Physician Construction loan options?

[KansasHawk]

I've researched the physician mortgage options and understand the advantages of them with no PMI, low downpayment, etc. However, are there any options if you purchase a property that needs say 100K in updates? I didn't know if a doctor loan could be paired with a construction loan. I would close on a home using a doctor loan and have updates completed before moving in. I just wanted to see if anyone had any information or has had this scenario in the past.

Any input is appreciated.

Thanks!

[adventure]

Our most recent mortgage was a non-conventional loan (not sold to Frannie/Freddie) thus is doesn't have to comply with those federal guidelines. The lending bank keeps the mortgage and we pay them every month, for the remainder of the loan. It was remodeled/updated/painted in the early 1960's, so we bought it, and have been remodeling it since.

Because the loan isn't conventional, there is much more flexibility with additional funds for closing/remodel/etc.

[justinroth1]

Hi Everyone!

We offer Construction Loans for Physicians! We offer 89.9% Financing up to 1mil. No PMI. This is for new construction only though. It is not a renovation loan. Let me know if you have any other questions!

 

Justin Roth

Market Sales Leader

Synovus Mortgage

1680 Gulf to Bay Blvd.

Clearwater, FL 33755

C: 727-415-9960

[email protected]

[wcireader]

Just wanted to bump this thread as no one seemed to imply about a physician (or other) renovation loan at the time of purchase, which is what the OP had asked. Is this available? If so, what companies provide this?

 

The idea would be to purchase a house that needs some work, and then to take out either 1 or 2 separate loans for the mortgage and the renovations.

 

OP, what did you end up doing?

 

Thank you so much!