Physician Loan Rhode Island

Regardless of whether our clients are a first time home buyer or purchasing a new home in Rhode Island, our vetted loan officers have a solid understanding of the local real estate industry and what it requires to secure your physician home mortgage with proficiency and know-how.

Our loan officers in Rhode Island 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 doctor loans to lock in early career doctors by lending them more money with a fewer number of stipulations than their competition.

Physician Mortgage Professionals In Rhode Island

If you are trying to find a physician home loan in Rhode Island then you came to the perfect place.

You’ve worked very hard to become a doctor and purchasing home really should not be nearly as difficult.

Did you know there is a special loan that makes it easy for physicians to buy a home?

A home loan just for doctors?

Yup, doctors get their own home loan!

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

We are aware of the economic demands of your student loan debt, and how important it is to preserve working capital for when the time is right with embarking upon your career. No matter if you are a couple years into practice, or a well established physician, you can rely on us to find a mortgage loan that is specifically tailored for your needs.

A lot of physicians in Rhode Island may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial obligation or very little to no work history.

Despite these factors smart loan providers know that doctors are a good choice due to the fact that they historically have an incredibly low nonpayment rate on loans, high earning potential and secure jobs.

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

Benefits of Physician Home Mortgage Loans

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

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

Should You Put Cash Down?

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

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

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

Furthermore, don’t overlook that having equity in your house will likely offer more security and flexibility, especially if something unplanned 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 big check for up to 10% of the purchase price just to get out of the home.

No matter if you are moving down the road, across town or across the country, we are here to lend a hand you all throughout the physician home loan process:: because you deserve it!

Doctors, get the house of your dreams with our Rhode Island physician home loan program!

Top cities in Rhode Island for a physician loan.