Physician loan: 3-2-1 buydown possible?

[Dani Urcuyo]

Hi all! 

I could use your brainpower! I am under contract for a property in Dillion, CO, 15-20 minutes from Keystone, Breckenridge, and Copper ski resorts. It is a SFH with a lock-off unit and the potential for an ADU by converting an oversized garage into a 2BR/1BA. I will live in one of the units and the property will serve as my primary residence. I plan on using a physician loan (0-5% down, no PMI) for the purchase. I have about 55k in seller concessions to work with. I spoke with a few lenders who stated I could use these funds to buy down the rate of a 30 yr fix rate mortgage. However, I'd rather use these funds for a 3-2-1 buy-down. I haven't been able to find lenders that allow this for physician loans. Does anyone know of a lender that allows a 3-2-1 buydown on a physician loan?

Thanks for your help team!

Dani

[Jason Wray]

Dani,

The Medical Program loan is a great option you receive 100% financing up to $1-Million dollars.  Depending on credit scores the rates are great and you can buy the rate down by .25%.

You also have an option to reduce the rate by .25% if you open a checcking account with some banks to hold the PITI reserves typically 3 months.

Great thing  about these programs is you can even use it to buy a Multifamily home 2-4 Units 100% again up to $1-Million.  Some banks and lenders may vary but you can shop around.