Regardless of whether you are a first time home buyer or purchasing a new home in Illinois, our vetted loan officers have a solid understanding of the local area real estate market and what it really takes to close your physician home mortgage with efficiency and expertise.
Our loan officers in Illinois provide special financing for doctors, just like you.
First, let’s talk about why physician mortgage loans even exist. The reason is that doctors are extremely profitable customers for lenders. They take out big loans early in their careers and almost always pay them off. Lenders use doctor loans to lock in early career doctors by loaning them more money with a lot fewer requirements than their competitions.
Physician Home Mortgage Experts In Illinois
If you are searching for a physician mortgage loan in Illinois then you came to the right place.
You’ve worked 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 physicians to buy a home?
A home loan specifically for doctors?
Yup, doctors get their own loan!
A physician home mortgage is a special loan program created just for physicians in the home purchasing process.
We are aware of the financial demands of your student loan liability, and how essential 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 physician, you can count on us to find a mortgage loan that is specially tailored for your needs.
Quite a few physicians in Illinois may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan debt or little to no work history.
Despite these reasons smart lending institutions know that doctors are a good choice considering that they typically have an incredibly low nonpayment rate on loans, high earning potential and stable jobs.
Not all lenders offer this specialized product and within banks that do simply consulting with the right mortgage loan officer makes a remarkable difference.
Advantages of Physician Mortgage Loans
- Usually does not include student loan monthly payments in debt-to-income percentage.
- Usually requires low to no down payment (0-5 percent).
- Often does not call for private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
- Generally will approve an agreement as evidence of future earnings, instead of pay stubs or W-2s, that don’t yet exist.
Purchasing a house doesn’t have to empty your savings and the process doesn’t need to drain your time.
Should You Put Cash Down?
Suppose you have some funds to put down or are thinking about waiting until you have the cash?
Our lenders can do the math for you and show you what each scenario looks like and the advantages of each too.
In most situations, you’ll get your home loan paid off sooner and save thousands of dollars on interest rates too.
Additionally, don’t forget that having equity in your house will likely offer more security and overall flexibility, specifically if something unexpected happens. With the 100% financed physician mortgage loan, you ought to expect to begin underwater. If something doesn’t work out and you are forced to sell quickly, you need to be prepared to write a potentially big check for as much as 10% of the purchase price just to get out of the home.
Regardless of whether you are moving down the street, across town or across the country, we are right here to assist you all throughout the physician home mortgage process:: because you deserve it!
Doctors, get the house of your dreams with our Illinois physician home mortgage program!
Top cities in Illinois for a physician loan.