Physician Home Loan Program In Royal Oak Michigan

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 our clients are a first time home buyer or purchasing a new home in Royal Oak Michigan, our vetted loan officers have a strong understanding of the local real estate market and what it takes to secure your physician home mortgage with proficiency and expertise.

Our loan officers in Royal Oak Michigan provide exclusive financing for doctors, exactly like you.

To start with, let’s discuss 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 far fewer terms than their competitions.

Physician Loan Experts In Royal Oak Michigan

If you are searching for a physician mortgage in Royal Oak Michigan 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 doctors to buy a home?

A home loan just for doctors?

Yup, doctors get their own loan!

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

We understand the budgetary demands of your student loan liability, and how crucial it is to maintain working capital for when the time is right with starting your career. Whether or not you are a couple years into practice, or a well established doctor, you can rely on us to find a mortgage loan that is specifically tailored for your needs.

A large number of doctors in Royal Oak Michigan may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial debt or minimal to no work history.

Despite these factors smart lending institutions know that doctors are a good bet because they generally have an incredibly low nonpayment rate on loans, high earning potential and stable jobs.

Not all banks offer this specialized product and within banks that do simply consulting with the best mortgage loan officer makes an enormous difference.

Benefits of Physician Mortgage Loans

  • Generally does not include student loan regular monthly payments in debt-to-income percentage.
  • 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.
  • Will approve an agreement as documentation of future earnings, instead 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 need to drain your time.

Should You Put Cash Down?

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

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

In most circumstances, you’ll get your mortgage paid off sooner and save thousands of dollars on interest rates too.

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

Whether you’re moving down the road, across town or across the country, we are available to assist you all throughout the physician home mortgage process:: because you deserve it!

Doctors, get the house of your dreams with our Royal Oak Michigan 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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