Home Mortgage For Physician Passaic 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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Whether our clients are a first time home buyer or purchasing a new home in Passaic New Jersey, our vetted loan officers have a strong understanding of the local real estate industry and what it requires to close your physician mortgage with efficiency and know-how.

Our loan officers in Passaic New Jersey offer specialized financing for doctors, like you.

First and foremost, let’s discuss why physician mortgage loans even exist. The main 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 secure early career doctors by lending them more money with fewer requirements than their competitions.

Physician Home Loan Experts In Passaic New Jersey

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

You’ve trained very hard to become a doctor and purchasing home should not 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 loan!

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

We understand the financial demands of your student loan financial obligation, and how vital 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 home loan that is exclusively tailored for your needs.

Many physicians in Passaic New Jersey may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan debt or minimal to no work history.

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

Not all lenders offer this specialized product and within banks that do simply consulting with the right mortgage loan 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 small to no down payment (0-5 percent).
  • Usually does not call for private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will approve an agreement as evidence of future earnings, in lieu of pay stubs or W-2s, that don’t yet exist.

Buying a home doesn’t have to drain your savings and the process doesn’t have to drain your time.

Should You Put Cash Down?

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

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

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

Additionally, don’t overlook that having equity in your house will most likely provide greater security and flexibility, particularly if something unexpected happens. With the 100% financed physician mortgage loan, you should anticipate to start out under water. If something doesn’t 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 just to get out of the house.

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

Doctors, get the home of your dreams with our Passaic New Jersey physician home mortgage program!

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