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I've got access to a special loan program for physician's that requires 0 down, 5.8% 30-year fixed with no points, no origination fee, that ignores my student loans in my debt estimate (about 100k; no other debt for me), and has no PMI. I've got pretty good credit--currently mid score is above 720.
I'm just finishing medical school and will be entering residency and am also marrying my fiance, who is also in the medical field. She has two kids, so it really makes more sense to buy now than rent, which is why I'm considering these loan programs.
We're looking at homes between 230k and 300k. We could potentially put together a 30k downpayment or so, but I'd almost rather hang on to that in an emergency fund.
Combined incomes will be 85k for the first two years. After that, I'll be able to moonlight, and that should go up to about 120k--more if I feel like/absolutely have to work longer hours.
This will be our first home purchase, and the 8k tax credit will definitely come in handy.
The good news is that my job is pretty much ironclad guaranteed, particularly mine.
I've got access to a special loan program for physician's that requires 0 down, 5.8% 30-year fixed with no points, no origination fee, that ignores my student loans in my debt estimate (about 100k; no other debt for me), and has no PMI. I've got pretty good credit--currently mid score is above 720.
I'm just finishing medical school and will be entering residency and am also marrying my fiance, who is also in the medical field. She has two kids, so it really makes more sense to buy now than rent, which is why I'm considering these loan programs.
We're looking at homes between 230k and 300k. We could potentially put together a 30k downpayment or so, but I'd almost rather hang on to that in an emergency fund.
Combined incomes will be 85k for the first two years. After that, I'll be able to moonlight, and that should go up to about 120k--more if I feel like/absolutely have to work longer hours.
This will be our first home purchase, and the 8k tax credit will definitely come in handy.
The good news is that my job is pretty much ironclad guaranteed, particularly mine.
Are there other loan options you'd look at?
That sounds like the BofA program. I'm a broker and I have access to pretty much every program out there, but when I get clients who are fresh out of med school, I refer them to this program because it can't be touched.
I stand back for the experts. All I am able to say is that ours is .5% orig, loan is 5%. We are guaranteed 5 but it may go lower so we didnt lock it and she said she'll slot us in for the lower rate if it changes. Is this relatively the same, worse, or better? We're hoping to get 4.anything% soon.
I stand back for the experts. All I am able to say is that ours is .5% orig, loan is 5%. We are guaranteed 5 but it may go lower so we didnt lock it and she said she'll slot us in for the lower rate if it changes. Is this relatively the same, worse, or better? We're hoping to get 4.anything% soon.
it's totally different. I'm assuming your isn't a 100% LTV no PMI purchase.
you got an okay deal. not great. 4.875% should be pretty near no points today assuming conforming loan.
with BofA that program is going to finish in May I believe, I put 10% down and paid $540 in points to lower it to 5.125 I should of waited though and not listened to my wife since the rates went down further I could of locked at a lower rate.
Its through a small town bank. Its also a relocation for a job and they have some sort of affiliation with the bank, which sort of 'tailors' its loans. They also keep all their loans in-house for the life of the loan.
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