Whether or not you are a first time home buyer or buying a new home in Des Plaines Illinois, our vetted loan officers have a strong understanding of the local area real estate market and what it takes to close your physician home loan with competency and know-how.
Our loan officers in Des Plaines Illinois offer special financing for doctors, exactly like you.
First off, let’s discuss why physician mortgage loans even exist. The reason is that doctors are extremely 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 lending them more money with fewer requirements than their competitors.
Physician Mortgage Experts In Des Plaines Illinois
If you are trying to find a physician loan in Des Plaines Illinois 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 specifically for doctors?
Yup, doctors get their own home loan!
A physician loan is a customized loan program made just for doctors in the home buying process.
We recognize the budgetary demands of your student loan financial obligation, and how important it is to maintain working capital for when the time is right with launching your career. Regardless 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.
Many doctors in Des Plaines Illinois may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan financial debt or very little to no work history.
Despite these reasons smart loan providers know that doctors are a good choice because they typically have an extremely low nonpayment rate on loans, high earning potential and secure jobs.
Not all mortgage lenders offer this specialized product and within banking institutions that do simply consulting with the best home loan officer makes an enormous difference.
Advantages of Physician Home Loans
- Usually does not include student loan regular monthly payments in debt-to-income ratio.
- Requires very low to no down payment (0-5 percent).
- Usually does not call for private mortgage insurance (PMI), even when lower than 20 percent down payment.
- Will accept an agreement as proof of future earnings, in lieu of pay stubs or W-2s, which don’t yet exist.
Purchasing a home doesn’t have to drain your savings and the process doesn’t have to drain your time.
Should You Put Money Down?
What if you have some cash to put down or are looking at waiting until you have the funds?
Our loan providers can do the math for you and show you what each scenario looks like and the advantages of each too.
In most cases, you’ll get your mortgage loan paid off sooner and save thousands of dollars on interest rates too.
Furthermore, don’t forget that having equity in your home will provide more 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 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 simply to get out of the home.
No matter if you’re moving down the road, across town or across the country, we are right here to help you throughout the physician home loan process:: because you deserve it!
Doctors, get the home of your dreams with our Des Plaines Illinois physician home loan program!