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Refinancing a Physician loan

Home Mortgages and Home Buying Refinancing a Physician loan

  • Avatar chrisg202 
    Participant
    Status: Physician
    Posts: 64
    Joined: 01/16/2016

    Hi
    I purchase a house using a physician loan, zero down, jumbo loan, 30 yrs fixed, 3.85%
    We are doing renovations and putting a 100K into it.

    Question: if I look to refinance, will it be still zero down with the same terms OR I will need to have 20% equity?
    I don’t think the new upraised value will get me to 20% equity but may be 15%

    Thanks

    #238437 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2693
    Joined: 01/03/2017

    Question: if I look to refinance, will it be still zero down with the same terms OR I will need to have 20% equity?

    Click to expand…

    You’ll need to ask the lenders you’re considering. If you are refinancing into another physician loan then you likely won’t need the equity. If you are refinancing into a non-physician loan then you’ll need the equity or you’ll be paying PMI.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #238442 Reply
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