Physician Mortgage In Pontiac Michigan

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 buying a new home in Pontiac Michigan, our vetted loan officers have a solid understanding of the local area real estate market and what it takes to secure your physician home mortgage with competency and know-how.

Our loan officers in Pontiac Michigan provide special financing for doctors, just like you.

First and foremost, let’s talk about why physician mortgage loans even exist. The main reason is that doctors are very 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 lending them more money with far fewer requirements than their competitors.

Physician Mortgage Experts In Pontiac Michigan

If you are trying to find a physician mortgage in Pontiac Michigan then you came to the right place.

You’ve worked 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 only for doctors?

Yup, doctors get their own mortgage!

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

We are aware of the economic demands of your student loan liability, and how vital it is to preserve 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 exclusively tailored for your needs.

A large number of doctors in Pontiac Michigan 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 lending institutions know that doctors are a good choice considering that they typically have an extremely low nonpayment rate on loans, high earning potential and stable jobs.

Not all lenders offer this specialized product and within banking institutions that do just simply talking to the right mortgage officer makes an enormous difference.

Advantages of Physician Home Loans

  • Generally does not include student loan monthly payments in debt-to-income ratio.
  • Requires small to no down payment (0-5 percent).
  • Typically does not call for private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will approve a contract as documentation of future earnings, in lieu of pay stubs or W-2s, that 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?

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

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 paid off earlier and save thousands on interest too.

Furthermore, don’t forget that having equity in your home will likely offer more security and overall flexibility, particularly if something unforeseen happens. With the 100% financed physician mortgage loan, you ought to expect to begin 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 up to 10% of the purchase price just to get out of the home.

No matter if you’re moving down the road, across town or across the country, we are right here to work with you all throughout the physician home loan process:: because you deserve it!

Doctors, get the home of your dreams with our Pontiac Michigan physician home loan program!

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