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Physician Mortgage for New Construction

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  • Physician Mortgage for New Construction

    Does this ever happen?  The few big banks I talked to about this said basically no, unless the builder will buy the land and finance the construction himself and then sell the finished product at the end...Actually found a builder who would do this but don't like their product.

     

    Just curious if anyone had ever heard of this or had creative thoughts about how to use a Physician Mortgage to pay for land and construction...

     

    THanks

  • #2
    Try regions bank.

    They have doc loans for new construction.

    15% .down up to 1.5M lot/construction loan available one close.


    I'm currently contemplating a large addition and remodel or to build new.

    Very frustrating because neither option is what I really want to do but I have little option if I want to preserve my marriage

    Best

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    • #3
      I did this for my first house. No big banks would do it but I found a smaller local/regional bank recommended by the builder who would do it.  It is tougher than a normal mortgage for sure.

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      • #4
        Same story as Josh- not many banks are keen on it- we too went with a local bank. And the rates are obviously not as good as non-jumbo, non-CP loans. And it was not a physician loan- we paid PMI  :?

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        • #5
          We actually have a physician loan for new construction. Feel free to check out these videos we made about it:

          Is there a physician loan for buying a lot or for financing new construction?  https://youtu.be/-hE6Z1fe7E8

          What's the difference between a lot loan, a one time close and two time close construction loan?  https://youtu.be/92gRyweSMcQ

          What type of properties are eligible for a physician mortgage loan? https://youtu.be/M9_WbMgn4F0

          My contact info is under the video.

           
          Josh Mettle, Director of Physician Lending at Fairway Independent Mortgage Corporation | [email protected]

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          • #6
            We applied for morgage to build a home and got a sweet heart deal for doctors.

            Just because you have a bull's eye on your back and deep pockets, does not mean you have to go for " Physician's morgage". When I asked why we would pay "8 points" the anwer was: " the cost of doing business".

            We waited till we could get market rates.

            If your marriage survives building  a house, it is a strong marriage. Do not complicate it further by overpaying for a mortgage.

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