What is a physician mortgage? How does it compare to a conventional mortgage? Why is it important to work with a mortgage lender that you trust and that also knows his or her stuff?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Richard Ricci, a loan officer from Truist (formerly SunTrust Mortgage). Richard graduated with a business degree from the University of Florida and has made mortgage lending and quality of service his passion. Richard specializes in Truist’s industry leading Doctor Loan program. However, he is an expert in all types of mortgage loans, including conventional, VA, FHA, Jumbo, and new construction.

Topics Discussed: 

Basics of Physician Mortgages: 

How qualification works

How credit scores play into loan requirements

Best practices when shopping for lenders and comparing rates

Differences between physician mortgages and conventional loans

What’s with mortgage rates? Lowest they’ve ever been—keep getting lower

Physician Loan Benefits: Lower down payment with no PMI

Debt-to-Income Ratio: Determines maximum loan amounts

Credit Scores: Depends on lender, but higher credit score, better interest rate

All that matters? Don’t be misled by lenders’ interest rates and closing costs 

Compare and Consider: APR and lender fees on good faith/loan estimate 

15- vs. 30-Year Loan Options: Go with 30-year fixed rate, just in case 

Denied?! Gatekeeper cares, limits stress, and knows physician loan guidelines     

Links:

Richard Ricci - Truist Physician and Jumbo Loan Specialist (NMLSR #659699)

Richard Ricci’s Email

Richard Ricci on Facebook

Richard Ricci’s Phone: 855.501.6730

Richard Ricci’s Cell: 904.994.0847

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Finance for Physicians