Physician Home Loan Naperville 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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Regardless of whether our clients are a first time home buyer or purchasing a new home in Naperville Illinois, our vetted loan officers have a strong understanding of the local real estate industry and what it requires to close your physician mortgage with competency and expertise.

Our loan officers in Naperville Illinois offer specialized financing for doctors, just like you.

First and foremost, let’s talk about why physician mortgage loans even exist. The reason is that doctors are very 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 fewer stipulations than their competitors.

Physician Mortgage Experts In Naperville Illinois

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

You’ve worked 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 specifically for doctors?

Yup, doctors get their own loan!

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

We recognize the budgetary demands of your student loan debt, 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 rely on us to find a mortgage loan that is exclusively tailored for your needs.

Many doctors in Naperville Illinois may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan financial debt or minimal to no work history.

Despite these reasons smart loan providers know that doctors are a good choice because they typically have an incredibly low nonpayment rate on loans, high earning potential and stable jobs.

Not all lenders offer this specialized product and within banks that do just simply speaking with the best mortgage officer makes an enormous difference.

Advantages of Physician Mortgage Loans

  • Generally does not include student loan 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 if lower than 20 percent down payment.
  • Will accept a contract as proof 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 need to drain your time.

Should You Put Cash Down?

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

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 home loan paid off sooner and save thousands of dollars on interest too.

Additionally, don’t forget that having equity in your home will likely provide more security and flexibility, specifically if something unforeseen happens. With the 100% financed physician home mortgage loan, you ought to anticipate to begin under water. If something doesn’t 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’re moving down the street, across town or across the country, we are right here to assist you through the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our Naperville Illinois physician home mortgage program!

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