doctor loan program

Contact: Michael Huot (NMLS #49782) at 603-582-6492 or [email protected], All 50 states Benefits of the Physician Loan Program at a Glance. FL, GA, MD, NC, SC,  TN, VA, WI, WV Contact Tal Frank at 404-321-3931 or [email protected], IL, NY, OH, PA Program offers special terms on an array of fixed-rate and adjustable-rate loans. accept a contract instead of paystubs as evidence of future earnings), May be limited to a new resident, new attending (7-10 years out of residency or less), or dentist only (although, Usually a slightly higher rate and fees than a conventional mortgage (no free lunch), May require the physician to open a bank account at the bank from which the mortgage is paid by auto-draft, Is occasionally restricted from certain types of homes, such as condos, but in general can be used for any home, Has the same rate whether loan amount is above or below “jumbo loan” limit ($484,350 in my area), Some programs even allow you to use gift money for a down payment, for required reserves, or for closing costs, Require cash reserves equivalent to a few months of Principle, Interest, Taxes, and Insurance (PITI), a reasonably good credit score, and a loan payment to income ratio of less than 38% (as high as 50% with some lenders). The theory is that you would get an 80% loan at a slightly higher rate than on a 20% down loan, then get a 20% loan at a much higher rate. *Employment contract can be used as evidence of income – if starting new job. The Goal is Simple: to compile the largest most up to date list of Doctor Loan Programs and features available in your state. Rates are similar to FHA rates, but the funding fee is higher- 2.15% for first-time borrowers and 3.3% for subsequent use. At worst, you're in for a one year contract. *Close on your loan early: up to 60-90 days before starting new employment (depending on the lender) You could save $235,000 using a 20% down conventional loan over the doctor's loan. TX On this page, I'll explain what you need to know about physician mortgage loans, physician home loans, doctor mortgages, and the different banks that offer them. *Very low to zero down-payment: Only 0%, 5% and 10% down depending on the lender Doctorloanprograms.com team, Copyright © 2021 Doctorloanprograms.com -. © 2021 - The White Coat Investor – Investing & Personal Finance for Doctors, Financial Wellness and Burnout Prevention for Medical Professionals, Refinance Medical School Loans & Consolidation Guide, Fire Your Financial Advisor Online Course, The White Coat Investor’s Guide for Students: A Review, No PMI despite a down payment of only 0-10%, Special treatment for the student loans (usually that they only take required payments into consideration), Will close before you actually start working (i.e. That $800 a month can really make a difference in your budgeting-giving you more spending and savings options as they become available. For licensed residents, interns and fellows, SunTrust Bank offers 100 percent maximum financing for … Most other loans, including the doctor's loan, will hit you with these fees. The improved monthly cash flow will allow you a great deal of financial freedom and the ability to invest (and even spend.) Contact: Tony Umholtz  (NMLS #377409) at 813-603-4255 or [email protected], AK, AZ, CA, CO, CT, DC, FL, GA, HI, ID, IL, IN, KY, ME, MA, MD, MI, NC, NH, NJ, NV, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA. So the three main features you will see with most physician mortgage loans are: There are additional features and requirements that some doctor mortgage lenders may have: There are a number of banks and agents listed below who can assist you with physician and dentist mortgage loans. View eligibility for adjustable-rate mortgages, high-balance loans, condo projects, and more. Eligible Borrowers (within 10 years of residency completion): Medical Doctor (MD) Doctor of Dental Surgery (DDS) Doctor of Dental Medicine (DMD) Doctor of Osteopathy (DO) Doctor of Veterinary Medicine (DVM) Program Features: Up to 95% LTV There are over 40 banks and mortgage loan companies in the US that offer some type of physician or doctor loan program, and I've spoken with just about all of them. Physician loans from SunTrust Mortgage provide multiple financing options to help you manage your personal and professional expenses. If you've ever tried to sell a home in a down market you know how tough it can be to sell it at any price, much less a reasonable one. The buy/rent ratio sways heavily toward buying for most. Doctor Loan Program Available to medical doctors and dentists during residency or first year of practice. The great news for MDs and DOs is that without exception every single one of those programs is available to … Contact Corbin Buttleman (NMLS# 220543) at 231-941-6565 or [email protected], All 50 states. Have questions? The lifetime interest for that loan would have been $438,965.21. Contact David Fay (NMLS #513224) at 617-429-2059 or [email protected], AR, KS, MO, OK *Higher maximum