Physician Mortgage In St. Cloud Minnesota

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 St. Cloud Minnesota, our vetted loan officers have a solid understanding of the local area real estate industry and what it really requires to close your physician loan with competency and know-how.

Our loan officers in St. Cloud Minnesota provide specialized financing for doctors, exactly like you.

First off, 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 loaning them more money with far fewer terms than their competitors.

Physician Loan Experts In St. Cloud Minnesota

If you are looking for a physician home loan in St. Cloud Minnesota 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 only for doctors?

Yup, doctors get their own mortgage!

A physician home loan is a customized loan program developed just for doctors in the home buying process.

We are aware of the financial demands of your student loan financial debt, and how essential it is to preserve working capital for when the time is right with embarking upon your career. No matter if you are a couple years into practice, or a well established doctor, you can rely on us to find a home loan that is specifically tailored for your needs.

Many doctors in St. Cloud Minnesota may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan financial debt or very little to no work history.

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

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

Benefits of Physician Home Mortgage Loans

  • Typically does not include student loan monthly payments in debt-to-income percentage.
  • Requires low to no down payment (0-5 percent).
  • Usually does not require private mortgage insurance (PMI), even when lower than 20 percent down payment.
  • Will accept a contract as documentation of future earnings, in lieu of pay stubs or W-2s, that 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?

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

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 too.

Furthermore, don’t overlook that having equity in your house will definitely provide more security and flexibility, especially if something unplanned happens. With the 100% financed physician mortgage loan, you ought to expect to begin under water. If something doesn’t work out and you are forced to sell quickly, you need to be prepared to write a potentially large check for as much as 10% of the purchase price simply to get out of the home.

Whether you are relocating down the road, across town or across the country, we are right here to assist you throughout the physician home loan process:: because you deserve it!

Doctors, get the house of your dreams with our St. Cloud Minnesota physician loan program!

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