Physician Loan In Plymouth Minnesota

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 Plymouth Minnesota, our vetted loan officers have a solid understanding of the local area real estate industry and what it really requires to secure your physician home mortgage with proficiency and expertise.

Our loan officers in Plymouth Minnesota offer exclusive financing for doctors, exactly like you.

To start with, let’s talk about why physician mortgage loans even exist. The main 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 lock in early career doctors by loaning them more money with a fewer number of requirements than their competitors.

Physician Home Mortgage Experts In Plymouth Minnesota

If you are looking for a physician loan in Plymouth Minnesota then you came to the right place.

You’ve worked very hard to become a doctor and buying home shouldn’t 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 just for doctors?

Yup, doctors get their own home loan!

A physician home loan is a specialized loan program created just for doctors in the home buying process.

We recognize the budgetary demands of your student loan financial obligation, and how essential it is to maintain 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 home loan that is exclusively tailored for your needs.

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

Despite these factors smart lenders know that doctors are a good bet considering that they generally have an extremely low default rate on loans, high earning potential and stable jobs.

Not all financial institutions offer this specialized product and within banking institutions that do just simply speaking to the best home loan officer makes a significant difference.

Benefits of Physician Mortgage Loans

  • Generally does not include student loan regular monthly payments in debt-to-income percentage.
  • Requires small to no down payment (0-5 percent).
  • Usually does not require private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will accept an agreement as proof of future earnings, instead of pay stubs or W-2s, which don’t yet exist.

Buying a home doesn’t need to empty 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 waiting until you have the money?

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

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

Additionally, don’t overlook that having equity in your home will provide greater security and flexibility, especially if something unexpected happens. With the 100% financed physician home mortgage loan, you ought to expect to start out under water. If something does not work out and you are forced to sell quickly, you should be prepared to write a potentially sizable check for as much as 10% of the purchase price simply to get out of the home.

Regardless of whether you’re relocating down the road, across town or across the country, we are here to help you all throughout the physician home mortgage process:: because you deserve it!

Doctors, get the house of your dreams with our Plymouth Minnesota physician loan program!

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