Home Mortgage For Physicians In St Clair Shores 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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Regardless if you are a first time home buyer or buying a new home in St Clair Shores Michigan, our vetted loan officers have a solid understanding of the local area real estate industry and what it really requires to secure your physician mortgage with competency and expertise.

Our loan officers in St Clair Shores Michigan offer specialized financing for doctors, just like you.

First, let’s talk about why physician mortgage loans even exist. The reason is that doctors are extremely profitable customers 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 a fewer number of stipulations than their competitions.

Physician Mortgage Experts In St Clair Shores Michigan

If you are trying to find a physician mortgage loan in St Clair Shores Michigan then you came to the right place.

You’ve trained very hard to become a doctor and buying home 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 made just for doctors in the home buying process.

We recognize the financial demands of your student loan liability, and how essential 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 depend on us to find a home loan that is exclusively tailored for your needs.

Quite a few physicians in St Clair Shores Michigan may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan financial obligation or very little to no work history.

Despite these reasons smart financial institutions know that doctors are a good choice considering that they historically have an exceptionally low nonpayment rate on loans, high earning potential and stable jobs.

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

Advantages of Physician Home Loans

  • Generally does not include student loan regular monthly payments in debt-to-income ratio.
  • Requires low to no down payment (0-5 percent).
  • Generally does not call for private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will accept a contract as proof of future earnings, in lieu of pay stubs or W-2s, which don’t yet exist.

Buying 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 money to put down or are considering waiting until you have the cash?

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 situations, you’ll get your home loan paid off earlier and save thousands on interest rates too.

Additionally, don’t forget that having equity in your house will definitely provide more security and overall flexibility, particularly if something unanticipated happens. With the 100% financed physician home mortgage loan, you should anticipate to begin under water. If something doesn’t work out and you are forced to sell quickly, you should be prepared to write a potentially large check for up to 10% of the purchase price simply to get out of the home.

Regardless of whether you are moving down the street, across town or across the country, we are available to assist you throughout the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our St Clair Shores Michigan physician loan program!

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