Specialized Home Loan Program for Doctors, Dentists, and Other Medical Professionals

Doctor N. Jump #1
photo credit: TheeErin

I had a client who used the Bank of American Doctor Loan program a couple years ago as she transitioned from medical school to her residency.  It was perfect for her situation.

In the email I received earlier today, the Bank of America sales manager called this program new, so I imagine they’ve done some refining in this tight lending market. There are restrictions, but from a high-level, the program provides the following:

The Bank of America Doctor Loan is for residents and licensed, practicing doctors, including dentists and other eligible medical professionals. This home loan offers significant advantages for these buyers, including:

  • As little as 5% down on mortgages up to $850,000 (some limitations apply)
  • Employment start date up to 60 days after closing allowed
  • Student loan debt not included in total debt calculation
  • Financing for attached or detached single-family residences, PUDs and condos

If you have a relationship with Bank of American already, contact your branch for details.  If not, let me know and I will pass on the contact information that I have.

Hope for Shortening the Short Sale Process in Scottsdale (and the rest of U.S. too)

Passage of Time I
photo credit: Riebart

This past week,  U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.) sponsored a bill that would require lenders to respond to consumer short sale requests within 45 days. The bill, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010” is supported by the National Association of Realtors (NAR), although the Mortgage Bankers Association has not weighed in.  It’s not certain that the bill will get out of committee, but it absolutely is an acknowledgement of the time challenge of a short sale.

NAR President and Tucson Realtor, Vicki Cox Golder, has commented: “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times.”

Anyone who has participated in a short sale knows it can be a long and arduous process. I was in a HAFA short sale class recently where the informal survey of 75+ agents showed a range of 30 days to 18 for closing a short sale.  And, the result of this online survey asking "What’s the longest it’s taken to get a short sale done?", shows that (as of 9/19/2010), over 60% of short sales were taking 6+ months, and more than 80% are taking more than 4 months.

For the full article read, the REO Insider -  Bill sets 45-day deadline on lender short sale decisions

Related reading:

City of Scottsdale Media Center – Twitter, Facebook, YouTube, and more


Scottsdale is using social media to reach out to where you are – our tech savvy citizens, business owners and visitors!

In an email update I received from the City of Scottsdale today, I noticed a link to the Scottsdale Media Center.  I’ve been getting Twitter updates from the City of Scottsdale for awhile, but was pleasantly surprised to find a couple new avenues to get information about the city I live, work, and play in.

On Twitter, there are city government, police, and fire Twitter streams to follow.  On Facebook, there’s a ScottsdaleAZ page, and several fan pages for departments like planning and development, parks and recreation, and the library.  There’s a link to a YouTube channel, plus links to sign up for email or RSS feeds.

A pleasant surprise to complement the extensive city web site that can be found at ScottsdaleAZ.gov.

Visit the Scottsdale Media Center to sign up, follow, and like!

Cool Tool – Quick Scottsdale Real Estate Trends by Zip Code

Discovered this cool tool at Altos Research today. You can click on the pins on this Google map and see the history of the median price for homes in each of the Scottsdale zip codes.

Please note that this tool is “real time”, so if you click on one of these pins next year, you’ll get the report as of that date, not today…. so, you may want to bookmark this post, or sign up for one or more of the email reports that are available, to keep you up to date on current Scottsdale home prices, by zip code.

Trolley Tour of Downtown Scottsdale this Saturday – Free, but you must register!


Via the City of Scottsdale:

Tour the Old Mission and then board a trolley for a two-hour guided tour of the Arts District, Civic Center campus, Hotel Valley Ho, Southbridge and the Waterfront area.

Free Cultural Trolley tours of Downtown Scottsdale take place at 10:30 a.m., the second Saturday of every month. Registered tour attendees meet at the Old Adobe Mission located on the southeast corner of Brown Avenue and Second Street. Reservations are required.

Call (480) 634-6850 to make them. LocalMotion tours are provided by Ultimate Art & Cultural Tours.