Physician Home Loan St. Paul 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 if our clients are a first time home buyer or purchasing a new home in St. Paul Minnesota, our vetted loan officers have a strong understanding of the local real estate industry and what it requires to secure your physician mortgage with competency and expertise.

Our loan officers in St. Paul Minnesota offer specialized financing for doctors, just like you.

First, let’s discuss why physician mortgage loans even exist. The reason is that doctors are extremely profitable customers 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 loaning them more money with fewer terms than their competitions.

Physician Loan Experts In St. Paul Minnesota

If you are trying to find a physician loan in St. Paul Minnesota then you came to the right place.

You’ve trained very hard to become a doctor and buying 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 specifically for doctors?

Yup, doctors get their own mortgage!

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

We understand the budgetary demands of your student loan financial debt, and how important it is to preserve working capital for when the time is right with launching 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 specifically tailored for your needs.

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

Despite these reasons smart financial institutions know that doctors are a good choice due to the fact that they generally have an extremely 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 speaking to the best home loan officer makes an enormous difference.

Advantages of Physician Mortgage Loans

  • Generally does not include student loan monthly payments in debt-to-income percentage.
  • Requires small to no down payment (0-5 percent).
  • Usually does not call for private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
  • Will approve an agreement as documentation of future earnings, in lieu of pay stubs or W-2s, which don’t yet exist.

Buying a home doesn’t have to empty your savings and the process doesn’t have to drain your time.

Should You Put Money Down?

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

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

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

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

No matter if you’re relocating down the road, across town or across the country, we are right here to help you all throughout the physician home mortgage process:: because you deserve it!

Doctors, get the house of your dreams with our St. Paul Minnesota physician home mortgage program!

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