New grad home loans

[PoorInvestment]

Hey guys, since we're all getting ready to jump into our next phase now that the post-match hangovers have worn off. Just curious if any of ya'll have looked into the physician home loans offered out there by people like Bank of America or if there are other better ones out there. Just want to know if these things are shady or if they are worth looking into. I'm relatively savvy about these things but just would like to hear some others thoughts. Milwaukee here I come. Scary, I'll be just down the road from Venty.....

Best health,
PI

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[shawred]

Typically these "physician" home loans are a marketing ploy. I am not saying they are not legit, but all they are is a low-no doc loan with a fancy title. Basically these enable lenders to not really look at your income. Most people think they are based on what we will make down the road. Not true. I have had some lenders tell me that some of these physician programs may have the added incentive of not considering your debt ratio. However, most will look at that so it is important to make sure all of your school loans are in deferment before applying for the loan. Most importantly, however, your credit score should be at least above average--650ish. I bought a house during my MSII year and didn't have a problem. Lenders have tightened a bit since the mortgage crisis began, but as long as your credit is good and your loans are deferred, you shouldn't have much of a problem. Heck I still find it odd that I was able to buy a house during school without a job or cosigner.

 

[DrRobert]

I got the Bank of America physician loan and couldn't be happier. You would be hard-pressed to find a better deal than that.

No down payment, no PMI, and a low interest rate. My mortgage payment is barely double my car payment.

 

[Salt Creep]

As somebody who worked as a real estate agent for a few years & who's married to a full-time agent now, I just have a small bit of advice -

Lenders, like other professions, can be very crooked. A common trick is to promise a certain low rate, and then call one week before closing, saying they have bad and good news. The bad news is that "underwriting had a problem with the loan" but the good news is that they can still do it; it'll just cost you an extra 1%.

They pull this when you're too time-pressured to change lenders, and people don't know any different, so they often get away with it.

You can avoid it by working with a lender your agent has used & has a relationship with, and if it does happen, you can walk away from that lender if you're savvy enough.

I'm not at all trying to indict the physician loans with this - it's just a trick I've seen played a few times (and that first-time buyers are especially vulnerable to). And a good reason to use a buyer's agent when you buy, which costs you nothing. If you don't know one, PM me and I can find one for you. But take advantage of somebody's service, since it's only going to help you.