Author Archives: admin
Tio Jimmy’s Shell House
Looking for a creative way to make your home your very own? We found these amazing pictures of a house in Puerto Rico entirely covered in shells on imgur and thought they might inspire you, or at least make you smile. Be sure and check out the chill ride!
Wondering how IBR or Income Based Repayment will affect qualifying for a physician loan? Go here to find out.
Dr. Jay and Jennifer Larson Testimonial
“As a new doctor, just coming out of residency I had a lot of student loans, and my debt to income ratio was high enough that when I talked to other companies they turned me down almost immediately.”
“We found Arizona Physician Home Loans online and I called them up to ask them if it would be a problem because of my high debt to income ratio and they said, ‘No problem. We deal with this all the time.’ And I was shocked at how easy the experience was. With Arizona Physician Home Loans it was simple. I sent it once and it was done and they told us when we were closing and took care of everything. It was really pretty easy.”
Rockin’ Homes: Stone-Driven Designs
More design and dream home inspiration for our Utah physician friends.
REALTOR.com identified five architectural wonders that buck conventional trends and conform to the tumultuous terrain. Each design is as uncommon as the next, but each shares one distinctive trait: they are homes that rock.
Mountain Biker’s Mecca in Moab
Rows of towering glass windows found within this architectural mecca (at top, above) give way to iconic rolling, dust-covered and rust-colored desert, harmonizing the home with the natural elements of Moab, Utah.
The house is built on a plateau and into surrounding formations of Red Rock with nearly every room in the house enjoying expansive views of Mill Creek Canyon and beyond.
Dream swimming pools
Summer is about here in Utah, and many of our physician clients dream of having a pool. Here are some dream swimming pools that were found on realtor.com.
To see more pools, please click here.
Cameron Herold: Let’s raise kids to be entrepreneurs
Bored in school, failing classes, at odds with peers: This child might be an entrepreneur, says Cameron Herold. In his talk, he makes the case for parenting and education that helps would-be entrepreneurs flourish — as kids and as adults.
Google Fiber coming to Provo, great news for Provo physicians
Physicians and dentists planning to move to Provo, there is great news for you! On April 23, the Provo City Council approved the Google Fiber 
purchase of the iProvo network in a unanimous vote. Google Fiber is coming to Provo, with first implementations in place by the end of 2013.
Provo will be the third major U.S. city to receive superfast 1 gigabit speed (translation: 100x faster than the speed available to average U.S. residents today.) Mayor John Curtis and Google Fiber Head of Community Affairs Matt Dunne noted that while Provo is the third city announced in the Google Fiber network, Provo will actually be the first city connected due to the high-speed fiber already in the ground. At the meeting, Curtis and Dunne estimated the first upgraded connections should be completed by the end of the year.
FHA vs. Conventional… Which is better and what are the differences?
I’ve received a lot of questions from Utah physician clients regarding FHA financing. Few people really understand the differences between FHA and Conventional Mortgage Insurance, so I’ll do my best to explain. The first thing to understand is that FHA, in most cases, will be slightly more expensive once you take into consideration the Up-Front Mortgage Insurance Premium (UFMIP) and annual/monthly Mortgage Insurance (MI).
BUT don’t throw the baby out with the bath water! FHA is much more liberal and forgiving in its underwriting guidelines and even loan amounts, which can go as high as $729,750 (check your local county for specific loan limits). Simply stated, FHA can be the best (and only) loan on the planet for someone who:
- Has less than perfect credit
- Has gifted down payment of less than 20%
- Has student loans in deferment
- Has low credit scores
- Wants to finance high dollar amounts with as little as 3.5% down
So let’s start with the facts about FHA, shall we:
Sales of new homes in US up
The economy is continuing to improve, which is welcome news for physicians, resident physicians and dentists moving into Utah or looking at
buying a new home.
Sales of new U.S. homes advanced in March as near record-low mortgage rates helped the industry complete the strongest quarter since 2008, putting the economy on firmer footing.
Purchases of single-family properties climbed 1.5 percent last month to a 417,000 annual pace, Commerce Department figures showed today in Washington. The median estimate of 76 economists surveyed by Bloomberg called for March sales to rise to 416,000.
Shares of homebuilders such as Toll Brothers Inc. (TOL) rallied as cheaper borrowing costs and rising household formation bolstered demand. The figures underscore the view of some Federal Reserve policy makers that residential real estate will contribute more to economic growth this year.
“There is momentum in the housing market, in that inventories are lean, prices are picking up, and people are trying to buy, which is fueling the recovery,” said Daniel Silver, an economist at JPMorgan Chase & Co. and the second-best forecaster of new-home sales in the past two years, according to data compiled by Bloomberg. “You’re seeing spillover in the housing market from broader economic improvement.”
Thanks to bloomberg.com for this post. Go here to read the rest of the article.
How does IBR or Income Based Repayment affect qualifying for a Physician Loan?
This is a question that I get all the time, so many of my clients that are moving into Utah residencies, or into internships have IBR. Income Based Repayment can really be a foreign thing to most underwriters and most originators and something that they just don’t duplicate or wrap their arms around when originating a Utah doctor home loan.
The Income Based Repayment plan and how it affects your loan really depends on what type of loan we put you in. So, there’s a different set of guidelines and different loan programs look at IBR differently. FHA, conventional and our Physician Loans will all look at that just a bit differently.
I’ll go back to one of the key points and one of the things we really bring value to our physicians, is that we offer solutions. So the first thing that we’re going to do is have a consultation, often over the phone. I’m going to ask some key questions, and once I have the answers to those questions I’ll be able to tell you exactly how we’ll calculate IBR.
There are some programs that don’t count any payments when you’re in IBR, there are some programs that just count the IBR payment and then there’s some that want to count the full blown payment. But after our initial assessment I’ll be able to tell you how it exactly will work with your particular situation.
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