Posted on: 02nd Jul, 2008 06:58 am
bank of America offers doctor loans.
no pmi
no down payment
anyone have thoughts on this?
i know the rate will be higher compared to conventional loan..but
i have heard many seem to like these type of loans.
i am considering it.....
so far the interest they are quoting is 8.1% in Nevada
5% down payment
no pmi...
I have enough for 20% down for conventional loan but do not want to tie up that much asset in a new home in a declining market...i am in Nevada and the house is $760K.
thoughts?????
no pmi
no down payment
anyone have thoughts on this?
i know the rate will be higher compared to conventional loan..but
i have heard many seem to like these type of loans.
i am considering it.....
so far the interest they are quoting is 8.1% in Nevada
5% down payment
no pmi...
I have enough for 20% down for conventional loan but do not want to tie up that much asset in a new home in a declining market...i am in Nevada and the house is $760K.
thoughts?????
Hi berettafan.
Welcome to the forum.
If the interest rate is higher of the Doctor loan and if you can pay 20 percent down payment then why don't you go for 30 year FRM? As you are paying 20 percent down payment you need not to pay PMI and the interest rate should be lower. I think you can seek for no-obligation free mortgage quote from the community lenders to get better rates. BTW you should shop for lender anyhow to compare the rates and terms.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
If the interest rate is higher of the Doctor loan and if you can pay 20 percent down payment then why don't you go for 30 year FRM? As you are paying 20 percent down payment you need not to pay PMI and the interest rate should be lower. I think you can seek for no-obligation free mortgage quote from the community lenders to get better rates. BTW you should shop for lender anyhow to compare the rates and terms.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Well as much as I know, the program looks good since it requires no income limit for borrowers to qualify. It allows consumers to provide undocumented income. The credit requirements are flexible too. There are ARMs as well as fixed rates available. So, if you'd like to go for fixed monthly payments, you may use their 15 year fixed rate program.
Know more from http://www.utcomchatt.org/docs/doctor%20loan-boa.doc
Hope this helps...
God bless you.
Samantha
Know more from http://www.utcomchatt.org/docs/doctor%20loan-boa.doc
Hope this helps...
God bless you.
Samantha
Doesn;t sound very good to me.
If you have good credit and income you can do much better. 6.75% with no pmi is available on a conventional loan.
If you have good credit and income you can do much better. 6.75% with no pmi is available on a conventional loan.
Look at all options before deciding. Even with MI you would be paying less.
And there are other options..... that may not require MI
Brian
And there are other options..... that may not require MI
Brian
