Posted on: 12th Jul, 2010 12:33 pm
Six years ago when my husband started residency, we bought a house on a physician loan - no down payment, if I remember right. After residency he did an extra fellowship, and now he's finally looking at employment contracts. Once we have a contract signed, are there loans available with no down payment required? Are these only for homes? We'd also like to buy some land near the home we're considering, but we don't have money yet for the usual 10% down payment on land.
These are only for homes, not land. There aren't many lenders who still do these today, I believe SunTrust is one of the last ones still doing them.