No longer getting married, so this post no longer applies... but thanks anyhow.
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Home Loans
- Thread starter peachd
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I general, AFAIK you can get approved for a home loan which is 3 x your combined salaries. Sometimes more, sometimes less depending on other debts, credit scores, market, etc.
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My husband and I found no such leniency on the part of lenders. Regular lenders with low rates (we tried Wells Fargo and Citi) used the regular guidelines (total loan payments could only be x% of gross income, etc.) and the underwriters were like pitbulls with every little thing. They wouldn't approve the mortgage on the basis of the residency contract -- they made us wait until the residency actually started. I think the underwriters were all under intense scrutiny from above. Maybe they have relaxed a bit in the past 6 months, but it was a fight to get the mortgage.
We also had excellent credit. Maybe that made a difference in the rate we qualified for, but neither that nor the physician business seemed to move them off their guidelines.
The doctor loans will use more lenient income guidelines and let you go 0% down, but their interest rates were 2% higher than standard mortgage loans and the loans were 3,5, or 7 year ARMs. We found this wasn't helpful, as we had the money for the downpayment, but we were stretched a tidge on meeting the loan-to-income guidelines (what with student loans as well).
You've got a couple of years; things may have calmed down by then.
We also had excellent credit. Maybe that made a difference in the rate we qualified for, but neither that nor the physician business seemed to move them off their guidelines.
The doctor loans will use more lenient income guidelines and let you go 0% down, but their interest rates were 2% higher than standard mortgage loans and the loans were 3,5, or 7 year ARMs. We found this wasn't helpful, as we had the money for the downpayment, but we were stretched a tidge on meeting the loan-to-income guidelines (what with student loans as well).
You've got a couple of years; things may have calmed down by then.
My suggestion is this (and its what I did)... have your parents/in-laws on the mortgage as well. They can even be on the mortgage but not on the deed, to avoid having to pay extra taxes later. If you parents don't think you're a solid investment, how will a bank?
I was going to call these people tomorrow to see what they offer. I can't imagine how they could beat today's low-interest rates on 30-yr loans and 5% down. Maybe it is possible if they can do no PMI, but I don't have much faith.
Anybody have any experience?
http://www.nadonline.com/mortgages/
Anybody have any experience?
http://www.nadonline.com/mortgages/
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There are a few groups that offer physician loans to doctors that come with nice perks like no money down and no PMI. The drawback is the interest rate may be 0.5% higher than the national average.