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Lives of Doctor Wives: physician loans

Sunday, November 7, 2010

physician loans

Does anyone have any information on the physician loans? Any available ones in FL?


Blogger Jaidi Clayton said...

If you are talking about the Physician Mortgage Loans, we went through Compass Bank. They were great and helpful, but you have to kind of stay on top of them quite a bit. Tell them what you want, and they will make it work, but at times you have to actually go through the main go over the loans. From my understanding, they can do loans everywhere, but I am not sure. If you do a search for the Physician Loan Mortgage, there are a bunch of referral companies that work really well and get you in contact with someone for your state.

Good Luck! It is a process! But it wasn't too absolutely horrible!

November 8, 2010 at 10:03 AM  
Blogger Emily Clark said...

We have been a customer of Sun Trust for many years. They offer personal loans for residents/physicians. Very happy with their customer service.

November 8, 2010 at 11:21 AM  
Blogger Drew said...

You should be able to get one in FL. We were told the only place they can't secure physicians loans is in NY. Where we were going, of course.

November 8, 2010 at 2:20 PM  
Blogger megan said...

I was under the impression that they did away with these loans a couple of years ago. Have them brought them back? We live in FL and are hoping to buy our first home within the next 6 months. Any info would be great!! Also, we bank at Suntrust, so I may stop by and see if they have any info!

November 8, 2010 at 2:42 PM  
Blogger Elissa said...

SunTrust Bank has a personal physician loan, up to $40K that you can have a low payment on until you are out of residency (then the payments double or triple). I think they also have an interest only home loan for residents (not sure about that one though). We are in our 5th yr of resiency and still have 2 more after this. I'm really ready to make some money to pay all of our loans back!

November 8, 2010 at 3:51 PM  
Blogger Kim said...

@Megan I know that the major banks such as B of A that used to offer them did stop...but, you can find stuff elsewhere. Like someone previously posted go to one of the doctorsloan or physicianloan websites and put in your info. They will contact you with referrals of mortgage companies that can help you out.

We went through Huntington Bank for our physician loan for our home. We started with Tower Mortgage Group but Huntington beat their interest rate. We had a great experience with outstanding customer service! We were first time home buyers when moving for residency this past spring and they were so easy to work with.

Physician loans are great bc they won't hold the physician's educational debt from med school into account when looking at his/her debt to income ratio on their credit report. They also won't require pay stubs for a job if you are moving...just a signed contract proving you will be employed and how much you'll be making. They have VERY low interest rates and usually require no down payment. Good luck!

November 8, 2010 at 8:26 PM  
Anonymous Anonymous said...

We moved to Florida in June and were able to purchase our home with a Physician Loan through Mercantile Bank. They have been wonderful and you don't have to put ANY money down. We got a 5% interest rate with an extra 0.5% off for opening a checking/savings account (you can't beat a 4.5% interest rate!). We have been very happy with Mercantile Bank!

November 9, 2010 at 6:44 AM  
Blogger TheFamousStacie said...

We got ours through B of A. but Suntrust did them too. Florida is a little sketchy because of the whole Florida Housing Crash. The beauty of the physician loans is that they do not have PMI.
It's going to be hard to get a no PMI loan in a place that gave too many mortgages to too many people who now cannot pay their mortgages.
Can I share my experience of moving to Florida with you?

November 9, 2010 at 10:53 AM  
Blogger Natalie said...

how did i not know these existed! it may or may not be a great deal, but at least now i know that's an option. thanks ladies!

November 9, 2010 at 10:42 PM  
Blogger Tif said...

I know this is a little late, but I thought I would chime in anyways! I posted about our experiences with physician loans when we bought our home a year and a half ago. You can read about it here: http://ourmedicallives.blogspot.com/2009/04/buying-home.html

I do know that some states do not offer these loans, but it never hurts to ask or just visit http://www.physicianloans.com/ for more information.

November 16, 2010 at 12:53 PM  
Blogger Kendi said...

In Texas, we went through Compass Bank. They have a program designed for "professionals" (like doctors, lawyers etc). They were great and we were very happy with how things turned out.

November 22, 2010 at 12:24 AM  
Blogger Stephanie Arcelay said...

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November 14, 2013 at 8:34 PM  
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March 21, 2014 at 2:33 PM  
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February 21, 2015 at 10:06 PM  

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