I recently sold an Old City condo to a physician. Great guy who knew what he wanted, and finding him the right condo was not an issue. We had fun, and he found something he really loved. And let me tell you- this condo rocked. All Good!
However, he wanted to do some Cock-a-mamie type of loan that I was sure would fall flat and go nowhere. Oh yes, my big-brain was sure this deal was going to suck.
However, I was proven wrong, and the deal actually was quite smooth. He applied for what is known as a Physician Loan, and was able to get a JUMBO mortgage (one over $500,000) with just 5% down- you heard me 🙂
Here are the basics that were offered by John P. Wagner, Sr. Loan Consultant from Tower Mortgage Corporation – 1.800.918.5400 – and he was great by the way.
He can offer zero down to Physicians with no PMI –
FYI, zero down to $500K, 5% down $500-650K, 10% down $650-850K, 15% down to $1M
The theory is that since they went to school for sooo long, and have a very LOW default rate, there are lenders that will bank on them with little down.
So if you are a doctor, give me a call, and lets find you the perfect Philadelphia Condo with little down!
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106