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clydesnodgrass
51 Posts |
 Posted - 04/22/2008 : 12:51:10 PM
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I'm trying to win the business of a physician that lives in Jersey that's moving down her in the next few weeks. He found a loan program for physicians I believe that Bank of America securitizes... but I'm not 100% sure.
Does anyone have any experience trying to compete against these, or does anyone know exactly the parameters behind the program.
This is the one key factor that I found:
• Qualifying debt ratios of 33%/38% (720 credit score) plus new exception qualifying process for credit scores less than 720. 700 credit score OK for those with student loans.
If that's the case, he'll be turned down because he's at 47% DTI
Here's the rest of the scenario:
Full Doc
756 Mid
100%
SFR
Primary / Purchase
Hillsborough county (declining market) so it's being cut to 95%
$422,500 loan amount (yes, they claim they can do loans OVER the conforming loan amount to $650k without there being any adjustments).
Just trying to educate myself as best I can so I can be prepared to sell against this if there is a next time. |
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dwmordue
390 Posts |
Posted - 04/22/2008 : 12:55:07 PM
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It's a loss leader program. They want all the other banking business.
They're trying to get the business loans, student loan consolidations, business checking, credit lines, etc.
And I'm sure they probably have a good shot at getting it if they make a mortgage like that.
Banks would give the mortgages away at cost if they could know for certain that they would have the life long bank account business for high income earners. |
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clydesnodgrass
51 Posts |
Posted - 04/22/2008 : 12:59:37 PM
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You would think with the 77% decline in profit that they just alluded to the public that they'd try a little harder to make a few bucks.
I'm going to med school so I can benefit from loans like these.  |
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fsboguy
3562 Posts |
Posted - 04/22/2008 : 1:03:00 PM
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| I'm competing with one right now. You just can't beat the BOA program. The best I can do is an 80/15 through USBank. He's still working with me but told me that BOA has already contacted him about the program and since his checking and savings are already with them it's just a matter of time before I get the call saying he is going with them. But still gonna take it as far as possible. He faxed the purch agreement and all his paper work to me today so we'll see. Keep in mind BOA works the medical schools hard for that business. They all know about the BOA program. |
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clydesnodgrass
51 Posts |
Posted - 04/22/2008 : 1:15:27 PM
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| This is definitely the one time I wished I could use BofA and lend their money, I'd market it to EVERY resident at UT and USF and make a killing. |
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FLAmortgage
276 Posts |
Posted - 04/22/2008 : 1:18:50 PM
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Does anyone know for sure if BOA does this program at 100% in FLA?
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clydesnodgrass
51 Posts |
Posted - 04/22/2008 : 1:21:01 PM
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| I called and pretended I was a resident at UT... they said that there are only 9 counties in Florida that count as declining in their book, I didn't get into which counties that was. |
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mortgageguy2007
41 Posts |
Posted - 04/22/2008 : 1:26:23 PM
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| I heard Flagstar may have a program like that. Id check into it. |
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fsboguy
3562 Posts |
Posted - 04/22/2008 : 1:29:53 PM
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quote:
Originally posted by mortgageguy2007
I heard Flagstar may have a program like that. Id check into it.
Flagstar doesn't. BOA is the only lender with this program and it was never on the wholesale side even when they did wholesale. |
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djorge44
1206 Posts |
Posted - 04/22/2008 : 1:58:33 PM
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| My bosses brother in law is getting a similar deal. He is getting it based off his income going from 90K at residency to the 350K offer letter he just signed. They are using that income |
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