Physician Home Loan Newark New Jersey

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 Newark New Jersey, our vetted loan officers have a solid understanding of the local real estate industry and what it really takes to close your physician home mortgage with proficiency and expertise.

Our loan officers in Newark New Jersey offer special financing for doctors, just like you.

To start with, let’s talk about 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 Mortgage Experts In Newark New Jersey

If you are looking for a physician mortgage in Newark New Jersey then you came to the perfect place.

You’ve worked very hard to become a doctor and purchasing home should not 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 specifically for doctors?

Yup, doctors get their own loan!

A physician home loan is a specialty loan program created just for doctors in the home purchasing process.

We recognize the financial demands of your student loan debt, and how essential it is to preserve working capital for when the time is right with launching your career. Whether or not you are a couple years into practice, or a well established doctor, you can count on us to find a home loan that is specifically tailored for your needs.

A large number of doctors in Newark New Jersey may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial debt or little to no work history.

Despite these reasons smart financial institutions know that doctors are a good choice due to the fact that they historically 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 consulting with the best mortgage officer makes a tremendous difference.

Advantages 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 necessitate private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
  • Will accept a contract as documentation of future earnings, in lieu 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 have to drain your time.

Should You Put Cash Down?

What if you have some money to put down or are thinking about delaying until you have the cash?

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 circumstances, you’ll get your mortgage loan paid off earlier and save thousands on interest rates too.

Furthermore, don’t overlook that having equity in your house will likely provide greater security and flexibility, specifically if something unanticipated happens. With the 100% financed physician home mortgage loan, you should anticipate to start out 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 simply to get out of the house.

Whether you are relocating down the street, across town or across the country, we are here to work with you all throughout the physician home mortgage process:: because you deserve it!

Doctors, get the house of your dreams with our Newark New Jersey physician loan program!

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