Home Mortgage For Physician West New York New Jersey

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 West New York New Jersey, our vetted loan officers have a strong understanding of the local area real estate market and what it requires to secure your physician home loan with competency and know-how.

Our loan officers in West New York New Jersey provide specialized financing for doctors, exactly like you.

To start with, let’s talk about why physician mortgage loans even exist. The 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 secure early career doctors by loaning them more money with fewer requirements than their competitors.

Physician Mortgage Experts In West New York New Jersey

If you are looking for a physician mortgage loan in West New York New Jersey then you came to the perfect place.

You’ve trained very hard to become a doctor and purchasing 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 mortgage!

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

We recognize the budgetary demands of your student loan debt, and how crucial it is to maintain working capital for when the time is right with embarking upon your career. Whether or not you are a couple years into practice, or a well established doctor, you can count on us to find a mortgage loan that is specially tailored for your needs.

Quite a few physicians in West New York New Jersey may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan debt or very little to no work history.

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

Not all mortgage lenders offer this specialized product and within banks that do simply talking to the right mortgage officer makes an enormous difference.

Benefits of Physician Home Mortgage Loans

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

Purchasing a home doesn’t need to drain your savings and the process doesn’t have to drain your time.

Should You Put Cash Down?

What if you have some cash to put down or are looking at waiting until you have the money?

Our mortgage lenders can do the math for you and show you what each situation looks like and the advantages of each too.

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

Additionally, don’t overlook that having equity in your house will offer more security and overall flexibility, specifically if something unanticipated happens. With the 100% financed physician 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 as much as 10% of the purchase price simply to get out of the home.

Regardless of whether you’re moving down the street, across town or across the country, we are right here to help you all throughout the physician home loan process:: because you deserve it!

Doctors, get the home of your dreams with our West New York New Jersey physician loan program!

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