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I'm in a situation where I'm looking to purchase in a state that does not offer 0% down physician loan. The lenders ask for 5% down.
I did find a company PhysicianHomeLoans at CityWide (http://physicianmtg.com/) who do a mortgage (regular 30yr term) + personal loan for the 5% down (7-9% for 10yr repayment period). This obviously is not ideal.
1. I am wondering whether PhysicanHomeLoans are actually offering a true physician loan?
--someone told me they applied with these guys and at the end found out it was an FHA loan
2. The other option is to apply with say Bank of America doctor loan program. Take out a private loan to cover the 5%, let it sit for 2months (as banks are not allowing me to borrow money for downpayment) and then quickly pay it off.
--issue is then estimating how much money I have to take out for a private loan, delays with closing etc.
3. Renting of course is the other option and saving up for a downpayment.
I did find a company PhysicianHomeLoans at CityWide (http://physicianmtg.com/) who do a mortgage (regular 30yr term) + personal loan for the 5% down (7-9% for 10yr repayment period). This obviously is not ideal.
1. I am wondering whether PhysicanHomeLoans are actually offering a true physician loan?
--someone told me they applied with these guys and at the end found out it was an FHA loan
2. The other option is to apply with say Bank of America doctor loan program. Take out a private loan to cover the 5%, let it sit for 2months (as banks are not allowing me to borrow money for downpayment) and then quickly pay it off.
--issue is then estimating how much money I have to take out for a private loan, delays with closing etc.
3. Renting of course is the other option and saving up for a downpayment.
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