loan amounts: Lenders typically allow up to $850k/$1.5 Million Doctor's Loan Program, Parañaque. Contact: Bill Lavelle (NMLS# 712886) at 614-563-4086  or [email protected], OK, TX “funding” fee), a 3.5% required downpayment, and, since 2012, requires a monthly mortgage insurance premium (0.8-0.85% of the loan balance annually) for the life of the loan. Contact: Marc Evans (NMLS #362579) at 920-831-7721 or [email protected], AR, CO, KS, MO, OK, TX You must be a physician in the Army, Navy, or Air Force to qualify. With 20% down, your monthly principle and interest payment is $2027. * Limited to Bergen, Essex, Hudson, Monmouth, Morris, Ocean and Union counties While the journey from medical school to professional practice can be rewarding, it can also be arduous and expensive. Mortgage loan programs What you need to know; Fixed-rate mortgage : Monthly principal and interest (P&I) payments stay the same over the life of the loan, so you can budget accordingly. Contact: Eric Veronica (NMLS# 83197) at 419- 318-8985 or [email protected], NE, TX, IL, CO, KS, IA, SD That increases the effective cost of your shelter. If you've decided to buy a home, and you are committed to living in an area for more than five years, you should give serious consideration to putting 20% down and getting a conventional mortgage. Lenders — if you would like to purchase advertising space on this page, email Cindy (at) whitecoatinvestor.com. Contact Brandon Reinarts (NMLS #769600) at 507-233-4779 or [email protected], MD, DC, VA, PA, DE, NJ Contact: Karen Hackney (NMLS #659295) at 865-548-7313 or [email protected], OK, TX That would lower your interest rate another 3/4%, saving you even more over the years and allowing for earlier retirement. At that same 8% rate of return, after 30 years you would have $1.2 Million, even more than the $1 Million that $100K down payment would grow to. Full List of Banks offering a Doctor Loan Program: Horizon Bank:Click here for Program Features and Loan Officer Contact Information Available in the following states: MI, IN, and IL (call for specific counties served) National Lender 1 :Click here for Program Features and Loan Officer Contact Information The year was 2002 and I had just graduated from medical school. Each of these only offers physician mortgage loans in certain states, so there might only be one or two of these options available to you. Even if you decide to stay in the same area as an attending, I've found that attendings don't usually like to live in their “resident home” for long once their income quadruples. The New Normal: Housing Market Expected To Remain Strong Through 2021. That money, of course, becomes unavailable to invest or pay down student loans. Thank you for visiting and enjoy the site. Gateway Mortgage's Doctor Loan Program provides a uniquely-tailored mortgage solution that is designed to get doctors into a home with favorable terms such as low-down payments, higher loan amounts and flexible qualifications when it comes to student debt. We provide personal loans to all Doctors and other medical professionals in the Philippines. More specific information from each of the lenders below about their loan product can we found in this post. Doctor/Dentist must also establish an automated payroll deposit with LMCU to be eligible. FHA requires the lender to use the credit report amount of the student loan payment, or if none listed, 1% of the outstanding balance unless the borrower can provide documentation that the loan is in deferral. Contact: Suzy Savod ((NMLS #505434) at 866-810-4404 or [email protected], AZ, CO, IA, IL, IN, KS, KY, MI, MN, MO, MT, ND, NE, OH, OK, PA, SD, UT, WI, WV, WY It is often hard to tell if you're better off paying mortgage insurance or a higher rate/fees. Click on the Fifth Third Logo to the right for the Physician Loan Specialist contact information or  Contact my business manager Cindy([email protected]) for contact information by sending her an email with Fifth Third in the subject line. It is an improvement on the FHA loan in that there is no downpayment nor mortgage insurance requirement. This program offers up to $40,000 per year in student loan repayment over a set number of years. Contact: Pedro Torres (NMLS #1203683) at cell number (512) 954-3891, [email protected], or office number 512-997-4668. Contact for approved states A doctor that could get himself a doctor loan! FL, IL, IN, KY, MI, OH, TN, WV, GA, NC, SC, Exclusive bonus for White Coat Investor readers: $100 bonus at closing. It is rare for you to find one that is 0% down (in fact the best you can find since 2014 is 3% down for a first-time homebuyer program through Fannie Mae or Freddie Mac), but 5% and 10% down are common. Maximum loan amount for physicians is $2,000,000. Contact: Mike DeRaspe (NMLS# 470264) at 603-828-1743 or [email protected], FL, MI. At Physician Loans USA, we offer viable home loan solutions for physicians and doctors who want to build their homes without hassles. If you've decided to go ahead and get a physician