Physician Mortgage Paterson 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 or not you are a first time home buyer or purchasing a new home in Paterson New Jersey, our vetted loan officers have a solid understanding of the local area real estate industry and what it takes to close your physician mortgage with proficiency and know-how.

Our loan officers in Paterson New Jersey provide exclusive financing for doctors, like you.

First off, let’s discuss why physician mortgage loans even exist. The reason is that doctors are very profitable customers for lenders. 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 far fewer requirements than their competitors.

Physician Home Mortgage Experts In Paterson New Jersey

If you are searching for a physician loan in Paterson New Jersey then you came to the right place.

You’ve worked very hard to become a doctor and buying 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 just for doctors?

Yup, doctors get their own loan!

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

We recognize the financial demands of your student loan financial debt, and how essential 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 depend on us to find a home loan that is specifically tailored for your needs.

Many physicians in Paterson 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 factors smart financial institutions know that doctors are a good choice because they historically have an extremely low nonpayment rate on loans, high earning potential and stable jobs.

Not all mortgage lenders offer this specialized product and within banks that do just simply speaking to the best mortgage loan officer makes an enormous difference.

Benefits of Physician Home Loans

  • Generally does not include student loan monthly payments in debt-to-income percentage.
  • Requires small to no down payment (0-5 percent).
  • Typically does not require private mortgage insurance (PMI), despite the fact that 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 empty your savings and the process doesn’t have to drain your time.

Should You Put Money Down?

What if you have some cash to put down or are considering delaying until you have the cash?

Our mortgage lenders 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 of dollars on interest too.

Additionally, don’t overlook that having equity in your home will likely offer more security and flexibility, particularly if something unexpected happens. With the 100% financed physician home mortgage loan, you should anticipate to begin under water. If something doesn’t work out and you’re forced to sell quickly, you need to be prepared to write a potentially large check for up to 10% of the purchase price simply to get out of the home.

No matter if you’re relocating 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 house of your dreams with our Paterson New Jersey physician loan program!

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