Does anyone have experience with a SoFi mortgage? It seems their target demographic is college-educated professionals with high incomes and low savings. They make a compelling case vs a traditional lender:

• 10% down with no PMI required
• More financing with flexible debt-to-income limits
• No application, origination, or lender fees
• Fast and fully digital application process
• Fully underwrites borrowers at the pre-approval stage

The devil is in the detail though. All of this is great but if the interest rate is 10% then who cares. Does anyone have personal experience with them?

I absolutely have 0 dog in the hunt here but... there are lots of options available via conventional loans for highly compensated individuals, if the credit is good.

Let's be honest, can these guys really operate any differently than anyone else when, in the end, they're just selling to another servicer or bank in 30 days?

The 45% rule is pretty generous in that I don't think ANYONE should be leveraging themselves to 45% gross pay. There are dual lien/loan mortgages out there to put 5%down and 15% goes on another note to avoid PMI (likely what they are doing).

Lots of good resources on here but I'm pretty sure PMI on less than 20% is federal law now? Probably talking out my ass, but...

I would talk to a broker and see what options are available, loan packages are getting creative again.

We just got a physician loan from Regions, 30 year, 0 down, no PMI at 4.125%. They also have these loans with higher DI ratio allowed. I think ours could've been up to 42%. Locked the rate back in October though and closed in late November. I think rates overall have climbed since. They do other professional loans (dentist, JD, etc...) too and require little down, sometimes close to 5%. Jumbo loans require some down but still have no PMI.

Just like the mortgage referenced by the OP the physician loan has the cost of mortgage insurance built into the above market rate.

What's the term of the loans they are offering?

Local bank here is doing (prior to fed rate hike) 3.85% for healthcare workers (DR/PA other high comp HC professionals) for a 5/1 ARM

I'm sure these are likely repackaged and sold though -

Funny though most bankers will say DRs are not the best money managers but like loan to them

The 3/4 percent rate premium on that 5/1 ARM covers the low equity risk, mortgage insurance.

Banks like the relationship with doctors which is why they're targeted.

jja79 said:

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The 3/4 percent rate premium on that 5/1 ARM covers the low equity risk, mortgage insure.

Banks like the relationship with doctors which is why they're targeted.

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Yep - & they like those deposits

Which can be said for most of the traditional high income professionals - lawyers etc

My experience banking doctors over the years is most are sensible enough to have someone else managing the money and obligations. Usually when that's not the spouse it's not a problem.

We are happy to review your individual situation with you and what you are trying to accomplish. You can reach me at danny@txpremiermortgage.com or 817-269-9762. Class of '07

Until that person starts stealing from them. Ive seen that happen way too many times now.

Never run into that.

One of my sons is an MD and I hope like heck he doesn't try to manage his own money.

Well maybe I need to differentiate this a bit. Managing a financial plan with a financial advisor(s) is great and I recommend that. Never really seen a big problem with this as most financial advisors I and my clients deal with are quite reputable.

The way I took it was managing the money aspect of the business. The small business owners that turn over seemingly total control to others in their business can and have been taken on multiple levels. On that part I hope your MD son manages his own practice and maintains a semblance of control in that. Or has an outside party that actually does his bookkeeping or something like that to add another check and balance.