Physician Loan In Mobile Alabama

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 you are a first time home buyer or purchasing a new home in Mobile Alabama, our vetted loan officers have a solid understanding of the local real estate industry and what it really requires to close your physician home mortgage with competency and expertise.

Our loan officers in al geo provide specialized financing for doctors, like you.

To start with, let’s discuss why physician mortgage loans even exist. The reason is that doctors are very profitable clients for financial institutions. 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 fewer number of requirements than their competitors.

Physician Home Mortgage Experts In Mobile Alabama

If you are trying to find a physician home loan in Mobile Alabama then you came to the perfect place.

You’ve worked 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 mortgage!

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

We understand the budgetary demands of your student loan liability, and how crucial it is to maintain working capital for when the time is right with embarking upon your career. Regardless if you are a couple years into practice, or a well established doctor, you can rely on us to find a home loan that is specifically tailored for your needs.

Quite a few physicians in Mobile Alabama may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan debt or very little to no work history.

Despite these reasons smart financial institutions know that doctors are a good bet because they historically have an extremely low default rate on loans, high earning potential and stable jobs.

Not all financial institutions offer this specialized product and within banks that do simply talking with the right mortgage loan officer makes a tremendous difference.

Advantages of Physician Mortgage Loans

  • Generally does not include student loan regular monthly payments in debt-to-income ratio.
  • Requires small to no down payment (0-5 percent).
  • Typically does not call for private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will approve an agreement as documentation of future earnings, instead of pay stubs or W-2s, which 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?

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

Our lenders can do the math for you and show you what each scenario looks like and the advantages of each too.

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

Additionally, don’t forget that having equity in your home will most likely provide greater 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 are forced to sell quickly, you should be prepared to write a potentially sizable check for up to 10% of the purchase price just to get out of the home.

No matter if you are relocating down the street, across town or across the country, we are here to work with you through the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our Mobile Alabama 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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