Home Mortgage For Physician Richmond Virginia

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 our clients are a first time home buyer or purchasing a new home in Richmond Virginia, our vetted loan officers have a strong understanding of the local area real estate market and what it really takes to secure your physician mortgage with efficiency and know-how.

Our loan officers in Richmond Virginia offer specialized financing for doctors, like you.

To start with, let’s discuss why physician mortgage loans even exist. The main reason is that doctors are extremely profitable clients for lending institutions. 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 fewer stipulations than their competitions.

Physician Home Loan Experts In Richmond Virginia

If you are trying to find a physician mortgage loan in Richmond Virginia then you came to the perfect place.

You’ve worked very hard to become a doctor and purchasing home shouldn’t 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 home mortgage is a special loan program designed just for doctors in the home buying process.

We are aware of the budgetary demands of your student loan debt, and how essential it is to preserve working capital for when the time is right with starting your career. No matter 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 specially tailored for your needs.

Many doctors in Richmond Virginia 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 traditionally have an incredibly low nonpayment rate on loans, high earning potential and secure jobs.

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

Advantages of Physician Mortgage Loans

  • Usually does not include student loan regular monthly payments in debt-to-income ratio.
  • Requires very low to no down payment (0-5 percent).
  • Usually does not necessitate private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will approve a contract as documentation of future earnings, instead of pay stubs or W-2s, which don’t yet exist.

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

Should You Put Money Down?

What if you have some money to put down or are looking at delaying until you have the cash?

Our loan providers 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 rates too.

Furthermore, don’t forget that having equity in your house will most likely provide greater security and flexibility, particularly if something unplanned happens. With the 100% financed physician mortgage loan, you should anticipate to start out underwater. 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 simply to get out of the house.

Regardless of whether you are relocating 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 Richmond Virginia physician home mortgage program!

Less than an hour ago, doctors just like you requested a loan from the locations listed below.

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