Home Mortgage For Physicians In Birmingham Alabama

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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Regardless of whether you are a first time home buyer or buying a new home in Birmingham Alabama, our vetted loan officers have a strong understanding of the local area real estate industry and what it requires to close your physician home mortgage with competency and expertise.

Our loan officers in al geo 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 physician home loans to secure early career doctors by loaning them more money with a lot fewer terms than their competitions.

Physician Home Loan Experts In Birmingham Alabama

If you are looking for a physician home loan in Birmingham Alabama then you came to the right 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 only for doctors?

Yup, doctors get their own mortgage!

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

We recognize the personal financial demands of your student loan financial debt, and how essential it is to maintain working capital for when the time is right with launching your career. Whether or not you are a couple years into practice, or a well established doctor, you can rely on us to find a home loan that is specifically tailored for your needs.

A large number of physicians in Birmingham Alabama may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial obligation or very little to no work history.

Despite these reasons smart lending institutions know that doctors are a good choice because they generally have an exceptionally low default rate on loans, high earning potential and secure jobs.

Not all mortgage lenders offer this specialized product and within banks that do simply talking to the best mortgage loan officer makes a tremendous difference.

Advantages of Physician Home 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 when lower than 20 percent down payment.
  • Will approve an agreement as proof of future earnings, in lieu of pay stubs or W-2s, that don’t yet exist.

Buying a home doesn’t have to drain your savings and the process doesn’t need to drain your time.

Should You Put Money Down?

Suppose you have some money to put down or are thinking about delaying until you have the money?

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

In most cases, you’ll get your mortgage loan paid off sooner and save thousands on interest rates too.

Furthermore, don’t overlook that having equity in your house will provide more security and overall flexibility, particularly if something unanticipated 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 large check for up to 10% of the purchase price just to get out of the house.

No matter if you are moving down the road, across town or across the country, we are right here to assist you all throughout the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our Birmingham Alabama physician home mortgage program!

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