Home Mortgage For Physician Elizabeth 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 or not our clients are a first time home buyer or purchasing a new home in Elizabeth 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 expertise.

Our loan officers in Elizabeth New Jersey provide special financing for doctors, exactly like you.

First, let’s talk about why physician mortgage loans even exist. The main 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 lock in early career doctors by lending them more money with far fewer terms than their competitions.

Physician Home Mortgage Experts In Elizabeth New Jersey

If you are looking for a physician mortgage loan in Elizabeth New Jersey then you came to the right place.

You’ve worked very hard to become a doctor and buying 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 home loan is a special loan program put together just for doctors in the home buying process.

We understand the financial demands of your student loan financial obligation, and how vital it is to preserve 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 exclusively tailored for your needs.

Many physicians in Elizabeth New Jersey may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial obligation or minimal to no work history.

Despite these factors smart lenders know that doctors are a good choice because they generally have an extremely low nonpayment rate on loans, high earning potential and secure jobs.

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

Benefits of Physician Mortgage Loans

  • Usually does not include student loan monthly payments in debt-to-income ratio.
  • Requires small to no down payment (0-5 percent).
  • Often does not necessitate private mortgage insurance (PMI), even when lower than 20 percent down payment.
  • Will accept an agreement as proof of future earnings, instead of pay stubs or W-2s, that don’t yet exist.

Purchasing 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 funds?

Our lenders can do the math for you and show you what each situation looks like and the advantages of each too.

In most situations, you’ll get your home loan paid off sooner and save thousands on interest too.

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

No matter if you’re relocating down the road, across town or across the country, we are right here to work with you throughout the physician home mortgage process:: because you deserve it!

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

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