Physician Home Loan Mansfield Ohio

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 Mansfield Ohio, our vetted loan officers have a strong understanding of the local real estate market and what it really takes to secure your physician mortgage with competency and know-how.

Our loan officers in Mansfield Ohio offer exclusive financing for doctors, like you.

First, let’s talk about why physician mortgage loans even exist. The reason is that doctors are extremely profitable customers for lending 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 fewer requirements than their competitors.

Physician Loan Experts In Mansfield Ohio

If you are trying to find a physician home loan in Mansfield Ohio then you came to the right place.

You’ve worked very hard to become a doctor and purchasing 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 specifically for doctors?

Yup, doctors get their own home loan!

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

We recognize the economic demands of your student loan financial obligation, and how essential it is to maintain working capital for when the time is right with launching your career. Regardless if you are a couple years into practice, or a well established doctor, you can depend on us to find a home loan that is exclusively tailored for your needs.

Quite a few doctors in Mansfield Ohio may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan debt or minimal to no work history.

Despite these factors smart lending institutions know that doctors are a good choice considering that they generally have an extremely low nonpayment rate on loans, high earning potential and stable jobs.

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

Advantages of Physician Mortgage Loans

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

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

Should You Put Cash Down?

Suppose you have some funds to put down or are thinking about delaying until you have the money?

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

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

Additionally, don’t forget that having equity in your house will definitely provide greater security and flexibility, specifically if something unplanned happens. With the 100% financed physician mortgage loan, you should expect to start out under water. If something does not work out and you are forced to sell quickly, you need to be prepared to write a potentially big check for up to 10% of the purchase price just to get out of the home.

No matter if you’re moving down the street, across town or across the country, we are available to lend a hand you all throughout the physician home loan process:: because you deserve it!

Doctors, get the house of your dreams with our Mansfield Ohio physician home loan program!

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