Physician Mortgage In Rochester New York

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 Rochester New York, our vetted loan officers have a strong understanding of the local real estate industry and what it requires to close your physician home loan with proficiency and know-how.

Our loan officers in Rochester New York offer special financing for doctors, exactly like you.

First and foremost, let’s talk about why physician mortgage loans even exist. The main reason is that doctors are really profitable customers for financial institutions. 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 lot fewer terms than their competitions.

Physician Mortgage Experts In Rochester New York

If you are trying to find a physician mortgage in Rochester New York 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 specifically for doctors?

Yup, doctors get their own home loan!

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

We recognize the financial demands of your student loan debt, 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 count on us to find a mortgage loan that is specially tailored for your needs.

A lot of doctors in Rochester New York may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan debt or very little to no work history.

Despite these reasons smart loan providers know that doctors are a good choice because they historically have an extremely low nonpayment rate on loans, high earning potential and secure jobs.

Not all banks offer this specialized product and within banks that do just simply speaking to the right mortgage officer makes an enormous difference.

Benefits of Physician Home Loans

  • Usually does not include student loan monthly payments in debt-to-income ratio.
  • Requires small to no down payment (0-5 percent).
  • Often does not necessitate private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
  • Will accept a contract as evidence of future earnings, in lieu of pay stubs or W-2s, which don’t yet exist.

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

Should You Put Money Down?

Suppose you have some funds to put down or are considering delaying 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 circumstances, 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 definitely provide more security and overall flexibility, especially if something unplanned happens. With the 100% financed physician home mortgage loan, you should anticipate to begin underwater. If something does not work out and you’re forced to sell quickly, you need to be prepared to write a potentially big check for as much as 10% of the purchase price just to get out of the home.

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

Doctors, get the house of your dreams with our Rochester New York physician home loan program!

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