Okay, so I've been working on this mortgage stuff for the past three weeks, and after much ado with the physician lenders and local lenders, here's the bottom line:
I found a local bank that has "in-house portfolio loans", which means that they hold the mortgage note themselves and thus don't have to conform to all the requirements of FannieMae and whatever else on the bigtime secondary mortgage market. The advantage is that they can do whatever the hell they want with your student loans: disregard them, ask for deferrment letters, pay them off (joke), but the bottom line is that they will likely be more lenient about including them in your debt/income ratio.
The rate I got is 5.75%, 5/1 arm, 3% down, no points, no PMI, $300 lender loan fee, then all the other usual closing costs which are reasonable. they are a community bank and I think that part of the reason they offer such a great rate and no fees is because it is a good PR thing and looks good on their lending audit.
Either way, physicanloans, brokers, and even credit unions couldn't come close to this. They might meet the rate, but they would have higher closing fees; or they would have lower closing fees but require PMI. As ActiveDutyMD mentioned, the fee nickel and diming can really add up and negate any other benefit the loan seems to have. Check out the Mortgage Professor's Calculator to compare two loans with varying fees.
The moral of the story, at least for me, looking in the midwest: The local brick and mortar banks have come through with some of the best deals. The physican loans seem to all cost more, but if I couldn't put any money down, none at all, I would be forced to go with them.
Comments, questions, concerns? PM me if you want more specific info.
This entry passed through the Full-Text RSS service - if this is your content and you're reading it on someone else's site, please read the FAQ at http://ift.tt/jcXqJW.
"Doctor Loan/Physician Loan Programs"
0 commentaires:
Enregistrer un commentaire