mortgage loan, this section ought to help you narrow down your lender choices. The information listed here regarding the Doctor Mortgage Loan Program has been gathered by folks like you and they have been kind enough to share their experiences. ** Limited to Bronx, Kings (Brooklyn), Nassau, New York (Manhattan), Queens, Richmond (Staten Island), Suffolk and Westchester counties Contact: Michael Bruegel (NMLS #496393) at 469-633-8429 or [email protected], AL, AR, CT, FL, GA, LA, NJ*, NY*, NC, SC, TN, TX The 2018 Budget Act appropriates $220 million from Proposition 56 to the Department of Health Care Services (DHCS) and Senate Bill 849 (Chapter 47, Statutes of 2018) established the Proposition 56 Medi-Cal Physicians and Dentists Loan Repayment Act Program (LRP). This, of course, ignores the opportunity cost of that $100,000 down payment, which we'll discuss below. If you don't like the neighborhood, you just move. Contact Sandi Jameson-Frith (NMLS#564023) at 586-749-8355 or [email protected], AL, AR, AZ, CA, CO, FL, GA, IL, IN, KS, KY, LA, MI, MO, NJ, NY, OH, OK, TN, TX Taxes and investment expenses, of course, can also reduce the rate of return on that money if you have poor investor behavior. We are pleased to announce that as of Jan 2021, over 9,764 Physicians, Dentists and Optometrists visit our site every month!!! The program is designed to satisfy a variety of individual financial objectives. Besides not having a down payment, they also frequently have a high student loan burden. Doctor mortgage loans, also known as physician mortgage loans, or even just physician loans are being offered by an increasing number of banks. Consider a hypothetical $500K home. Putting 20% down lowers your mortgage payment dramatically. (Although at least one doctor's loan will waive this if you're willing to pay a higher interest rate.). Contact: David Henderson – loan consultant (NMLS#1183120) at [email protected], MI, OH, IN, KY The advantage for a doctor is that she can buy the house sooner than she would otherwise be able to. That means your mortgage interest is probably NOT deductible. Contact: Darick Hensel (NMLS #1177936) at 810.245.9609 or [email protected], CT, DC, DE, FL, MA, MD, ME, NH, NJ, NY, NC, PA, RI, SC, VA, VT Residents, Fellows, and New in Practice Physicians may qualify for a physician mortgage loan. But the down payment is the smallest. Doctors, at least those in a rush to buy a home, have some other disadvantages that can make it difficult to secure a conventional mortgage. However, it does require proof of earnings and a substantial sum of money to put down. ARM Loans, High-Balance Loans, Loan Limits, and More. *Loan to value (LTV) ratios up to 100% with loan amounts up to $650,000; 95% LTV up to $1,000,000 and 85% LTV for loan amounts over $1,500,000. (Lenders- if you would like to be listed here, contact Cindy (at) whitecoatinvestor.com. Plus, you don't have to pay the extra fees up front, and that money compounded over 30 days also adds up to tens of thousands of dollars. Contact: Darren Davey (NMLS# 258314) at 214-780-2217 or [email protected], FL, OH, MI, IN With an adjustable-rate mortgage (ARM), your loan will have an initial fixed-rate period. The specific persons listed here for these lenders are paid advertisers on the blog. New attendings, on the other hand, are much more likely to stay put and the interest is much more likely to be fully or nearly-fully deductible. Contact: Valerie Leonard (NMLS 415176) at 864-630-0921 or [email protected], OH, MI, KY, WV, IN, FL Contact: Americo Mendes (NMLS #108768) at 203-842-8921 Visit: Laurelroad.com/whitecoatmortgage While this blog may not be the prettiest site on the web, we hope you find this information useful. So overall, if you invested the difference after 30 years of 8% annual returns, you'd come out over $400,000 ahead by putting 20% down. (Laurel Road’s digital application is available 24-hrs per day. Our Doctor Loan Program provides new and established Doctors with targeted benefits and simple solutions to meet their home financing needs. Alternatively, you could just invest the $800 each month. For more information on closing cost credits see laurelroad.com/mortgage), AZ, CA, CO, FL, HI, IL, KS, MA, MI, MO, NV, NJ, NC, OH, OK, OR, PA, TX, VA, and WA A and N Mortgage company’s Doctor Loan program helps physicians realize their dream of buying a home while juggling long hours and large student debts.. Doctors spend many years, if not decades, learning how to diagnose and treat patients. Often the best choice for a mortgage as it generally offers the most options (30 year fixed, 15 year fixed, ARMs etc), the lowest fees, and the lowest rates. But if, for whatever reason, you're going to buy a home AND you can't or don't want to put 20% down, then a doctor's loan is a reasonable option and at least as good as the other non-20%-down options. Move in up to 90+ days prior to starting your next position. The main feature of a physician mortgage loan is that a doctor can put less than 