Regardless if you are a first time home buyer or buying a new home in Elgin Illinois, our vetted loan officers have a solid understanding of the local real estate market and what it really takes to close your physician home loan with proficiency and know-how.
Our loan officers in Elgin Illinois offer special financing for doctors, like you.
First, let’s discuss why physician mortgage loans even exist. The main reason is that doctors are very 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 fewer terms than their competitors.
Physician Home Loan Experts In Elgin Illinois
If you are searching for a physician loan in Elgin Illinois then you came to the perfect place.
You’ve trained very hard to become a doctor and purchasing home shouldn’t 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 special loan program designed just for doctors in the home buying process.
We understand the economic demands of your student loan debt, and how crucial it is to maintain working capital for when the time is right with embarking upon your career. Regardless if you are a couple years into practice, or a well established doctor, you can count on us to find a home loan that is exclusively tailored for your needs.
A large number of doctors in Elgin Illinois may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan financial obligation or little to no work history.
Despite these reasons smart loan providers know that doctors are a good bet because they traditionally have an exceptionally 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 speaking with the best mortgage officer makes a tremendous difference.
Benefits of Physician Home Loans
- Generally 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 if lower than 20 percent down payment.
- Will approve a contract as proof of future earnings, in lieu of pay stubs or W-2s, which don’t yet exist.
Purchasing a home doesn’t need to drain 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 considering delaying until you have the cash?
Our loan providers can do the math for you and show you what each situation looks like and the advantages of each too.
In most cases, you’ll get your home loan paid off sooner and save thousands on interest too.
Additionally, don’t forget that having equity in your house will likely offer greater security and overall flexibility, especially if something unplanned happens. With the 100% financed physician home 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 simply to get out of the house.
No matter if you are relocating down the road, across town or across the country, we are here to work with you all throughout the physician home mortgage process:: because you deserve it!
Doctors, get the house of your dreams with our Elgin Illinois physician loan program!