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 purchasing a new home in Cuyahoga Falls Ohio, our vetted loan officers have a solid understanding of the local real estate market and what it takes to close your physician mortgage with proficiency and expertise.
Our loan officers in Cuyahoga Falls Ohio offer specialized financing for doctors, exactly like you.
First, let’s discuss why physician mortgage loans even exist. The main reason is that doctors are really profitable customers for lenders. They take out big loans early in their careers and almost always pay them off. Lenders use physician home loans to lock in early career doctors by loaning them more money with a lot fewer terms than their competitions.
Physician Loan Experts In Cuyahoga Falls Ohio
If you are looking for a physician mortgage in Cuyahoga Falls Ohio then you came to the right place.
You’ve worked very hard to become a doctor and purchasing 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 specialty loan program created just for doctors in the home purchasing process.
We are aware of the budgetary demands of your student loan financial obligation, and how essential 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 count on us to find a mortgage loan that is exclusively tailored for your needs.
A lot of physicians in Cuyahoga Falls Ohio may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan debt or minimal to no work history.
Despite these factors smart lenders know that doctors are a good bet due to the fact that they traditionally have an exceptionally low nonpayment rate on loans, high earning potential and stable jobs.
Not all mortgage lenders offer this specialized product and within banking institutions that do just simply speaking to the best mortgage loan officer makes a significant difference.
Advantages of Physician Mortgage Loans
- Typically does not include student loan regular monthly payments in debt-to-income percentage.
- 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 accept an agreement as documentation of future earnings, instead of pay stubs or W-2s, that don’t yet exist.
Purchasing a home doesn’t have to empty your savings and the process doesn’t have to drain your time.
Should You Put Cash Down?
Suppose you have some money to put down or are looking at delaying until you have the funds?
Our lenders can do the math for you and show you what each circumstance looks like and the benefits of each too.
In most circumstances, you’ll get your mortgage loan paid off sooner and save thousands of dollars on interest rates too.
Additionally, don’t overlook that having equity in your house will provide greater security and overall flexibility, particularly if something unforeseen happens. With the 100% financed physician mortgage loan, you ought to expect to start out under water. If something doesn’t work out and you are forced to sell quickly, you need to be prepared to write a potentially sizable check for up to 10% of the purchase price simply to get out of the home.
Whether you are moving down the street, across town or across the country, we are right here to assist you throughout the physician home mortgage process:: because you deserve it!
Doctors, get the house of your dreams with our Cuyahoga Falls Ohio physician loan program!
Less than an hour ago, doctors just like you requested a loan from the locations listed below.
