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Does anyone have any recent experience with PA specific home loans? I know there are physician loans that offer 0% down and 0 PMI (mortgage insurance). Do we have anything like that for PAs? 

If anyone knows, or has experience with this, could you talk about your experience in the process?

I am in the state of Oregon.

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SunTrust has them, but there is always a catch, the interest rate is significantly higher to make up for the credits they give you such as lower down payments and waived PMI.

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In the long term they are not a good idea.

Live frugally, get completely out of debt (including student loans), save your money, and put a large amount down on your dream house, then pay it off in 5-8 years.

Then you are living the high life with incredible security.

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There are many banks that do them - and while there is a "catch" it's not always terrible.  I almost did one 2 years ago through my local bank - just have to ask.  The interest was the same as a normal loan - but the fees were slightly higher than a normal loan (seller paid them though!!) - so for me was no different...EXCEPT...you are paying more in interest in the long run because the debt is more.

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Thank you all for your responses! I have started the process. A piece of info that I purposely didn’t divulge before was that my wife has a steady income of $120k+ per year. We are not too terribly worried about the higher interest rate. We hope to pay more per month to overcome the one major downside of this loan option.

Just wanted to hear all thoughts before I have away too much information. 

Any other thoughts now with that new information?

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14 hours ago, heisman1979 said:

Thank you all for your responses! I have started the process. A piece of info that I purposely didn’t divulge before was that my wife has a steady income of $120k+ per year. We are not too terribly worried about the higher interest rate. We hope to pay more per month to overcome the one major downside of this loan option.

Just wanted to hear all thoughts before I have away too much information. 

Any other thoughts now with that new information?

I looked into those, the interest rate didn't make it worth it. Right now, interests rates are still lower than average. It's best to get the lowest interest locked in. I got my house with a conventional loan and 10% down 1-2 years ago. The house was 700K, so 630K loan. The interest is 4.25% and my PMI is 162/month. Sure, I hate paying it. But guess what, that's going to disappear in the next 1-2 years as long as housing prices continue to climb and my equity reaches 20%. If I had continued to save till I had 20% my house would have cost more and the interest rate would have been higher. I think the 10% is the least you should put down though.

 

On 9/10/2018 at 4:50 AM, Boatswain2PA said:

In the long term they are not a good idea.

Live frugally, get completely out of debt (including student loans), save your money, and put a large amount down on your dream house, then pay it off in 5-8 years.

Then you are living the high life with incredible security.

 That's great advice, but not really possible for anyone in a major city. I know the simple answer is to move, but all friends and family are here.

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4 hours ago, lkth487 said:

Might be worth it to get that type of loan until you get 20% equity and then switch to a traditional mortgage.

The problem is the interest rate may be double or tripe what it is now when that time comes, you never know. It is certainly an option though.

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The more you owe, the more the interest rates matter.  Buy a property with 50% down and pay it off in 5 years....interest rates won't matter that much to you.

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