No More Doctor Loan...So Now What?

Unfortunately the doctor loan program has been suspended. So what is your best option now? Well, that mostly depends on what your individual circumstances are.

If you're looking to put as little down as possible, then for the past two years I have recommended the FHA Loan Program to anyone who couldn't utilize the doctor loan program for one reason or another. It only requires 3.5% down and they have once again raised the FHA loan limits, making it available to more borrowers than ever. In fact, I like this program so much that I'm using it to close on my own home next week.

If you have a 15%-20% down payment, then depending on where you live I may be able to assist you with the No Fee Mortgage Plus program or a conventional loan program.

It may seem like it's getting harder to get a mortgage loan. However, it's really not difficult at all if you have just 3.5% to put down. If you are interested in learning more about FHA loans and you live in California, Oregon, Washington, Nevada or Idaho, then email or call me and we can see if it's a good fit for you.

If you have 15% or more to put down, then I have access to loan programs in every state and can assist you with the more conventional loan programs as well.

The doctor loan is gone, but the opportunity to buy houses on the cheap with phenomenally low interest rates is still here! If you'd like to learn more, get in touch and we can discuss your options.

Thank you
Jeff Irving
Mortgage Loan Officer
866-663-5461
jeffirvingmlo@gmail.com

Please note: The Doctor Loan is Suspended...New Applications Are No Longer Allowed

Last Day for New Applications is March 31st.

If you already have a signed purchase agreement and will be closing by the end of June, then there's a possibility that this program is still a great option for you. Give me a call.

If you do not already have a purchase agreement, then I will not be able to assist you and I would strongly suggest looking into an FHA loan. Despite what you may have heard, it is a very good second option to the doctor loan. It's what I'm using to buy my own house!

If you'd like more information about FHA loans and you live in California, Idaho or Washington...I'd be glad to assist you.

Thank you,
Jeff

FINAL NOTICE

Currently I am only able to take new applications for the doctor loan under the following circumstances:

- Your loan amount will not be over $417,000
- You have a purchase contract already in place
- Your loan will close by the end of June
- If starting a new job, your job will start within 60-days of your closing date
- Your credit score is a minimum of 700

Depending on the circumstances, I will consider new applications for those who have an offer in on a home but haven't finalized their purchase agreement.

If you have emailed or called me this week to discuss the doctor loan and I haven't gotten back to you, I will before the week is over. The response to this program has been overwhelming. For more information on how to inquire, please see my post below.

Sincerely,
Jeff Irving
866-663-5461
jeffirvingmlo@gmail.com

IMPORTANT NOTICE!! Doctor Loan Program To Be Suspended

On March 5th, 2009 Bank of America announced that their Doctor Loan Program will soon be suspended. There has not yet been a new application "cut-off" date announced, but it is expected to be within the next week or two.

IF YOU WOULD LIKE TO UTILIZE THIS PROGRAM, EMAIL ME IMMEDIATELY! Due to high number of people trying to get their loan applications approved before the bank cuts this program for good, please email first to schedule a time that we can talk. I apologize, but I simply do not have time to answer every phone call that I am receiving at the moment.

It is very sad that this program is going to go by the wayside, but it is still around for the very short future. There's nothing like it, so again, if you are interested in this program don't hesitate...it will be completely suspended at any time.

You can reach me directly at jeffirvingmlo@gmail.com. If you would like me to quickly determine whether you may or may not qualify for the doctor loan program, please email me the following:

- Combined Gross Household Income
- Minimum Monthly Debt Payments
- Credit Score of Qualifying Applicant (Physician, Dentist, Etc.)
- Your Timeline
- The State where you will be purchasing a home.
- If starting a new position, please include your start date and new salary.

Sincerely,

Jeff Irving
Mortgage Loan Officer
Bank of America

Client & Real Estate Broker Testimonials

Dear Jeff,

Well it's all said and done and we are in our new home. I wanted to thank you for doing such a great job on our behalf. My realtor and escrow officer have many years of experience and they both agreed that you were one of the best mortgage loan officers they have worked with. I appreciate your professional approach to business, your constantly being available and the promptness of all of your correspondence. By the way, your Doctor Loan was by far the best product on the market. I would gladly recommend you to any physician in need of mortgage services.

