Physician Mortgage West 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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Regardless of whether you are a first time home buyer or buying a new home in West Haven Connecticut, our vetted loan officers have a strong understanding of the local real estate industry and what it takes to secure your physician loan with efficiency and know-how.

Our loan officers in West Haven Connecticut offer specialized financing for doctors, like you.

To start with, let’s discuss why physician mortgage loans even exist. The main 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 a fewer number of stipulations than their competitors.

Physician Loan Experts In West Haven Connecticut

If you are looking for a physician mortgage in West Haven Connecticut then you came to the perfect place.

You’ve trained very hard to become a doctor and buying 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 loan!

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

We recognize the personal financial demands of your student loan debt, and how important it is to preserve 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 specifically tailored for your needs.

A lot of doctors in West 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 little to no work history.

Despite these factors smart lending institutions know that doctors are a good choice due to the fact that they typically have an exceptionally low default rate on loans, high earning potential and stable jobs.

Not all banks offer this specialized product and within banks that do simply talking with the best home loan officer makes a tremendous difference.

Advantages of Physician Home Loans

  • Typically does not include student loan monthly payments in debt-to-income ratio.
  • Requires small to no down payment (0-5 percent).
  • Often does not require private mortgage insurance (PMI), even when 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 house doesn’t have to empty your savings and the process doesn’t need to drain your time.

Should You Put Cash Down?

Suppose you have some cash to put down or are considering waiting until you have the money?

Our loan providers 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 sooner and save thousands of dollars on interest rates too.

Additionally, don’t overlook that having equity in your home will most likely provide more security and flexibility, particularly if something unanticipated happens. With the 100% financed physician mortgage loan, you ought to anticipate to start out under water. If something does not work out and you’re forced to sell quickly, you need to be prepared to write a potentially large check for up to 10% of the purchase price just to get out of the house.

Whether you’re relocating down the street, across town or across the country, we are available to help you all throughout the physician home loan process:: because you deserve it!

Doctors, get the home of your dreams with our West Haven Connecticut physician home loan program!

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