Some Silicon Valley Tech Workers Get Home Loans with No Money Down

Re:Some Silicon Valley Tech Workers Get Home Loans with No M... by vermontdevil on Wednesday July 27, 2016 @11:56AM (#12173866)

Medical school graduates get similar deals as long as they verify proof of residency. They can get up to $500k with no money down and $1m with some down and near zero interest rates.

I'm sure other types of employees get these deals.

See this for example: https://www.53.com/mortgage/physician-loan.html

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Re:Some Silicon Valley Tech Workers Get Home Loans with No M... by abbottry on Wednesday July 27, 2016 @12:16PM (#12174070)

Came here to mention this exact thing -- you don't even have to be an attending, my wife and I have this loan through a different company, and she is still a resident. We had banks fighting over our mortgage. No money down, no PMI, and they portfolio the loan instead of selling it right away like a standard mortgage. We live in a Detroit suburb.

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Re:Some Silicon Valley Tech Workers Get Home Loans with No M... by sandinmyjoints on Wednesday July 27, 2016 @04:36PM (#12176314)

Why would they "portfolio" (I'm inferring this means keep it on their books) such a loan instead of selling it? Because the risk is thought to be so much lower than standard mortgages that keeping it somehow helps them in some way?

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