So, if I pass the bar this summer, I'm going to be an attorney. I have a job lined up (not one of those super-fancy biglaw ones, but one I am very excited about), and I would like to buy a house ASAP. Some of you will probably be all like, "omg you can't buy a house because you need to save up a ton, you could lose your job, etc." Some concerns might be valid, but I think they are outweighed by the fact that (a) home prices are expected by most analysts to start rising about 3.5%+ starting mid-2012, (b) owning a home means mortgage interest deductions, which means about 1/4 of the monthly payment is given back, (c) about 1/10 of the payment is saved in principal, and most importantly, (d) most analysts expect interest rates to start rising pretty significantly. A 2% rise in interest rates is a big difference in monthly payments.
Now, some of you folks might be all like, "analysts are stupid!! they were wrong recently!!" Well, yes, but if you just assume everything is totally random and equally likely and just ignore what the experts think because they've been wrong in the past, then I think your strategy is bad.
So, anyway, the point of this is to post nice banks that offer
predatory loans with 100% financing, preferably specifically for Attorneys so that they offer better rates. So far, I have found one:
RBC Centura. No PMI payments, 100% financing to Professionals (doctors, lawyers, etc.)
Does anyone else know of any banks that offer 100% financing mortgages to entry-level attorneys?