Physician Home Loan Program In Bloomington Illinois

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 if you are a first time home buyer or buying a new home in Bloomington Illinois, our vetted loan officers have a strong understanding of the local real estate industry and what it takes to close your physician mortgage with proficiency and know-how.

Our loan officers in Bloomington Illinois provide special financing for doctors, like you.

First off, let’s discuss why physician mortgage loans even exist. The reason is that doctors are very 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 a lot fewer stipulations than their competitors.

Physician Home Mortgage Experts In Bloomington Illinois

If you are trying to find a physician home loan in Bloomington Illinois then you came to the right place.

You’ve worked very hard to become a doctor and purchasing home should not 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 home loan!

A physician loan is a specialized loan program designed just for doctors in the home buying process.

We are aware of the budgetary demands of your student loan liability, and how essential 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 doctor, you can rely on us to find a home loan that is specially tailored for your needs.

A lot of doctors in Bloomington Illinois may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan debt or very little to no work history.

Despite these reasons smart loan providers know that doctors are a good bet because they typically have an incredibly low default rate on loans, high earning potential and secure jobs.

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

Advantages of Physician Home Loans

  • Usually does not include student loan regular monthly payments in debt-to-income percentage.
  • Requires low 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 approve a contract as documentation 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?

What if you have some money to put down or are thinking about waiting until you have the money?

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

In most instances, 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 likely offer more security and flexibility, specifically if something unanticipated happens. With the 100% financed physician mortgage loan, you ought to anticipate to begin underwater. 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 just to get out of the house.

Regardless of whether you are moving 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 Bloomington Illinois physician home loan program!

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

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