Physician Mortgage In Rockford Illinois

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 if our clients are a first time home buyer or purchasing a new home in Rockford Illinois, our vetted loan officers have a strong understanding of the local area real estate market and what it really requires to secure your physician loan with competency and know-how.

Our loan officers in Rockford Illinois offer specialized financing for doctors, just like you.

First off, let’s talk about why physician mortgage loans even exist. The 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 lock in early career doctors by loaning them more money with far fewer stipulations than their competitions.

Physician Mortgage Experts In Rockford Illinois

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

You’ve trained very hard to become a doctor and purchasing home shouldn’t be nearly as difficult.

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 loan is a specialized loan program put together just for doctors in the home buying process.

We recognize the budgetary demands of your student loan financial obligation, and how essential it is to maintain 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 rely on us to find a home loan that is specially tailored for your needs.

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

Despite these reasons smart lenders know that doctors are a good bet because 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 banking institutions that do simply talking with the best mortgage officer makes a tremendous 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 necessitate private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will approve a contract as proof of future earnings, in lieu of pay stubs or W-2s, which don’t yet exist.

Purchasing a house doesn’t have to drain 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 looking at waiting until you have the money?

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

In most cases, you’ll get your home loan paid off earlier and save thousands of dollars on interest too.

Furthermore, don’t overlook that having equity in your home will definitely offer greater security and flexibility, especially if something unanticipated happens. With the 100% financed physician mortgage loan, you should expect 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 sizable 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 available to assist you through the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our Rockford Illinois physician home loan program!

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

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