Home Mortgage For Physicians In Lorain Ohio

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 you are a first time home buyer or purchasing a new home in Lorain Ohio, our vetted loan officers have a strong understanding of the local area real estate industry and what it really takes to secure your physician loan with proficiency and expertise.

Our loan officers in Lorain Ohio 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 very profitable clients for lending 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 fewer requirements than their competitors.

Physician Mortgage Experts In Lorain Ohio

If you are searching for a physician mortgage loan in Lorain Ohio then you came to the right place.

You’ve trained very hard to become a doctor and buying home shouldn’t 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 specifically for doctors?

Yup, doctors get their own home loan!

A physician loan is a specialized loan program developed just for doctors in the home buying process.

We recognize the financial demands of your student loan financial obligation, and how essential it is to maintain working capital for when the time is right with launching 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 mortgage loan that is exclusively tailored for your needs.

Many doctors in Lorain Ohio may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan financial obligation or minimal to no work history.

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

Not all financial institutions offer this specialized product and within banks that do just simply speaking to the best mortgage officer makes a tremendous difference.

Benefits of Physician Mortgage Loans

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

Purchasing a house doesn’t need to drain 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 cash?

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 home mortgage paid off earlier and save thousands on interest too.

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

Regardless of whether you’re moving down the road, across town or across the country, we are here to assist you throughout the physician home loan process:: because you deserve it!

Doctors, get the home of your dreams with our Lorain Ohio 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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