Physicians Loan

9 Replies

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.

Hi guys, there's a company called bankers health care group, bhg that provides personal/ biz loans to professionals in the healthcare industry. I'm not sure of their specific rates and i have never taken a loan from them.

They also offer credit cards personal and a business credit card that does not report on your personal credit history , so for whatever reason you need to carry a balance for an extended period of time you can put it on your biz credit card wihout it affecting your personal credit. ithink the same is true of the loans.

Let me know if you'd like to find out more, I can forward you some of the info I have on them or you can Google it.

I'm in no way affiliated with them but I did get the credit cards and a couple of my colleagues that I work with also got them.

Nice tool in terms of funding to add to the arsenal.

: )

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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.

@Christopher Rutherford  You said you refinanced into a physician loan?   I have been told by BofA that we cannot do that. 

Unfortunately, we learned about this product too late. My wife is a physician and we purchased our home a couple years ago. We put 20% down and have since gotten into RE investing. It would be great to be able to refinance into the physician loan and use that cash for rentals.  However, I've been told that we would have to sell the house and establish a new primary residence in order to take advantage of the physician loan.

 We don't want to move, but are considering it for this reason.  Any insight on this product would be great.

@Thu Trinh and @Gordon A. from what I have found, every lender is different. I put together a list and called them asking each what they offered. The only lender I found to offer a Physician's mortgage on anything more than a single family was Huntington (no affiliation) and the largest they would cover is a duplex. The amount down also varies by lender from 0% to 10% with no PMI. The places I talked to said I would have to live there for a year but this is anecdotal and I have not found it anywhere in writing. I believe you can refinance out.

I would be happy to give you the contact info of the person I talked to at Huntington (just shoot me a PM). Let me know if you find anywhere that lends for Tri or Quads

@Nick Adams every lender is different but some do offer refinancing into a Dr Loan from my research. (I have not personally done it but have seen banks that offer it.)