Physician Home Loan Program In Erie Pennsylvania

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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Regardless of whether our clients are a first time home buyer or purchasing a new home in Erie Pennsylvania, our vetted loan officers have a strong understanding of the local area real estate market and what it takes to secure your physician home loan with competency and know-how.

Our loan officers in Erie Pennsylvania provide special financing for doctors, like you.

To start with, let’s discuss why physician mortgage loans even exist. The reason is that doctors are really profitable customers for financial 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 loaning them more money with far fewer terms than their competitors.

Physician Mortgage Experts In Erie Pennsylvania

If you are searching for a physician loan in Erie Pennsylvania then you came to the perfect place.

You’ve trained very hard to become a doctor and buying home 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 just for doctors?

Yup, doctors get their own mortgage!

A physician loan is a customized loan program developed just for doctors in the home purchasing process.

We recognize the budgetary demands of your student loan financial obligation, and how important it is to preserve working capital for when the time is right with embarking upon your career. No matter 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.

Quite a few doctors in Erie Pennsylvania may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial debt or little to no work history.

Despite these factors smart loan providers know that doctors are a good choice considering that they traditionally have an extremely low default rate on loans, high earning potential and secure jobs.

Not all banks offer this specialized product and within banks that do simply talking with the best mortgage officer makes a remarkable difference.

Advantages of Physician Mortgage Loans

  • Typically does not include student loan regular monthly payments in debt-to-income percentage.
  • Requires very low to no down payment (0-5 percent).
  • Usually does not require private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will accept a contract as documentation of future earnings, in lieu of pay stubs or W-2s, that 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?

Suppose you have some money to put down or are thinking about delaying until you have the funds?

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

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

Furthermore, don’t overlook that having equity in your home will definitely provide more security and flexibility, particularly if something unforeseen happens. With the 100% financed physician home mortgage loan, you should anticipate to begin underwater. If something doesn’t work out and you are forced to sell quickly, you should be prepared to write a potentially large check for as much as 10% of the purchase price simply to get out of the house.

No matter if you’re moving down the street, 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 house of your dreams with our Erie Pennsylvania 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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