Zero Down Financing

[sleepymd]

Hey Guys,
Does anyone know which (if any) lenders will approve you for the "doctor's" mortgage loan with 100% financing if your credit is less than stellar? Bank of America told me that I was about 14 points shy of their credit requirement for their Doctor's loan. I understand that SunTrust and Compass banks have similar programs. I am in the process of trying to purchase a house with my fiance. Although my fiance has great credit, and makes about 80k/year, I was told that since I am the physician, then my credit score would be the one that would be scrutinized. Needless to say, I'm pretty discouraged by this. Any suggestions? (I am moving to FL, by the way.)

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[NinerNiner999]

Suntrust will allow both of you to qualify, and their minimum score is 700. I'm using them right now. Contact a Suntrust branch in Florida and ask them about their program.

 

[Mumpu]

There are things you can do to improve your credit score in the next few months. Any personal finance book has info on that.

 

[tiredmom]

Don't know the specifics, but a friend got rejected from the doctor's loan by BOA because her credit score wasn't high enough but was qualified by Compass Bank for their doctor loan.

 

[Wifty]

We are going through US Bank. If you write me, I can give you the link to the loan officer we are using that deals with doctor loans.

We have complete financing, 5.75% interest rate, zero down, etc.

We are really happy with the deal cuz BOA was only going to give us an 80/20 with a high interest rate. We are saving over $200 a month on what we would have gotten through them!

Good luck!
Rebecca

 

[Mumpu]

Also ask in detail about the closing fees when you are selecting lenders. I paid only a couple hundred dollars with Compass, it would have been several thousand dollars through some other lenders for the same loan.

 

[deleted113029]

Suntrust will allow both of you to qualify, and their minimum score is 700. I'm using them right now. Contact a Suntrust branch in Florida and ask them about their program.

Suntrust's minimum score requirement is the same as BOA.

 

[Wifty]

US Bank let us have a lower score then 700 and still qualify for zero financing.

We also bought our house with the stipulation that the sellers pay closing costs.....our total cost was $1000 earned money deposit.

Good luck!
rebecca

 

[NinerNiner999]

Suntrust's minimum score requirement is the same as BOA.

BOA requires 720, Suntrust requires 700.

 

[anisocoria]

yeah, if they said you are 14 points shy with the credit score, it's not the end of the world. 14 points is not a big amount at all. If you have credit cards, try and get the balances down. Having late payments and other bad things on the report are not something that can be quickly remedied (obviously), but decreasing your debt to available credit ratio can have a significant impact on your FICO score. If your wife makes 80K and you are a resident, and you're about to buy a house, you really shouldn't have any credit card debt, or at least be well on your way in reducing it.

I also hope that you have viewed your credit report in detail (from all three agencies, not just one, since they can and often are different). I discovered a major error on my report with Equifax. I eventually had to involve an attorney in order to get it straightened out, but once I did it made a noticeable improvement in my score (~20 points).

It sounds like you're close to getting this accomplished.

Congrats on buying.