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 St. Louis Park Minnesota, our vetted loan officers have a strong understanding of the local area real estate industry and what it really requires to close your physician loan with competency and know-how.
Our loan officers in St. Louis Park Minnesota offer specialized financing for doctors, exactly like you.
First and foremost, let’s talk about why physician mortgage loans even exist. The reason is that doctors are extremely profitable clients for lenders. 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 far fewer stipulations than their competitions.
Physician Mortgage Experts In St. Louis Park Minnesota
If you are searching for a physician mortgage in St. Louis Park Minnesota then you came to the right place.
You’ve worked very hard to become a doctor and purchasing home really 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 just for doctors?
Yup, doctors get their own mortgage!
A physician home mortgage is a specialized loan program made just for doctors in the home buying process.
We recognize the economic demands of your student loan liability, and how essential it is to preserve 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 doctor, you can depend on us to find a home loan that is specifically tailored for your needs.
A lot of doctors in St. Louis Park Minnesota may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial obligation or minimal to no work history.
Despite these reasons smart loan providers know that doctors are a good choice because they historically have an exceptionally low nonpayment rate on loans, high earning potential and stable jobs.
Not all banks offer this specialized product and within banking institutions that do simply speaking with the best mortgage loan officer makes an enormous difference.
Benefits of Physician Mortgage Loans
- Typically does not include student loan monthly payments in debt-to-income percentage.
- Requires small to no down payment (0-5 percent).
- Often does not require private mortgage insurance (PMI), even if lower than 20 percent down payment.
- Will accept an agreement as proof of future earnings, instead of pay stubs or W-2s, which don’t yet exist.
Buying a house 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 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 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 greater security and flexibility, particularly if something unforeseen happens. With the 100% financed physician mortgage loan, you ought to expect to start out under water. If something does not work out and you’re 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.
Regardless of whether you’re relocating down the street, across town or across the country, we are available to work with you all throughout the physician home loan process:: because you deserve it!
Doctors, get the home of your dreams with our St. Louis Park Minnesota physician loan program!
Less than an hour ago, doctors just like you requested a loan from the locations listed below.
