Physician Loan In Mishawaka Indiana

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 our clients are a first time home buyer or purchasing a new home in Mishawaka Indiana, our vetted loan officers have a solid understanding of the local real estate industry and what it takes to secure your physician home mortgage with proficiency and expertise.

Our loan officers in Mishawaka Indiana offer special financing for doctors, exactly like you.

To start with, 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 lending them more money with a lot fewer requirements than their competitions.

Physician Home Mortgage Experts In Mishawaka Indiana

If you are trying to find a physician loan in Mishawaka Indiana then you came to the right place.

You’ve worked very hard to become a doctor and purchasing home shouldn’t 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 home loan!

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

We are aware of the personal financial 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. No matter if you are a couple years into practice, or a well established doctor, you can rely on us to find a home loan that is exclusively tailored for your needs.

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

Despite these factors smart lenders know that doctors are a good bet because they generally have an incredibly low default rate on loans, high earning potential and stable jobs.

Not all mortgage lenders offer this specialized product and within banking institutions that do simply speaking to the right home loan officer makes a remarkable difference.

Advantages of Physician Mortgage Loans

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

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

Should You Put Cash Down?

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

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

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

Furthermore, don’t overlook that having equity in your home will likely offer more security and overall flexibility, especially if something unanticipated happens. With the 100% financed physician mortgage loan, you ought to anticipate to start out underwater. If something does not work out and you are forced to sell quickly, you need to be prepared to write a potentially large check for as much as 10% of the purchase price simply to get out of the house.

Whether you are moving down the street, across town or across the country, we are here to help you throughout the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our Mishawaka Indiana physician home loan program!

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