Physician Loan In Detroit Michigan

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 our clients are a first time home buyer or purchasing a new home in Detroit Michigan, our vetted loan officers have a solid understanding of the local real estate industry and what it really requires to secure your physician home loan with efficiency and know-how.

Our loan officers in Detroit Michigan provide exclusive financing for doctors, just like you.

First, let’s discuss why physician mortgage loans even exist. The reason is that doctors are extremely 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 lending them more money with a fewer number of requirements than their competitions.

Physician Home Loan Experts In Detroit Michigan

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

You’ve trained very hard to become a doctor and purchasing home 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 loan is a specialty loan program designed just for doctors in the home buying process.

We recognize the financial demands of your student loan financial debt, and how essential it is to preserve 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 count on us to find a mortgage loan that is exclusively tailored for your needs.

A large number of doctors in Detroit Michigan may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan debt or minimal to no work history.

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

Not all banks offer this specialized product and within banks that do simply speaking to the best home loan officer makes an enormous difference.

Advantages of Physician Home Mortgage Loans

  • Usually does not include student loan regular monthly payments in debt-to-income ratio.
  • Requires low to no down payment (0-5 percent).
  • Typically does not necessitate private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
  • Will accept an agreement as evidence of future earnings, in lieu of pay stubs or W-2s, which don’t yet exist.

Purchasing a house 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 funds to put down or are thinking about waiting until you have the cash?

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 cases, you’ll get your home mortgage paid off sooner and save thousands of dollars on interest rates too.

Additionally, don’t forget that having equity in your house will provide greater security and flexibility, specifically if something unforeseen happens. With the 100% financed physician home mortgage loan, you ought to expect to start out underwater. If something does not work out and you are forced to sell quickly, you should 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’re moving down the road, across town or across the country, we are right here to lend a hand you throughout the physician home loan process:: because you deserve it!

Doctors, get the house of your dreams with our Detroit Michigan 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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