Benefits of a Physician Loan
- Zero or Low Down Payment 0-10% is typical.
- No Private Mortgage Insurance(PMI) saving you up to 1% annually. That is a $10,000 per year savings on a 1 million dollar home.
- Student loan debt not counted against you. This allows you to qualify for a nicer home.
- Higher loan limits up to 2 million are available typically at the same rate.
- Ability to close 90 days prior to new employment beginning. Moving is stressful enough without starting a new job. Why move twice or pay huge premiums for long term housing.
Whether or not you are a first time home buyer or buying a new home in Pembroke Pines Florida, our vetted loan officers have a solid understanding of the local area real estate market and what it really takes to close your physician home mortgage with efficiency and know-how.
Our loan officers in Pembroke Pines Florida offer special financing for doctors, like you.
First, let’s talk about why physician mortgage loans even exist. The reason is that doctors are extremely profitable clients for lending institutions. They take out big loans early in their careers and almost always pay them off. Lenders use physician home loans to secure early career doctors by loaning them more money with fewer requirements than their competitors.
Physician Home Loan Experts In Pembroke Pines Florida
If you are looking for a physician mortgage in Pembroke Pines Florida then you came to the right place.
You’ve trained very hard to become a doctor and buying home should not be nearly as challenging.
Did you know there is a special loan that makes it easy for doctors to buy a home?
A home loan specifically for doctors?
Yup, doctors get their own home loan!
A physician home loan is a customized loan program put together just for doctors in the home purchasing process.
We are aware of the financial demands of your student loan debt, and how important it is to preserve working capital for when the time is right with embarking upon your career. No matter if you are a couple years into practice, or a well established doctor, you can rely on us to find a home loan that is specifically tailored for your needs.
A lot of physicians in Pembroke Pines Florida may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan debt or little to no work history.
Despite these reasons smart lending institutions know that doctors are a good choice due to the fact that they generally have an extremely low default rate on loans, high earning potential and stable jobs.
Not all lenders offer this specialized product and within banking institutions that do just simply speaking to the right mortgage loan officer makes a significant difference.
Benefits of Physician Home Mortgage Loans
- Generally does not include student loan regular monthly payments in debt-to-income ratio.
- Requires very low to no down payment (0-5 percent).
- Generally does not necessitate private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
- Will accept a contract as documentation of future earnings, instead of pay stubs or W-2s, which don’t yet exist.
Buying a house doesn’t have to drain your savings and the process doesn’t need to drain your time.
Should You Put Money Down?
What if you have some funds to put down or are considering delaying until you have the funds?
Our loan providers can do the math for you and show you what each situation looks like and the advantages of each too.
In most cases, you’ll get your home loan paid off earlier and save thousands of dollars on interest too.
Additionally, don’t overlook that having equity in your home will likely offer more security and flexibility, especially if something unanticipated happens. With the 100% financed physician mortgage loan, you ought to anticipate to begin under water. If something does not work out and you’re forced to sell quickly, you should be prepared to write a potentially large check for up to 10% of the purchase price just to get out of the home.
No matter if you are relocating down the road, across town or across the country, we are here to help you through the physician home loan process:: because you deserve it!
Doctors, get the house of your dreams with our Pembroke Pines Florida physician home loan program!
