Physician Mortgage Binghamton New York

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.
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Whether or not you are a first time home buyer or purchasing a new home in Binghamton New York, our vetted loan officers have a solid understanding of the local area real estate industry and what it requires to close your physician home loan with proficiency and expertise.

Our loan officers in Binghamton New York provide special financing for doctors, exactly like you.

To start with, let’s talk about why physician mortgage loans even exist. The reason is that doctors are very profitable customers for lending institutions. 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 competitors.

Physician Home Mortgage Experts In Binghamton New York

If you are looking for a physician loan in Binghamton New York then you came to the perfect place.

You’ve worked very hard to become a doctor and purchasing home shouldn’t be nearly as difficult.

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 loan!

A physician mortgage is a specialty loan program put together just for doctors in the home purchasing process.

We are aware of the personal financial demands of your student loan financial debt, and how important it is to preserve working capital for when the time is right with starting your career. Whether or not you are a couple years into practice, or a well established doctor, you can count on us to find a mortgage loan that is specially tailored for your needs.

A lot of doctors in Binghamton New York may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan financial debt or minimal to no work history.

Despite these reasons smart loan providers know that doctors are a good choice considering that they historically have an extremely low default rate on loans, high earning potential and stable jobs.

Not all financial institutions offer this specialized product and within banks that do simply speaking to the best mortgage loan officer makes a significant difference.

Benefits of Physician Home Mortgage Loans

  • Generally does not include student loan monthly payments in debt-to-income ratio.
  • Requires small to no down payment (0-5 percent).
  • Typically does not necessitate private mortgage insurance (PMI), even if 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.

Purchasing a house doesn’t need to drain 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 looking at delaying until you have the money?

Our mortgage lenders can do the math for you and show you what each situation looks like and the benefits of each too.

In most instances, you’ll get your home mortgage paid off earlier and save thousands of dollars on interest too.

Additionally, don’t forget that having equity in your house will most likely offer more security and overall flexibility, particularly if something unforeseen happens. With the 100% financed physician home mortgage loan, you should anticipate to start out under water. If something doesn’t work out and you’re forced to sell quickly, you should 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 are relocating down the road, across town or across the country, we are right here to lend a hand you all throughout the physician home loan process:: because you deserve it!

Doctors, get the home of your dreams with our Binghamton New York physician home mortgage program!

Less than an hour ago, doctors just like you requested a loan from the locations listed below.

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