia? I have reached out to several of the providers on this forum and from the white coat website. I look forward to hearing back. How is a production based dental contract with daily minimums viewed?
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If you have a daily minimum and you are a W-2 employee of the practice, we can use your income from day one. I'd invite you to call Scott Breen, our Georgia physician and dentist focused expert at (855) 513-2176 so he can answer any of your questions.
I just finalized a 5/1 ARM with a 3.125 intro rate with Pulaski Bank. Zero down, no points, no PMI.
They were great to work with other than the amount of paperwork needed but that is probably standard for all first time buyers.
They were great to work with other than the amount of paperwork needed but that is probably standard for all first time buyers.
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Hello;
Looking in buying a house in Pittsburgh, PA. Price $420K. New attending at local hospital. Credit rating >760. No student debit besides car loan. Any recommendations?
Looking in buying a house in Pittsburgh, PA. Price $420K. New attending at local hospital. Credit rating >760. No student debit besides car loan. Any recommendations?
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One recommendation would be to rent for a year or two first to make sure that job is one that you like and want to stay with. If you have a house, it'll be harder to move. During that time you'll be able to save up for a downpayment so that you don't have to worry about PMI or the higher rates usually seen on these doctor loans.
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Thought I'd throw up a quick bump as my wife and I are currently in the process of scoping out mortgages with the goal of buying a home in the next 6-12 months.
I saw that Chris Roberts was mentioned multiple times throughout this thread, so I got in touch with him a few days ago. For those that are curious, Regions Bank's physician loan program offers 100% purchase price financing, no PMI, no money down, and no consideration of educational loans that are in a deferred/forebeared status at closing (otherwise, 1% of the outstanding balance per month is assumed when calculating your monthly spending on debt). To qualify, you must have a credit score of 700 or better. We didn't talk rates, but I'm assuming rates will improve with higher credit scores.
I saw that Chris Roberts was mentioned multiple times throughout this thread, so I got in touch with him a few days ago. For those that are curious, Regions Bank's physician loan program offers 100% purchase price financing, no PMI, no money down, and no consideration of educational loans that are in a deferred/forebeared status at closing (otherwise, 1% of the outstanding balance per month is assumed when calculating your monthly spending on debt). To qualify, you must have a credit score of 700 or better. We didn't talk rates, but I'm assuming rates will improve with higher credit scores.
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Nick, how is it going? Chris is a trusted veteran, been doing doctor loans for years now.
I've been following this thread for a while now and thought I would offer some help. I'm just finishing my residency and curbside real estate has helped me and a bunch of my friends recently. It's actually run by a physician. Solid guy. They can help find you real estate agents as well if you don't know the area. Here's the hyperlink. http://www.curbsiderealestate.com Happy hunting everyone!
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Yes absolutely you can, as long as you qualify from a debt to income standpoint for both loans.
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Hi, my wife and I are looking to buy our first home with a physician loan. Can anyone recommend mortgage lenders and/or brokers in New York. Thanks!
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We don't lend in NY, but here is a physician focused lender we recommend:
Kent Austin
NMLS# 331458
RBS Citizens - Home Lending Solutions
M: 843.478.2780
O: 843.284.9600
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We lend in 'FL. http://floridaphysicianhomeloans.com/
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bump..any good mortgage brokers in NY? looking to purchase a condo for about 180k, I can put 20% down, what kind of rate/monthly payment am I looking at?
Moving to IL for a 5-year residency. Have about 25k saved which I plan to put towards a down payment, and only student loan debt (no cc, car, etc debt). Looking at condos ~$250k. I'm curious if it would be smarter to go the conventional loan route, or go for the physician loan?
Options that I feel would exist for me:
1. Standard 30yr loan: Won't be able to get the 20% down, so I'll have to pay the PMI. Can I even get this loan with a student loan debt?
2. Physician loan with a 7yr-ARM: If I were to go with this, is it still better to put the 10% down? Will they lower my interest rates if I put the 10% down? Are there any physician loans that do 30yr fixed?
Options that I feel would exist for me:
1. Standard 30yr loan: Won't be able to get the 20% down, so I'll have to pay the PMI. Can I even get this loan with a student loan debt?
2. Physician loan with a 7yr-ARM: If I were to go with this, is it still better to put the 10% down? Will they lower my interest rates if I put the 10% down? Are there any physician loans that do 30yr fixed?
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5/3 ("Fifth third") Bank serves IL (they're a fairly big bank in IL, as opposed to my current state which they provide physician loans but have no actual branches...), and they offered me 5, 7, 10-year ARMs and a 30yr fixed. I went with the 7-year ARM because that was the likely upper limit of how long we'd stay in the home (should be closer to 5, so that gave us some wiggle room). I would only go with a 30-year fixed if you plan to stick around for quite a while AND get offered a great rate (otherwise you could always refinance as an attending if you wanted to stay in the same place long-term)
I don't know if your interest rate goes down with physician loans if you put money down. It might--you'd have to ask the banks. Get a couple quotes and see. I think 5/3, PNC, and BofA all serve IL. 5/3 was the only one that doesn't require a down payment. I would get conventional loan quotes too--you can get as many quotes as you want--just get them all around the same time as one another (I think within 30 days of each other?) otherwise they'll count are more than one inquiry on your credit report. You may get turned down for conventional loans if you have a really high student loan burden, but it doesn't hurt to check.
If you don't think you'll be taking advantage of PSLF (and it's questionable if it'll still be around), then it may also be worth considering the physician loan and putting some of that $25k towards student loans.
I'd personally keep $6-10k saved for a rainy day, car replacement, and in my case since I have a house, heater dying in the middle of winter... You usually want a couple months' worth of living expenses saved up if you can.
Thanks for the reply @RangerBob. Did you ever consider keeping your place at that point, as an investment property? You would obviously need to refinance at 7 years but if the rate was still low, why not keep it?
My other issue is that brokers want me to get pre-approved before they send me any properties, which is understandable. But if I get pre-approved by one lender, and decide to move forward with a different lender, they'll need to run my credit and pre-approve me all over. Is there a disadvantage to having various lenders pre-approve me?
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I don't think it's worth the hassle of renting it out as an investment property. At best I make about$4000/year off rent and another $4000 or so in equity, but then taking into account damage caused by tenants, maintenance/repairs, and the fixing up the place to sell on the market, it seems to me like I'd just be lucky to break even. I feel pretty certain our AC and heater would die within 5 years--we're just hoping both live long enough until we well, but we've budgeted for replacing them. Our house just isn't going to appreciate fast enough (nor is it with much anyway) to make much meaningful profit based on the headache of renting.
Unfortunately I'm not positive about the pre-approval thing. I thought that was the only time the lenders actually run your credit, and that the final approval is then based on that credit report and gathering financial documents, proof of income, etc., but I'm really not sure. A realtor might be able to give you a better answer.
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My wife and I are looking to buy our first home in/near Ann Arbor, MI and are looking for financing. We have no student debt and a combined fico of 714 as the middle score. She is a first year resident in IM going into 2nd year come this july and I just matched into IM. We are looking for a trusted lender who can walk us through our best options and get us preapproved fast so we can close on a house before the end of June ideally. Please PM with specific contacts as I need to get on this asap.
As a side note, has anyone come across a costco approved lender that does Physician loans? The reason I ask is because costco lenders are capped at around $350 for lender fees for costco members, although I don't know if this is better than what is available in the general market.
As a side note, has anyone come across a costco approved lender that does Physician loans? The reason I ask is because costco lenders are capped at around $350 for lender fees for costco members, although I don't know if this is better than what is available in the general market.
