Physician Home Loan East Orange New Jersey

Preferred Physician Loan Officer

Jim Webster
NMLS# 658933
Mobile: (240) 620-1414
Email: jwebster@fultonmortgagecompany.com
Website: www.fultonmortgagecompany.com/jimwebster

  • Available terms 15 year fixed, 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM and 15/1ARM
  • 100% financing to $1,500,000
  • 700 minimum credit score
  • No Mortgage Insurance
  • Signed employment contract with guaranteed income allowed for qualifying if start of new job is not more than 60 days from settlement of home purchase
  • Available for MD, DO, DMD, PHARMD, DVM and DDS
  • Residents and Fellows allowed student loans deferred for 12 months not counted in debt to income ratio
  • Practicing Doctors must not be out of Residency more than 10 years unless they are relocating for a new job
  • Self-employed or RVU paid doctors need 2 years filed federal tax returns for income qualification
  • Bank checking account with auto mortgage payment from that account required.
Get Your Physician Loan Rates Now by Completing the Form Below.

Whether or not you are a first time home buyer or buying a new home in East Orange New Jersey, our vetted loan officers have a strong understanding of the local area real estate industry and what it requires to close your physician home loan with competency and know-how.

Our loan officers in East Orange New Jersey provide specialized financing for doctors, like you.

First, let’s talk about why physician mortgage loans even exist. The main reason is that doctors are really 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 secure early career doctors by lending them more money with fewer requirements than their competitors.

Physician Home Loan Experts In East Orange New Jersey

If you are looking for a physician home loan in East Orange New Jersey then you came to the right place.

You’ve trained very hard to become a doctor and purchasing home shouldn’t 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 loan!

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

We understand the financial demands of your student loan liability, and how vital it is to maintain 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 depend on us to find a home loan that is exclusively tailored for your needs.

Many doctors in East Orange New Jersey may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial debt or very little to no work history.

Despite these reasons smart loan providers know that doctors are a good bet because they generally have an exceptionally low nonpayment rate on loans, high earning potential and stable jobs.

Not all financial institutions offer this specialized product and within banking institutions that do simply talking to the best home loan officer makes a significant difference.

Advantages of Physician Mortgage Loans

  • Usually does not include student loan regular monthly payments in debt-to-income percentage.
  • Requires small to no down payment (0-5 percent).
  • Generally does not call for 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, that don’t yet exist.

Buying 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 funds to put down or are considering delaying until you have the cash?

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

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

Additionally, don’t overlook that having equity in your home will offer more security and overall flexibility, specifically if something unexpected happens. With the 100% financed physician mortgage loan, you should expect to start out underwater. If something does not work out and you’re 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 home.

Whether you are relocating down the road, across town or across the country, we are here to assist you all throughout the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our East Orange New Jersey physician loan program!

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