Physician Mortgage In Westland Michigan

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 buying a new home in Westland Michigan, our vetted loan officers have a strong understanding of the local area real estate industry and what it really takes to secure your physician loan with proficiency and know-how.

Our loan officers in Westland Michigan provide exclusive financing for doctors, just like you.

First and foremost, let’s discuss why physician mortgage loans even exist. The main 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 a lot fewer terms than their competitors.

Physician Home Loan Experts In Westland Michigan

If you are looking for a physician home loan in Westland Michigan then you came to the perfect place.

You’ve trained 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 specifically for doctors?

Yup, doctors get their own mortgage!

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

We recognize the financial demands of your student loan liability, and how important it is to maintain 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 count on us to find a mortgage loan that is specifically tailored for your needs.

A large number of doctors in Westland Michigan may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan financial debt or little to no work history.

Despite these factors smart lending institutions know that doctors are a good bet due to the fact that they generally have an incredibly low nonpayment rate on loans, high earning potential and stable jobs.

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

Benefits of Physician Home Mortgage Loans

  • Generally does not include student loan regular monthly payments in debt-to-income ratio.
  • Requires very low to no down payment (0-5 percent).
  • Typically does not call for private mortgage insurance (PMI), even when lower than 20 percent down payment.
  • Will approve a contract as documentation of future earnings, in lieu of pay stubs or W-2s, which don’t yet exist.

Buying a home doesn’t need 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 delaying until you have the funds?

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

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

Additionally, don’t forget that having equity in your home will provide greater security and flexibility, particularly if something unanticipated happens. With the 100% financed physician home mortgage loan, you should anticipate to start out underwater. If something does not work out and you are forced to sell quickly, you should be prepared to write a potentially large check for up to 10% of the purchase price simply to get out of the home.

Whether you’re relocating down the road, across town or across the country, we are right here to work with you all throughout the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our Westland Michigan physician home mortgage program!

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