Home Mortgage For Physicians In Rochester 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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Whether or not you are a first time home buyer or buying a new home in Rochester Minnesota, our vetted loan officers have a solid understanding of the local area real estate industry and what it really requires to close your physician loan with competency and expertise.

Our loan officers in Rochester Minnesota offer specialized financing for doctors, like you.

First and foremost, let’s talk about why physician mortgage loans even exist. The main reason is that doctors are really 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 lock in early career doctors by lending them more money with a fewer number of requirements than their competitions.

Physician Mortgage Experts In Rochester Minnesota

If you are trying to find a physician loan in Rochester Minnesota then you came to the perfect place.

You’ve trained very hard to become a doctor and buying 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 home loan!

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

We recognize the financial demands of your student loan debt, and how crucial it is to preserve working capital for when the time is right with starting your career. Whether you are a couple years into practice, or a well established doctor, you can count on us to find a home loan that is specifically tailored for your needs.

A large number of doctors in Rochester Minnesota may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan debt or little to no work history.

Despite these reasons smart lending institutions know that doctors are a good bet considering that they traditionally have an incredibly low nonpayment rate on loans, high earning potential and secure jobs.

Not all lenders offer this specialized product and within banks that do simply talking with the right home loan officer makes an enormous difference.

Benefits of Physician Mortgage Loans

  • Typically does not include student loan regular monthly payments in debt-to-income ratio.
  • Requires small to no down payment (0-5 percent).
  • Often does not require private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
  • Will approve a contract as proof of future earnings, instead of pay stubs or W-2s, that 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 Cash Down?

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

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

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

Regardless of whether you’re relocating down the street, across town or across the country, we are 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 Rochester Minnesota physician loan program!

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