Physician Loan In Iowa City Iowa

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 our clients are a first time home buyer or purchasing a new home in Iowa City Iowa, our vetted loan officers have a solid understanding of the local real estate market and what it really takes to secure your physician loan with competency and know-how.

Our loan officers in Iowa City Iowa offer specialized financing for doctors, exactly like you.

First off, let’s discuss 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 lock in early career doctors by loaning them more money with a lot fewer stipulations than their competitors.

Physician Loan Experts In Iowa City Iowa

If you are searching for a physician mortgage loan in Iowa City Iowa then you came to the perfect place.

You’ve worked 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 just for doctors?

Yup, doctors get their own loan!

A physician home mortgage is a special loan program put together just for doctors in the home purchasing process.

We recognize the financial demands of your student loan financial debt, and how vital it is to preserve working capital for when the time is right with starting your career. Whether you are a couple years into practice, or a well established doctor, you can depend on us to find a mortgage loan that is specifically tailored for your needs.

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

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

Not all banks offer this specialized product and within banking institutions that do just simply speaking with the right mortgage officer makes a tremendous difference.

Advantages of Physician Mortgage Loans

  • Typically does not include student loan monthly payments in debt-to-income percentage.
  • Requires low to no down payment (0-5 percent).
  • Often does not require private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
  • Will approve a contract as proof of future earnings, instead of pay stubs or W-2s, that don’t yet exist.

Purchasing a house doesn’t need to empty your savings and the process doesn’t need to drain your time.

Should You Put Money Down?

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

Our loan providers can do the math for you and show you what each circumstance looks like and the advantages of each too.

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

Additionally, don’t overlook 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 ought to anticipate to start out 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 as much as 10% of the purchase price simply to get out of the house.

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

Doctors, get the home of your dreams with our Iowa City Iowa physician home loan program!

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