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Updated almost 3 years ago on . Most recent reply
Physicians Loan
Has anyone ever heard of/used a physicians loan? I heard about it in passing from one of my colleages, who said he's taking one out from Bank OF America. 3.5% interest, low minimum down payment, and no PMI. I looked into and I am wondering if it is a good alternative for a FHA loan, and if it is possible to be used for a distressed property duplex. Can an eventual be used as an investment property? Can I be refinanced? Thank you all.
Most Popular Reply
Yes, my wife and I have used Bank of America for a physicians loan. Our first property we did a 203k to do a major value-add on a SHR. I then re-financed it into the doctor loan since my wife is a doctor. It is an amazing product. The best part is there is no limit on the number you can have like there is with FHA. The limit is with the bank. Meaning once you have one with BofA then you will need to go to SunTrust to get your next for example assuming your debt-to-income numbers work and such.