Some lenders have stepped up efforts to attract lawyers and doctors as borrowers by offering jumbo loans with low down payments, reports the Wall Street Journal. BBVA Compass, mentioned in the article, has expanded their offering to doctors, lawyers, dentists and CPAs. There are some loan limits, but not as low as those mentioned in the article. BBVA has garnered praise among our agents for its loans for professionals, construction/renovation, and first time homebuyers. Locally, it doesn’t help in the Palo Alto arena, but it’s worthwhile for those outside “la ville d’or.” Key features of BBVA’s loan products:
- professional program: 5% down, no mortgage insurance
- first time homebuyers: 5% down, no mortgage insurance, no lender fees, and no payments for 3 months
- fixer loans: onetime close loans (no need to refinance)
Photo Credit: Flickr / Colin