20% down and still avoid Private Mortgage Insurance (PMI), that wonderful product the borrower pays for to protect the lender from the borrower defaulting. A physician mortgage loan, or doctor loan, is a special mortgage product that aims to help physicians own their own home without additonal costly fees. These loans have higher rates and fees than a 20% down mortgage. The Doctor Mortgage Loan Program is designed to help qualified Physicians and Dentists acquire a residential mortgage loan from participating lenders with zero to very little money down and no PMI. This makes this loan tricky for indebted residents to qualify for. Below is a payment, rate and APR example for the zero down doctor loan program listed above. Contact: Stan Jackson (NMLS # 464142) at 844-899-6905 or [email protected], All 50 States AZ, CA, NV, OR, WA If you are in need of a realtor the White Coat Investor is partnering with CurbsideRealEstate.com, a free real estate concierge service for physicians, by physicians. -Licensed Medical Residents, Fellows, Medical Physicians (MD) and Doctors of Osteopathic Medicine (DO) It is truly an honor that our page has become one of the most comprehensive resources for new and established medical professionals in search of banks offering a Doctor Loan Program. It turns out plenty, and you can usually get most of these options from the same lenders who do physician mortgage loans. Contact: Ryan Huskey (NMLS #19775) at 866-423-2386 or [email protected]. Dr. Smith bought her home using a 100% financed physician mortgage loan at 4.75% in July of 2013. pay stubs) demonstrating the income they'll be using to pay back the mortgage. –Dentists (DDS/DMD) Feel free to browse my Doctor Loan Blog for useful articles, tips and resources to assist you in your research. Contact: see loan officer contact information for your state in the above map, AZ, CO, IL, KS, MO, NE, OK, TX 4) Cash flow and investing the difference. It is much easier to spend money than to invest it. This loan has higher rates and fees than a 20% down loan (notably a 1.75% up-front mortgage insurance premium financed on top of the principal loan amount.) It usually takes at least 5 years to break even on a home, obviously more if a real estate bubble bursts on you. Renting a home is quick and easy by comparison. Doctor Loan Program: Medical Practice & Healthcare Financing. After a one-year internship living in resident housing in La Crosse, WI, a small city famous for having the most bars per capita of anywhere in the U.S., Again taking that $500,000 home example. A doctor or dentist's mortgage loan rate is typically about 1/4% higher than a comparable FHA/VA loan but could be anywhere from 1/8% to 1% higher than a conventional loan. The doctor loan programs can some times have higher interest rates, or only have adjustable rate options. When you run the numbers, you can easily see you'll be better off borrowing as much money as possible and investing it at a higher interest rate. Our Medical Professional Program can help you purchase or refinance your dream home with confidence. The original loan amount was $500,000 with monthly principal and interest payments of $2,608.24. Sincerely Receive up to $650 in closing cost credits. A Doctor Loan is a specialized home loan financing program for medical doctors, including residents and fellows, looking to purchase or refinance their primary residence. They also require you to purchase PMI. This is the benefit of leverage. In addition to providing news and information, CurbsideRealEstate.com is your physician-led “curbside consult” for physician mortgage loans, expert real estate agents, relocation, and everything in between. Residents and fellows are eligible for a SunTrust physician loan up to $750,000 with no down payment. 1, 2. *Medical school loans can often be waived from your debt ratio (if deferred 12 months after closing) If you don't believe a traditional physician mortgage loan is right for you, you may be wondering what other options does a doctor have? Learn more about what features most doctor loans have in common. Contact: Steve Tetzner (NMLS #2340) at 401-447-4367  or [email protected], CO, IL, IN, KY, MI, MN, OH, PA, WI, WV Third, homes require maintenance (expect 1-2% of the value of the home per year), which requires time and money, neither of which are abundant to a resident. Unfortunately, there are a few reasons why you probably don't want to do this: 1) Getting a lower interest rate on the mortgage is risk-free. With the doctor's loan, it is $2800. Contact: Cade Crawford (NMLS #663415) at 405-742-1890 or [email protected], FL, GA A loan advisor will review and provide you the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation. Plus, there is a great deal of flexibility with renting. The 2019 May Revise appropriates an additional $120 million from Proposition 56 to DHCS. Eligibility and Pricing. All physician home loans are provided by KeyBank National Association, Member FDIC and Equal Housing Lender. Plus, perhaps the doctor will refer all of her doctor friends there too. Even if you itemize, most of your interest probably isn't going to be deductible. 