How are we able to offer these great benefits to physicians? We have developed relationships with unique lenders that value physicians as clients. Our lenders believe that physicians with high credit scores have a very low risk of default even if they have high debt, high ratios and minimal assets. Normally these items cause concern for lenders who may approve the loan but at higher rates. Our lenders look at the loan differently. They know that your unique financial position is normal for doctors and that your rate of default on mortgages is still much lower than any other occupation. This is why they are able to offer a 100% loan with No PMI and at GREAT rates. They understand the big picture.
Q • Is this loan for real? It seems everyone else has cancelled their great zero down Doctor Loan. Even the banks. A • Yes, it's true. Our lenders have the only real zero down doctor loan remaining, especially on Jumbo loans with a 30YR Fixed Rate with NO PMI, and available in all 50 states. In declining markets, 5% down is required.
Q • I'm stuck. My loan size is too big for FHA limits, but I don't have the 20% down nor the 6 months reserves in the bank required by jumbo loans. What do I do? A • The zero down doctor loan will solve these problems for you.
Visit http://www.rmic.com/productsandservices/marketanalysis/mama/Pages/HousingMarketMonitor.aspx to see if you'll be buying in a declining market or not (enter your zip code and it will search the database and return your answer).
Q • Who are the Realtors in your network? A • They are top achieving agents, who have garnered top honors and accolades in their respective offices and cities/towns. We personally interview and screen all of them, insuring they are experienced, educated and passionate about helping our clients buy a great home. And, not only are they experts in the neighborhoods you're interested in, but they are stellar negotiators. After all, once you've been approved for our loan, is there anything more important to you than getting the best possible price? Our Realtors also subscribe to our enhanced code of ethics policy.
You will also receive a significant cash bonus to help you with your closing costs!
Q • If I already have a Realtor, can I still use your services? A • Yes. Either you can pay the referral fee or we'll have your Realtor sign a referral fee agreement making them responsible for the payment. This fee is only paid upon closing, should you wind up using the lender we've referred you to for the special zero down doctor loan. However, you will not be eligible for any of our significant cash bonuses should you choose this route.
Q • What does it cost me? A • Nothing if you use our network realtor. Should you already have a great agent, you or your agent can pay us the referral fee, whichever you're more comfortable with.
Q • What are the rates? A • Rates are subject to change on a daily basis at our lenders’ discretion so please see the rates tab or contact us to receive the most up to date quotes. http://www.exclusivephysicianloans.com/todays-rates/
Q • Are there limits to the size of the loan and are there limits to what states this loan can be used in? A • This loan can be used in all 50 states and Wash, DC. The loan limit IS NOW $1.5M.
Q • What if I have money for a down payment, will the rates get better? A • No, the rates are the same whether you put 0 or 20 Percent Down.
Q • If I am introduced to your lender, and already have my own realtor, and don't use the lender, does my Realtor still pay a referral fee? A • No, of course not. We only expect to get paid if we add value.
Q • What sort of credit is needed to qualify for the zero down doctor loan? A • 660 or so is the bottom, and the bigger the loan amount, the higher scores need to be.
Q • What do I do if I don't have $$$ for closing costs? A • Our Network Realtors have been trained to negotiate the seller to pay the closing costs, so in most cases there will be minimal to no out-of-pocket expenses.
Q • Do I need reserves (money left over after closing)? A • Not really for conforming loans, but on jumbo loans above $417k they're looking for approx 5% of the purchase price.
Q • What else does the doctor loan lender require? A • Our lenders are looking to build a relationship with you by offering significant rate reductions when opening an account and setting up your payment automatically.
Q • How do we know this is a legitimate business? A • We take no money up front. We only get paid should you be comfortable with the lender we put you in touch with, and even then it costs you nothing when using our Network Realtor as they will be paying the fee.
Q • My Realtor doesn’t want to sign the referral fee agreement and pay you part of their commission. What do I do? A • That is usually most Realtor’s first response. However, when they realize that without the zero down doctor loan their client will not be able to buy, they are usually happy to sign the agreement. Keep in mind, you always have the option to use one of our Network Realtors but we don’t promote leaving a Realtor that has devoted significant time working with you.
