Many residents or young doctors decide on a condo as a first step in deciding where to live. The program offered by Patterson State Bank is very hard to beat. I do not know all the details but Barbara Deichmann will know all the answers 504-616-8067. She said it is very easy as all the loans are approved in house and the loans stay at the bank. I have known her for years so she is no fly by night lender.
Its a great deal for New Orleans residents at any of the local hospitals where you may be heading. Best to call Barbara to get all the details about the New Orleans Doctor Loans for 2012.
I just found out about this as I sell condos to doctors all the time and was looking for something like this. I have had bad experiences with the few out of town programs that I have been involved with. Never had an issue working with Barbara. An in house program allows for swift answers to you questions.
The rates are 3.3% with nothing down. Yes 100% financing. The term of the loan is 5 years amortised over 30 years. It is like a balloon note but they will work with you at the end of the term if you need more time. You can get the loan now even though you are starting in July. Lets get you settled now with the loan and then I can find you the best possible condo that I can.
Some Quick Facts on the Numbers
Renting for 4 years at $1200 pr month is $57,600 and that goes to your landlord never to be seen by you again.
Borrow $200,000 and your principle and Interest is $875.91 per month. You will have condo fees and taxes to add to this. The total outlay will most likely not be much more than the $1200 in rent.
Your reduction in principle or your equity after 4 years is $16,698.66. The number increase monthly. You can deduction the interest as a home owner to the tune of $25,345.02 over the four years. Let Uncle Sam help you out now as you will certainly help him out later. This really lowers your out of pocket expenses by almost $400 per month.
If your condo goes up in price by 1% you will gain $2000 in one year. Prices are trending up in New Orleans and the total appreciation can easily be $10,000 over the 4 year period. People I sold the last 2 years are up in almost all cases. I do not expect to have the down trend that we had in 2008-2009 period.
So its worth calling Barbara at Patterson State Bank 504-616-8067. And call Eric for the condo or home ideas. I have some starting as low as $109,000 with an easy ride to most all places where you would be. That is $477.37 per month on the principal and interest with condo fees of $152 per month. Your total cost will come in under $800 per month for a new place.
To make this picture become clearer just ask questions and get some answers. This is what we do well. Its a big decision but we can make it a little easier for you and it can be cheaper than renting.