2) Being underwater on a mortgage is no fun. Contact: Mike Wagner (NMLS #801156) at 817-304-7681 or [email protected], AZ, FL, IL, IN, KS, MN, MO, WI Thank you for supporting those who support the mission of The White Coat Investor. Contact: BankMD.com (NMLS #1426259) or contact us 24/7 (855) 422-6563 or [email protected], AL, AZ, AR, CA, CO, FL, GA, ID, KS, LA, MA, NV, NM, OH, OK, OR, PA, TN, TX, VA, WA 1 Maximum loan amount is $650,000 for physicians at 100% financing and is limited to primary residences only. The Doctor Loan. This site provides information on the Doctors Across New York Physician Practice Support and Physician Loan Repayment programs. No big deal. Contact: Brett Thomas (NMLS #1686046) at 614-581-1921 or [email protected], AR, KS, MO, OK, TN, TX NMLS # 399797 The benefit of using a regular old 30 year fixed loan with 20% down could be as much as $235,000 on a $500,000 home. Doctor Home Loan Program The decision to care for others is honorable but often comes with the burden of substantial student loan debt. The Halo Capital Group offers flexible and affordable physician loans that can be used for a variety of business development purposes. Also if you are interested, I have been writing on the topic of Physician Mortgage Loans for over 6 years. You’ve worked hard to become a doctor and now it’s time to receive the benefits of all that work. Risk of loss is very real. This includes finding your corner of the world outside of your practice, a … Q: Do existing student loans affect my ability to get a doctor mortgage loan? That fee may be waived if you have a military disability rating. After struggling through his first home purchase, Dr. Peter Kim founded Curbside Real Estate to address physician-specific issues encountered during the home buying process. On the one hand, the FHA and a conventional loan with less than 20% down require mortgage insurance, which unlike loan interest, is not tax-deductible for those with incomes over the phaseout range of $100-109K. Contact: Bo Brown  (NMLS #499414) at 816-309-5571 or [email protected], AL, FL, TX,GA, MS, TN *Learn more about what features most doctor loans have in common. This loan requires that you qualify for VA benefits, which disqualifies many. First, you'll probably only be in that location for 1-5 years. The banks listed here do benefit from the exposure but the site was not built for them. *Competitive Fixed and Adjustable rates available In addition, they may only have a contract and no actual proof of earnings (i.e. “Save time scouring the internet for information. A physician home loan mortgage program can greatly help those who find themselves in that tricky spot between just getting out of school and needing a home. For conforming and super conforming mortgages, a first mortgage can originate with an original loan amount up to the maximum eligible loan limit. You'll save hundreds of thousands on interest over the life of the loan, all guaranteed, unlike investing a potential down payment elsewhere. Enjoy!”. Contact: Brian Pratt (NMLS #310252) at (512) 632-1731 or [email protected], All 50 states If you are lender offering a Physician Loan and would like to be added to this site please click the “New Bank” option at the top. This is perhaps the least expensive mortgage option on the market (if you can find less than 5% down). The advantage for the bank is they are able to lend money to someone with a high income and very low chance of defaulting on the loan (as low as 0.2%, far lower than a typical borrower) AND, they hope, establish a long-term relationship so they doctor will come back for checking, saving, HELOCs, future mortgages, investing, insurance, and estate needs. The advantage for a doctor is that she can buy the house sooner than she would otherwise be able to. Whether you’re securing your first physician home loan, just beginning your home search, or you're not sure where to start, CurbsideRealEstate.com can help you navigate the home buying process confidently and efficiently, saving you valuable time and money. 80% LTV for loan amounts up to $2,000,000. Get answers to your policy and guide questions, straight from the source. Contact: Jonathan Brozek (NMLS #850168) at 916-788-7982 or [email protected], CT, MA, RI, and NH. The Physician Loan Program, The Doctor Loan, provides physician mortgages with the benefits you are looking for: 100% Financing – No Money Down. The doctor loan program from SunTrust Bank (now Truist) is available to MDs, DOs, DDSs, and DMDs that are currently in residency, and practicing professionals that have completed their training within the last 10 years. *Gift funds or seller contributions may be used for closing costs But, of course, you still have to come up with the 20% to put down, which isn't easy. Second, a resident/fellow doesn't make very much money and so usually takes the standard deduction