Physician Home Loan Program In Union City New Jersey

Preferred Physician Loan Officer

Jim Webster
NMLS# 658933
Mobile: (240) 620-1414
Email: jwebster@fultonmortgagecompany.com
Website: www.fultonmortgagecompany.com/jimwebster

  • Available terms 15 year fixed, 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM and 15/1ARM
  • 100% financing to $1,500,000
  • 700 minimum credit score
  • No Mortgage Insurance
  • Signed employment contract with guaranteed income allowed for qualifying if start of new job is not more than 60 days from settlement of home purchase
  • Available for MD, DO, DMD, PHARMD, DVM and DDS
  • Residents and Fellows allowed student loans deferred for 12 months not counted in debt to income ratio
  • Practicing Doctors must not be out of Residency more than 10 years unless they are relocating for a new job
  • Self-employed or RVU paid doctors need 2 years filed federal tax returns for income qualification
  • Bank checking account with auto mortgage payment from that account required.
Get Your Physician Loan Rates Now by Completing the Form Below.

Regardless if you are a first time home buyer or purchasing a new home in Union City New Jersey, our vetted loan officers have a strong understanding of the local real estate market and what it takes to close your physician mortgage with competency and expertise.

Our loan officers in Union City New Jersey provide specialized financing for doctors, just like you.

First, let’s talk about why physician mortgage loans even exist. The main 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 loaning them more money with a lot fewer requirements than their competitions.

Physician Home Loan Experts In Union City New Jersey

If you are searching for a physician loan in Union City New Jersey then you came to the perfect place.

You’ve trained very hard to become a doctor and buying home shouldn’t 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 just for doctors?

Yup, doctors get their own mortgage!

A physician home mortgage is a specialty loan program put together just for doctors in the home buying process.

We are aware of the budgetary demands of your student loan financial obligation, and how crucial it is to maintain working capital for when the time is right with embarking upon your career. Whether 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.

Many physicians in Union City New Jersey may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial debt or very little to no work history.

Despite these reasons smart financial institutions know that doctors are a good bet because they typically have an incredibly low default rate on loans, high earning potential and secure jobs.

Not all financial institutions offer this specialized product and within banks that do simply talking to the right mortgage loan officer makes a significant difference.

Advantages of Physician Home Mortgage Loans

  • Usually does not include student loan monthly payments in debt-to-income percentage.
  • Requires low to no down payment (0-5 percent).
  • Generally does not necessitate private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
  • Will approve a contract as proof of future earnings, instead of pay stubs or W-2s, that don’t yet exist.

Buying 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 cash to put down or are thinking about waiting until you have the cash?

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

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

Furthermore, don’t overlook that having equity in your house will likely offer greater security and flexibility, particularly if something unforeseen happens. With the 100% financed physician mortgage loan, you should expect 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 sizable check for up to 10% of the purchase price simply to get out of the house.

No matter if you’re moving 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 home of your dreams with our Union City New Jersey physician home mortgage program!

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