Physician Loan In Waukegan 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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Whether you are a first time home buyer or buying a new home in Waukegan Illinois, our vetted loan officers have a strong understanding of the local real estate industry and what it requires to close your physician loan with competency and expertise.

Our loan officers in Waukegan Illinois provide exclusive financing for doctors, exactly like you.

To start with, let’s talk about why physician mortgage loans even exist. The main reason is that doctors are very profitable clients for lending institutions. They take out big loans early in their careers and almost always pay them off. Lenders use physician home loans to secure early career doctors by lending them more money with a fewer number of requirements than their competitions.

Physician Home Mortgage Experts In Waukegan Illinois

If you are looking for a physician mortgage in Waukegan Illinois 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 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 loan!

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

We understand the budgetary demands of your student loan financial debt, and how essential it is to maintain working capital for when the time is right with starting your career. Whether you are a couple years into practice, or a well established doctor, you can depend on us to find a mortgage loan that is specially tailored for your needs.

Quite a few physicians in Waukegan Illinois 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 bet because they traditionally have an exceptionally 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 best mortgage officer makes a remarkable difference.

Benefits of Physician Mortgage Loans

  • Usually does not include student loan monthly payments in debt-to-income percentage.
  • Requires low 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 a contract as proof of future earnings, instead of pay stubs or W-2s, that don’t yet exist.

Buying a house doesn’t have to drain your savings and the process doesn’t need to drain your time.

Should You Put Money Down?

What if you have some cash to put down or are thinking about delaying 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 circumstances, you’ll get your mortgage loan paid off sooner and save thousands of dollars on interest too.

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

No matter if you are moving down the road, across town or across the country, we are available to work with you through the physician home loan process:: because you deserve it!

Doctors, get the house of your dreams with our Waukegan Illinois physician loan program!

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