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Reply to "Frugal Mama article in today's Washington Post"
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[quote=Anonymous][quote=Anonymous]Yeah, I hear ya. As strange as this may sound, I think I have heard that there are mortgages specifically called doctors' mortgages (or something along those lines). Designed b/ they know doctors have little to no income (or down payment) at the time of purchase, but have (hopefully) great earning potential. I know it sounds nuts, really, and also eerily similar to how a lot of folks have gotten into bad financial trouble over the past few years, but I do think I have heard that there are these types of mortgages. Maybe someone else can chime in on this?[/quote] Physician's wife. Yes, these definitely exist. We constantly get the offer from SunTrust. Several friends have taken them and used it as their downpayment. If you take the loan approx 4 months + out, you don't have to document where the downpayment funds come from. The rate isn't horrible. It's maybe 2% higher than mortgage rate. Somewhere in the 6-7% range.[/quote]
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