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#439947 - 10/11/14 12:24 PM Do Physician Mortgage Loans Still Exist?
RJCOD Offline
Junior Member

Registered: 10/11/14
Posts: 1
Loc: UTAH
First posting here. Do Physician Mortgage Loans Still Exist?If so who offers them and do they offer them in Utah?

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#440060 - 10/15/14 10:49 AM Re: Do Physician Mortgage Loans Still Exist? [Re: RJCOD]
ltfinney Offline
Member

Registered: 03/19/14
Posts: 13
Loc: Navarre, FL
I Googled it. Apparently Sun Trust still does.

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#440074 - 10/16/14 01:59 AM Re: Do Physician Mortgage Loans Still Exist? [Re: RJCOD]
AgentinMA Offline
Member

Registered: 12/31/05
Posts: 264
Loc: Boston Metro
Wells Fargo does them.

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#440133 - 10/18/14 06:22 PM Re: Do Physician Mortgage Loans Still Exist? [Re: RJCOD]
SmartMoney Offline
Member

Registered: 08/13/05
Posts: 102
Loc: No. VA
Most definitely they do.....just remember, the more items you use on the loan menu, the more expensive the loan.

For example, if you go with a 100%, no PMI, fixed rate loan, you will be paying a rate well above market.

If you can put 5% or even 10% down, you can get a decent rate and still not have to pay PMI.

I personally know of 5 or 6 banks in our area and one credit union that has the program (the credit union is national and anyone can join - I am actually thinking about going to work for them).

They all vary by down payment, interest rate and loan program and current job status. Some accept contracts without even starting the job yet, some want tax returns.

Shop around.

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#445184 - 04/24/15 11:17 AM Re: Do Physician Mortgage Loans Still Exist? [Re: SmartMoney]
Nashville Homes Offline
Member

Registered: 07/25/13
Posts: 113
Loc: Nashville, TN
I know a mortgage individual here in TN who handles them, I think through Regions. Most big banks still do them, and they're quite competitive, but there are often just a few institutions per state who do so. If I'm recalling my conversation with her correctly.

I wouldn't recommend such a loan if it's easy to qualify for something else, however. I have a physician in the family who fell into bankruptcy because he had to stop practicing due an injury and couldn't pay the astronomical payments; when if he'd just picked a more sensible loan he'd have been just fine on savings.

But YMMV.

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