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 our clients are a first time home buyer or buying a new home in Des Moines Iowa, our vetted loan officers have a strong understanding of the local area real estate market and what it takes to secure your physician home loan with competency and know-how.
Our loan officers in Des Moines Iowa offer special financing for doctors, like you.
First and foremost, let’s talk about why physician mortgage loans even exist. The reason is that doctors are very profitable clients for financial 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 lending them more money with fewer stipulations than their competitions.
Physician Home Loan Experts In Des Moines Iowa
If you are searching for a physician mortgage in Des Moines Iowa 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 mortgage!
A physician mortgage is a specialty loan program made just for doctors in the home buying process.
We are aware of the economic demands of your student loan liability, and how essential it is to maintain working capital for when the time is right with launching your career. No matter if you are a couple years into practice, or a well established doctor, you can depend on us to find a mortgage loan that is specially tailored for your needs.
A lot of doctors in Des Moines Iowa may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial debt or little to no work history.
Despite these factors smart financial institutions know that doctors are a good choice considering that they historically have an incredibly low default rate on loans, high earning potential and stable jobs.
Not all banks offer this specialized product and within banks that do just simply talking with the best mortgage officer makes a tremendous difference.
Advantages of Physician Home Loans
- Usually does not include student loan monthly payments in debt-to-income ratio.
- Requires small 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 approve an agreement as documentation of future earnings, in lieu of pay stubs or W-2s, which don’t yet exist.
Purchasing a house doesn’t have to drain your savings and the process doesn’t have to drain your time.
Should You Put Money Down?
What if you have some cash to put down or are thinking about waiting until you have the funds?
Our lenders can do the math for you and show you what each situation looks like and the benefits of each too.
In most circumstances, you’ll get your home loan paid off earlier and save thousands on interest rates too.
Furthermore, don’t overlook that having equity in your home will likely provide more security and flexibility, especially if something unforeseen happens. With the 100% financed physician home mortgage loan, you should anticipate to start out underwater. If something does not work out and you are forced to sell quickly, you should be prepared to write a potentially big check for as much as 10% of the purchase price just to get out of the home.
No matter if you are moving down the road, across town or across the country, we are here to help you throughout the physician home loan process:: because you deserve it!
Doctors, get the house of your dreams with our Des Moines Iowa physician home loan program!
Less than an hour ago, doctors just like you requested a loan from the locations listed below.
