All Forum Posts by: Eric Veronica

@William Coet Fed lowering of rates does not have a direct impact on mortgage rates. With that being said mortgage rates have been decreasing.  The rate you are quoted seems awfully high.  Most credit score adjusters are waived for 15 year fixed mortgages so it is unlikely that a lower credit score would push rates that high. 

@Angeline Mentor If you are looking for conventional financing which will usually offer the best rate/terms, then you will need separate loans.  

@Chris Stuehser Physician loans guidelines are very different than traditional conventional guidelines.  Conventional and government loan guidelines are going to be pretty consistent from bank to bank because there is a selling guide that lenders reference when making underwriting decisions.  There may be marginal differences but for the most part it is a level playing field.  Rates, terms, programs and rules are all pretty consistent

Physician loans are a different animal because they are a true portfolio loan.  This means that each individual bank makes their own decisions on  every piece of the loan.  I close about 5-6 physician loans per month in the Midwest and Florida and let me tell you the guidelines are all over the place.  Everything about physician loans vary wildly from lender to lender.  Rates, programs, eligible professions, max loan amounts, down payment etc.

I would recommend checking out white coat investor.  Click on the state and you will get a list of lenders in your state who specialize in physician loans.

Good Luck!

@Lance Rogers Anything is possible but I think a 4% rate is probably unlikely.  Generally there is a rate premium for seller financing so it usually results in a higher than market rate.  

@Lance Rogers You  may want to see if the seller is willing to provide seller financing.  Very likely that any buyer is going to run into the same issues.  Hopefully the seller realizes this and has an open mind about non-traditional financing.  

@Bogdan Jevtic  Most loan officers will provide the appraiser with the listing agent's contact info.  If there are no realtors the lender would get the seller's contact info and pass it on to the realtor.  

@Michael A. Most of the references to 3.5% - 5% down payments are for owner occupied properties.  

@Natalie Kolodij @Lance Lvovsky  ugh this is kind of what I figured.  Unfortunately 10-99 in my business is a pretty big no-no.  Since these are truly black and white business expenses could I use my dormant S-Corp to run the losses through and just take a 30k loss on a k-1?

@Eamonn McElroy Good answer and it makes perfect sense. We do have an expense reimbursement program. Unfortunately the extent of monthly expenses that I am talking about dwarfs our program by 5-10x

Thank you all for your answers.  I just find it crazy that I have to use post tax income to pay for marketing  GRRR!!!!!

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@Stuart Goodman From the info that you provided it sounds like the underwriter may be making a mistake. If you can clearly prove that the property is owned by your wife then your method of filing taxes should not impact the income calculation.  Based on that logic every small business owner would only be able to use half of their income to qualify. 

Only possible reason this might be legitimate is if your state has some sort of community property law or some implicit ownership of a non-borrowing spouse.