Hello BP Community! I'm new to REI and recently closed on my first househack (duplex) in Riverside, CA. Current plan is to save for the next 1-2 years, then utilize a physician's loan (one that accepts PharmDs) to fund the 10% downpayment of a triplex/quadplex in San Diego, CA to owner-occupy.
Was hoping to get some perspective on the following questions:
- Any notable lenders of physician loans (accepting PharmDs) in CA?
- The few that I've talked to do not lend in CA
- How much higher of an interest rate can I expect when compared to conventional loans?
- Aside from the expected higher interest rate when compared to conventional loans, are there other factors to consider when committing to a physician loan?
- Are there other creative lending options I should consider in order to fund the next property, when capital is relatively limited?
- I have also considered a joint venture or seller financing, but I need to do more research into these
Thank you in advance for the insight!
Doctor loans that we have are only for owner occupied PharmD is okay. You work in Riverside or San Diego? Rate is on par with jumbo loans.
@Caroline Gerardo currently working remotely at my owner-occupied duplex in Riverside, but looking to continue working remotely when I eventually purchase my next owner-occupied multifamily property in San Diego.
Not certain that remote work will last into the future for all jobs, employer will need to write a letter saying that status continues for 36 months as many employers have required employees to return to office/lab/...
I can hook you up with our team!
@Eric Chiang ..I don't do many of these, but just chiming in - one thing I'd look out for too, is some of the Physician programs that allow for up to 100% financing, will only go up to 2-units. 3 and 4-units are out of scope, at least for what I have access to. Rates are on par with conventional/jumbos.