Recommended Physician Mortgage Loan company?

[soundbyte]

Hello all,
I know many have used various banks for doctor loans for purchasing a home. I'm curious as to what companies people have used and what your experience has been. I don't want this to be a thread debating the utility of doc loans, but rather a collection of positive and negative experiences from those who have utilized physician loans.

So far, I've heard SunTrust and SoFi seem to be popular.

[The White Coat Investor]

Well, probably ought to start with a link to this page:

https://www.whitecoatinvestor.com/websites-2/physician-mortgage-loans/

Which I keep up to date with all the lenders offering these and the states in which they're offered.

[soundbyte]

Thanks for the page link WCI! I should have included it on the initial post myself. I thought it'd be a good idea to get some updated "testimonials" from the various options out there.

[EJ at Dads Dollars and Debts]

I have used Suntrust bank 3 times now. If you are in their location (Southern US) they are great. Each time I have gotten a home loan I have called around to 3 to 4 banks that give physician loans and SunTrust is always the best rate.

 

Hope that helps and hope you live in a SunTrust serviced area.

 

[adventure]

I found many will get you a fine rate if it isn't a "jumbo" loan. If it is higher than the usual 417/625 limits, then there are much fewer options, but starting the the aforementioned link is helpful.

For each mortgage we've secured, I contacted no less than 15 lending institutions to get real quotes on what rate, terms, closing costs would be before we proceeded (and before any credit pulls). I think it's prudent to do your homework.

But, there are so many factors that play into it, you have to look into it, I think. Which state? Amount of loan? Amount of down payment? Existing (for forced new) relationships with lender? Rate? Length of term?

[justinroth1]

[Post edited due to violation of forum policies by moderator-WCI

See forum policy # 2, reproduced here for your convenience:

1. Forum participants are expected to clearly disclose their financial conflicts of interest. If you are a financial professional, author, professional blogger, or otherwise own a significant share in a relevant business, that information should be present in your signature and/or profile. It is okay to place a link to your site or your business in your signature, but it is not okay to publish posts or comments primarily as a method of soliciting business nor to send out multiple private messages soliciting business.]

[RadMD]

justinroth1 wrote:

I Specialize in Doctor & Dentist Loans. We have an excellent program here at Synovus Mortgage / Synovus Bank. We offer 100% financing up to $750,000 with no PMI. Let me know how I could be of help!

Justin Roth

Market Sales Leader

Synovus Mortgage

1680 Gulf to Bay Blvd.

Clearwater, FL 33755

C: 727-415-9960

[email protected]

Click to expand...

Just curious, what is the percent financing for 1.0 and 1.5 million?

And how far out of practice from residency are these still allowed?  10 years?

[justinroth1]

[Post edited due to violation of forum policies by moderator-WCI

See forum policy # 2, reproduced here for your convenience:

1. Forum participants are expected to clearly disclose their financial conflicts of interest. If you are a financial professional, author, professional blogger, or otherwise own a significant share in a relevant business, that information should be present in your signature and/or profile. It is okay to place a link to your site or your business in your signature, but it is not okay to publish posts or comments primarily as a method of soliciting business nor to send out multiple private messages soliciting business.]

[The White Coat Investor]

Justin-

You've posted a grand total of four posts on the forum. Each of them is primarily a solicitation of business. I know it can be a fine line to walk, but you're over it.

[Dreamgiver]

I used Josh Mettle to close on a house. Jumbo loan with 10% down (no PMI) with only 3 months of attending income history. We were crunched on time and he was able to close us quickly in about 2 weeks. No surprises, very straightforward and honest. Would recommend. Downside was that, while I got a great rate (3.625%), it is a 10/1 ARM loan.

Other place I'd look at is Key Bank. Had positive interaction with them and they said they were able to do the same as Josh Mettle but with a 30yr fixed. Unfortunately, they could not close us in time to satisfy the requirements of our contract so could not go with them.

[hightower]

soundbyte wrote:

Hello all,
I know many have used various banks for doctor loans for purchasing a home. I’m curious as to what companies people have used and what your experience has been. I don’t want this to be a thread debating the utility of doc loans, but rather a collection of positive and negative experiences from those who have utilized physician loans.

So far, I’ve heard SunTrust and SoFi seem to be popular.

Click to expand...

I went back through my emails from 2008 to figure out who we used at that time to buy our condo.  We purchased a condo right after medical school and lived there for about 6 years.  We used Physician Loans to get a mortgage.  Apparently that's the same as Tower Mortgage in Columbus Ohio.  I talked to a gentleman named Frank Rondone.
The whole experience was pretty painless.  I don't remember having any issues with any of it.  We ended up refinancing after 3-4 years because our initial loan was an ARM.  For the refinance we just went with a traditional mortgage company.

[soundbyte]

Thanks for the input everyone. For the sake of transparency, I'll update this post when I get quotes back from everyone. Currently comparing the following 5 lenders:

1. Sofi - 30 year fixed @ 4.5, 15 year fixed @ 4.0

2. SunTrust - 30 year fixed @ 3.99%; Don't have a 15 year quote yet

3. 5/3 Bank - Awaiting info

4. Atlantic Coast Mortgage - 30 year fixed @ 4.375

5. First Home Mortgage - Awaiting info

[The White Coat Investor]

Remember when comparing rates that rates change twice a day or so. You can't compare the rate you got Tuesday from Suntrust with the Friday rate from 5/3 Bank for instance. Your initial process is probably fine, but I'd take the top two and play them off (politely and transparently-i.e. Suntrust is giving me 4.0%, can you beat that? Otherwise I'm going with them) each other to see if one of them will give you a lower rate, then lock it in and go with that.

[JWeb]

I would talk to your local banks. They are usually much much more competitive. Especially, if you can get two of them to compete with each other. Wells Fargo and BOA were nearly a full percentage point higher than our local banks were. We only put 5% down, have a 30 year fixed standard loan at 3.5% and another "down payment" loan for 3.5%(from July 2015). We have no PMI.

[pickkles]

My husband and I used Curbside to help find the right lender for us.  We found that there are lots of banks out there that have physician loan programs.  With a new born and full-time job, we didn't have the time, bandwidth, or knowledge frankly to call each one and find out who had the best terms and rates.  Curbside did it for us and the process was pretty smooth.  We ultimately ended up with Suntrust with a very good rate and 10% down for a $1.5MM purchase in Silicon Valley. Hope this helps!