Thanks again,

Mark LaGrave, M.D.
Santa Rosa, CA

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Dear Jeff,

Thank you again for working so hard to get us into our beautiful first new home. I really appreciated working with you and will send all my Doctor friends your way!

David

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Jeffrey,

I want to thank you for an extraordinary effort getting Dr. Protack's loan package approved as originally presented in the purchase and sale agreement. We closed today and the Protack's were extremely pleased after the issues they were presented with that might have prevented them from closing on their new home. Your focus on customer service through your hierarchy at considerable risk I'm sure, demonstrated what customer service really means. Some can talk the talk but can't walk the walk. I'm happy that you were able to do both.

Thanks again for a job well done! Do not hesitate to forward this email to your superiors as they need to know that we appreciate someone who will represent their company and at times remind those responsible that customer service is what allows a company to sustain and grow and bring customers back. This story will be repeated many times as an example of what could and should be done to protect the interest of the clients we serve.

Thanks again,

Frank Balisicano
Coldwell Banker Residential Brokerage
Branford, Ct. 06405

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Jeff,

It's been a pleasure working with you. I'm glad I lucked out when I picked you among other people who specialized in the Doctor Loan program. I think you may have heard from another friend I referred to you for the house they just signed a contract for in Johnstown, PA. Have a nice summer and thanks again.

Andrew
Pittsburgh, PA

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The day my Buyer informed me that we had an out of area lender I have to admit I was concerned.

But from day one Jeff Irving has performed so quickly and expertly that my transaction has gone perfectly. Even the listing agent of the home my Buyer is purchasing is amazed at his efficiency. I especially appreciated how the appraisal was handled when we needed to get it completed quickly.

Sincerely,

Pat Slater
Coldwell Banker
101 Morris Street
Sebastopol, Ca 95472

Thank you to everyone who's chosen to work with me!

For those of you who check my blog regularly, I apologize for the delay in postings. The past few months have been extremely busy due to matching, many new clients and a lot of great referrals from current and past clients. In fact I've just recently hired an experienced assistant to help me process all of your mortgage loans. She has been in the mortgage industry for a number of years, and her experience and work ethic have allowed me to concentrate more on staying in regular contact with you and on the influx of new calls. I'd like to thank all of you who have trusted me with your mortgage loan this year and for all of your excellent referrals. We have been working hard to provide you with the best loan out there and your feedback has been amazing.

A quick update on the status of the mortgage industry: Rates remain at near historical lows. Couple that with the leveling off or decrease of real estate values in many markets, and it's an unbelievable time to buy a home! I look at it like this; the time to make your investment in real estate is when everyone else is sitting on the sidelines. Just like when stock prices are down and everyone is somber about the state of the market...the savvy investors buy!

I will continue to provide you with the best loan, rates and service in the industry. Thank you again for reaching out to me and allowing me to assist you with such an important transaction. I am more grateful than you'll ever know!

Sincerely,
Jeff

100% Financing Still Exists…for Doctors

Lately I’ve been receiving a lot of phone calls and emails from doctors with one simple question…Is the Doctor Loan Program still offering 100% financing? I’m happy and relieved to say “yes, it sure is!”

Despite lenders cutting back their 100% financing programs like overgrown weeds in the backyard, my bank has been able to retain 100% financing* on the doctor loan program. Combine this with the fact that this program requires zero private mortgage insurance and offers exceptional rates, and you’ve got the premier loan program for physicians, optometrists, ophthalmologists, medical residents, dentists and podiatrists.

The Zero Money Down Doctor Mortgage Loan has also recently become available in three new states; Indiana, Michigan & Ohio. Overall, this program is now available in 34 states.

The Zero Money Down Doctor Mortgage Loan has always been the best choice for doctors who are purchasing a home…with the mortgage industry changes we’ve been experiencing as of late, it’s now become an even better program!

To become pre-approved for the The Zero Money Down Doctor Mortgage Loan, call me directly at 1.866.663.5461 or click on "Contact Me" on the right column and I will contact you.

Have a great day!

Jeff Irving

*Homes that are located in limited “MSA declining markets” are currently restricted to a maximum loan amount of 95% of the sales price using the doctor loan program. Bank of America Doctor Loan