Home Mortgage For Physician Evanston Illinois

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 if you are a first time home buyer or purchasing a new home in Evanston Illinois, our vetted loan officers have a strong understanding of the local real estate market and what it really takes to secure your physician home mortgage with competency and know-how.

Our loan officers in Evanston Illinois provide special financing for doctors, like you.

First, let’s talk about why physician mortgage loans even exist. The main reason is that doctors are very profitable clients 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 loaning them more money with fewer terms than their competitions.

Physician Mortgage Experts In Evanston Illinois

If you are searching for a physician mortgage in Evanston Illinois then you came to the perfect place.

You’ve trained very hard to become a doctor and purchasing home really should not 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 only for doctors?

Yup, doctors get their own loan!

A physician home loan is a special loan program made just for doctors in the home buying process.

We understand the personal financial 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. Whether you are a couple years into practice, or a well established doctor, you can count on us to find a mortgage loan that is specially tailored for your needs.

Many physicians in Evanston 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 lending institutions know that doctors are a good bet due to the fact that they historically have an incredibly low default rate on loans, high earning potential and stable jobs.

Not all financial institutions offer this specialized product and within banks that do just simply consulting with the best home loan officer makes a significant difference.

Benefits of Physician Home Mortgage Loans

  • Typically 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 require private mortgage insurance (PMI), even when lower than 20 percent down payment.
  • Will accept a contract as evidence of future earnings, instead of pay stubs or W-2s, which don’t yet exist.

Buying a house doesn’t have to drain your savings and the process doesn’t need to drain your time.

Should You Put Cash Down?

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

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

In most cases, you’ll get your mortgage paid off sooner and save thousands on interest too.

Furthermore, don’t forget that having equity in your house will most likely provide more security and flexibility, especially if something unforeseen happens. With the 100% financed physician home mortgage loan, you should anticipate to begin underwater. If something does not work out and you’re forced to sell quickly, you need to be prepared to write a potentially big check for up to 10% of the purchase price just to get out of the house.

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

Doctors, get the home of your dreams with our Evanston Illinois 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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