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Lives of Doctor Wives: Physician Mortgage Loans go bye-bye tomorrow

Monday, March 30, 2009

Physician Mortgage Loans go bye-bye tomorrow

Just a friendly warning that the Bank of America physician mortgage loan program (the one that ignores our obscene debt to income ratio) is being phased out April 1st. This leaves one day to get a contract on new home OR:

Here's the official scoop from the horse's mouth -

"Stacie, I wanted to touch base with you regarding the Bank of America Doctor loan. We have been advised that affective April 1st, 2009 we will not longer be able to offer this program. However, I wanted to make you aware that we do have a "Buyer Ready Lock" program which allows you to lock your rate now for 30 days. During this period you can continue to look for a home and as long as we add a property to your file in 30 days then the rate you lock in at will be preserved. You have an additional 45 days from the day we add a property to your file and lock your rate to close on your home. Example: If you Buyer Ready locked on March 30th; you would have until April 28th to find a home. Once you had the home under contract you would have an additional 45 days to close. This means you could stretch this lock until around June 12th at the most.

If you would like to consider this option, please let me know as soon as possible. I only have until Tuesday evening (March 31) to board your loan to guarantee the Buyer Ready lock option. It’s at this time we will also collect part of your application fee ($75) which, of course, will be credited to you when we collect the rest of the application fee after you find a home and we are ready to order the property appraisal. I regret this pending policy change, but I am doing my best to insure you are able to take advantage of this program while it lasts. Thanks again!"

Here's who you can contact for this loan:
David Benson
Physician Loan Specialist
Bank of America Mortgage
(336) 714-5806 (direct)
(866) 517-2217 (fax)

I ran off the Tennessee this weekend and managed to get a signed contract on a home TODAY and got in the program by the skin of my teeth, but their is still hope with the "buyer ready program" Good luck y'all!



Blogger Alexandra said...

Truly you are the amazing Stacie! I hope our house hunt moves that quickly!

March 30, 2009 at 11:40 PM  
Blogger Melisa said...

Yeah, Stacie! I'm excited to hear about your new place!

March 30, 2009 at 11:44 PM  
Blogger Desiree said...

I'm guessing this is only for residents, not med students, right? We would like to buy a home but haven't sold our old home yet (we're renting here in Tulsa).

March 31, 2009 at 12:22 AM  
Anonymous Anonymous said...

Check out Drew Daniels with Compass Bank. They have a nicer physician loan as they allow you to not have an escrow too. As far as I know they are still offering this loan.

I can get contact info if you want it.

March 31, 2009 at 1:56 PM  

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