Physician Home Loan East Orange New Jersey

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 you are a first time home buyer or buying a new home in East Orange New Jersey, our vetted loan officers have a solid understanding of the local area real estate industry and what it really requires to secure your physician mortgage with competency and know-how.

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

First off, let’s talk about why physician mortgage loans even exist. The reason is that doctors are really profitable customers 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 lending them more money with far fewer requirements than their competitions.

Physician Home Mortgage Experts In East Orange New Jersey

If you are trying to find a physician mortgage in East Orange New Jersey then you came to the right place.

You’ve trained very hard to become a doctor and purchasing home really 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 specifically for doctors?

Yup, doctors get their own mortgage!

A physician loan is a customized loan program created just for doctors in the home buying process.

We recognize the economic demands of your student loan financial obligation, and how important it is to maintain working capital for when the time is right with starting your career. Whether you are a couple years into practice, or a well established doctor, you can rely on us to find a mortgage loan that is specially tailored for your needs.

A large number of physicians in East Orange New Jersey 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 factors smart loan providers know that doctors are a good bet considering that they generally have an exceptionally low nonpayment rate on loans, high earning potential and stable jobs.

Not all lenders offer this specialized product and within banking institutions that do simply speaking to the right mortgage officer makes a tremendous difference.

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

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

Should You Put Money Down?

What if you have some funds to put down or are looking at waiting until you have the money?

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

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

Additionally, don’t overlook that having equity in your home will definitely offer greater security and flexibility, especially if something unplanned happens. With the 100% financed physician home mortgage loan, you ought to expect to begin under water. If something doesn’t work out and you’re forced to sell quickly, you should be prepared to write a potentially sizable check for up to 10% of the purchase price just to get out of the home.

Whether you’re relocating down the street, across town or across the country, we are right here to work with you throughout the physician home loan process:: because you deserve it!

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

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

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