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 our clients are a first time home buyer or purchasing a new home in Maine, our vetted loan officers have a strong understanding of the local area real estate market and what it really takes to close your physician mortgage with proficiency and expertise.
Our loan officers in Maine offer special financing for doctors, like you.
First, let’s talk about why physician mortgage loans even exist. The reason is that doctors are really profitable clients for financial institutions. They take out big loans early in their careers and almost always pay them off. Lenders use doctor loans to secure early career doctors by lending them more money with far fewer stipulations than their competition.
Physician Mortgage Experts In Maine
If you are searching for a physician home loan in Maine then you came to the right place.
You’ve trained very hard to become a doctor and buying home shouldn’t be nearly as difficult.
Did you know there is a special loan that makes it easy for physicians to buy a home?
A home loan specifically for doctors?
Yup, doctors get their own loan!
A physician home loan is a specialty loan program created just for physicians in the home purchasing process.
We recognize the personal financial demands of your student loan liability, and how important it is to maintain working capital for when the time is right with starting your career. No matter if you are a couple years into practice, or a well established physician, you can depend on us to find a mortgage loan that is specifically tailored for your needs.
Many physicians in Maine may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial debt or very little to no work history.
Despite these reasons smart lending institutions know that doctors are a good bet because they traditionally have an exceptionally low default rate on loans, high earning potential and secure jobs.
Not all banks offer this specialized product and within banks that do simply speaking to the best mortgage loan officer makes a tremendous difference.
Benefits of Physician Home Mortgage Loans
- Generally does not include student loan regular monthly payments in debt-to-income percentage.
- Generally requires small to no down payment (0-5 percent).
- Often does not call for private mortgage insurance (PMI), even when lower than 20 percent down payment.
- Typically will accept a contract as proof of future earnings, instead of pay stubs or W-2s, that don’t yet exist.
Buying a house doesn’t need to empty your savings and the process doesn’t have to drain your time.
Should You Put Money Down?
Suppose you have some cash to put down or are considering delaying until you have the money?
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 circumstances, you’ll get your mortgage paid off earlier and save thousands of dollars on interest rates too.
Furthermore, don’t overlook that having equity in your house will likely provide greater security and flexibility, specifically if something unforeseen happens. With the 100% financed physician mortgage loan, you ought to expect to begin under water. If something does not work out and you are forced to sell quickly, you need to be prepared to write a potentially large check for as much as 10% of the purchase price simply to get out of the home.
Whether you’re relocating down the street, across town or across the country, we are right here to work with you throughout the physician home mortgage process:: because you deserve it!
Doctors, get the home of your dreams with our Maine physician home loan program!
Top cities in Maine for a physician loan.