on their taxes (now $12,000 single and $24,000 married for 2018). Contact: Nathan Willis (NMLS #23036) at 260-418-3742 or [email protected], AL, AR, DC, DE, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV Payment, Rate and APR Assumptions. *No PMI (Private Mortgage Insurance) Who qualifies for the Doctor Loan Program? Offer limited to purchase or rate and/or term refinance transactions only. Contact CurbsideRealEstate.com at [email protected] or (323) 515-9507 for a no-commitment consultation and follow them on Facebook, Twitter, and Instagram for more information. For this reason, renting may be the best option for fellows and new residents. If there is anything the stock market has taught us over the last decade, it is that there are no guarantees. To come out ahead you have to actually invest and keep investing that $100K for 30 years. The main feature of a physician mortgage loan is that a doctor can put less than 20% down and still avoid Private Mortgage Insurance (PMI), that wonderful product the borrower pays for to protect the lender from the borrower defaulting. Compared to physician home mortgage, rates on a conventional 20% down mortgage are quite inexpensive. New Doctor Loan Program is ideal for licensed Interns, Residents or Fellows in medical residency or scheduled to begin residency within 90 days of closing on a new home, or who have completed residency within the last 12 months and have started working for a hospital or physician group. Contact Drew Steinmeyer (NMLS ID# 266665) at 713-334-3118 or [email protected], AL, AR, CA, CO, CT, DC, DE, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, MS, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY Doctors Across New York is a state funded initiative enacted in 2008 to help train and place physicians in underserved communities in a variety of settings and specialties to care for New York´s diverse population. Fourth, there is a lot of hassle and expense involved with buying and selling a home. Contact: Samuel Assael (NMLS# 282106) at 888-706-7658 or [email protected]. SunTrust's Doctor Loan Program features a range of fixed and adjustable-rate physician mortgages with up to 100 percent financing and no monthly mortgage insurance payments. Maximum LTV ratio on refinance is 95% with no cash out. This can be a great feature for a doctor who knows she is in a long-term professional and social situation but has a better use for her money, like paying off student loans. Learn More About The Doctor Loan. You have invested greatly to get where you are today — and you are now ready to start the next chapter of your life. -Some lenders offer Doctor Loans to Podiatrists, Optometrists and Veterinarians The physician loan is the only loan program that allows lenders to forfeit this debt. 3) Behavior. That difference can really add up over time. Protection from rising interest rates for the life of the loan, no matter how high interest rates go. If you are a resident, recent med school grad, or in the early stage of your career, the Doctor Loan is designed just for you. Flexible Loan Programs – Choose the payment option that is Best for you. I am confident there are others out there as well. Contact: Doug Crouse (NMLS #363861) at 816-728-3631 or [email protected]. It is much easier to get rid of origination/funding fees by putting 20% down. Contact: Nicole Smith (NMLS #287879) at 561-900-4855 or [email protected], MN, WI The lenders we have partnered with are experts in structuring and qualifying you for the appropriate loan program to fit your specific situation. Get … The rates are generally, however, slightly lower than a doctor loan, but may not be when you add in the PMI costs. If you get 2% returns over the 30 years instead of 8%, you'd have been far better off with the lower rate mortgage. There is a lot that goes into this question. If your Medical Doctor Mortgage Loan Program is of value, and you have the appropriate recommendations from past Physician clients, I will add you to the list. Putting 0% down means you are immediately underwater since it generally costs 6-10% of the value of the home to sell it. In most cases, only a minimal downpayment is necessary (if at all), Private Mortgage Insurance (PMI) is not required, and a range of fixed and adjustable rate loans are available. And it’s backed by skilled, personal service— ensuring you have an exceptional experience every step of the way. It was built for YOU. 355 likes. You can even use that $800 a month to pay down the mortgage by getting a 15 year fixed mortgage instead. But if you invested that $100K downpayment at 8% over 30 years, you'd end up with over $1 Million. The fees are where things get really blurry and hard to compare. Contact: Jim Secrest (NMLS #1104170) at 913-634-2323 or [email protected], TX Who qualifies for the Doctor Loan Program? Contact: Barbara Reamer (NMLS #783173) at 517-853-2692 Office or 517-256-5364 Cell or [email protected], ME, MA, NH, VT

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