Physician Mortgage Schaumburg 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 buying a new home in Schaumburg Illinois, our vetted loan officers have a solid understanding of the local area real estate market and what it takes to secure your physician mortgage with efficiency and know-how.

Our loan officers in Schaumburg Illinois provide specialized financing for doctors, just like you.

First off, let’s discuss why physician mortgage loans even exist. The reason is that doctors are very profitable clients 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 fewer number of stipulations than their competitors.

Physician Home Loan Experts In Schaumburg Illinois

If you are searching for a physician loan in Schaumburg Illinois then you came to the perfect place.

You’ve worked 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 mortgage!

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

We are aware of the financial demands of your student loan financial obligation, and how essential it is to maintain working capital for when the time is right with launching your career. Regardless if you are a couple years into practice, or a well established doctor, you can count on us to find a mortgage loan that is exclusively tailored for your needs.

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

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

Not all banks offer this specialized product and within banking institutions that do simply speaking to the right home loan officer makes a remarkable difference.

Advantages of Physician Home 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).
  • Generally does not call for private mortgage insurance (PMI), despite the fact that 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 need to empty your savings and the process doesn’t have to drain your time.

Should You Put Cash Down?

What if you have some cash to put down or are thinking about waiting until you have the money?

Our lenders can do the math for you and show you what each circumstance looks like and the advantages of each too.

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

Furthermore, don’t forget that having equity in your house will provide more security and flexibility, particularly if something unforeseen happens. With the 100% financed physician home mortgage loan, you should expect to begin underwater. If something does not work out and you are 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 are moving down the street, across town or across the country, we are right here to help you through the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our Schaumburg Illinois 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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