Physician Loan In New Haven Connecticut

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 our clients are a first time home buyer or purchasing a new home in New Haven Connecticut, our vetted loan officers have a solid understanding of the local area real estate industry and what it requires to close your physician home mortgage with efficiency and know-how.

Our loan officers in New Haven Connecticut provide specialized financing for doctors, exactly like you.

First, let’s talk about why physician mortgage loans even exist. The main reason is that doctors are very profitable clients for lenders. 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 stipulations than their competitions.

Physician Mortgage Experts In New Haven Connecticut

If you are searching for a physician mortgage in New Haven Connecticut then you came to the right 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 just for doctors?

Yup, doctors get their own mortgage!

A physician loan is a specialty loan program created just for doctors in the home buying process.

We recognize the budgetary demands of your student loan debt, and how vital it is to preserve working capital for when the time is right with launching your career. No matter if you are a couple years into practice, or a well established doctor, you can count on us to find a home loan that is specially tailored for your needs.

A lot of physicians in New Haven Connecticut may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial debt or minimal to no work history.

Despite these reasons smart financial institutions know that doctors are a good bet due to the fact that they typically have an exceptionally low nonpayment rate on loans, high earning potential and stable jobs.

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

Benefits of Physician Home Loans

  • Generally does not include student loan monthly payments in debt-to-income ratio.
  • Requires low to no down payment (0-5 percent).
  • Generally does not call for private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
  • Will accept an agreement as proof of future earnings, in lieu of pay stubs or W-2s, that don’t yet exist.

Purchasing a home 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 looking at waiting until you have the funds?

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

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

Furthermore, don’t overlook that having equity in your home will most likely provide more security and overall flexibility, particularly if something unforeseen happens. With the 100% financed physician mortgage loan, you ought to expect to begin 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.

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

Doctors, get the house of your dreams with our New Haven Connecticut physician home mortgage program!

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