Physician Mortgage In Phenix City 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 if our clients are a first time home buyer or buying a new home in Phenix City Alabama, our vetted loan officers have a solid understanding of the local area real estate industry and what it really requires to close your physician home mortgage with competency and know-how.

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

First off, let’s discuss why physician mortgage loans even exist. The main reason is that doctors are extremely profitable clients 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 a fewer number of requirements than their competitors.

Physician Loan Experts In Phenix City Alabama

If you are looking for a physician mortgage in Phenix City Alabama then you came to the right place.

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

Yup, doctors get their own mortgage!

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

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

A lot of physicians in Phenix City Alabama 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 lenders know that doctors are a good bet because they traditionally have an exceptionally low default rate on loans, high earning potential and stable jobs.

Not all lenders offer this specialized product and within banks that do simply consulting with the right mortgage loan officer makes a significant difference.

Advantages of Physician Home 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).
  • Often does not call for private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will approve a contract as proof of future earnings, instead of pay stubs or W-2s, which don’t yet exist.

Purchasing a home doesn’t have to empty your savings and the process doesn’t need to drain your time.

Should You Put Cash Down?

Suppose you have some funds to put down or are thinking about delaying until you have the funds?

Our loan providers can do the math for you and show you what each scenario looks like and the benefits of each too.

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

Additionally, don’t overlook that having equity in your house will provide more security and flexibility, specifically if something unexpected happens. With the 100% financed physician mortgage loan, you ought to anticipate to begin underwater. If something doesn’t work out and you are 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 home.

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

Doctors, get the house of your dreams with our Phenix City Alabama physician home loan program!

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