Physician Home Loan Burnsville Minnesota

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 purchasing a new home in Burnsville Minnesota, our vetted loan officers have a strong understanding of the local real estate industry and what it really requires to secure your physician mortgage with competency and know-how.

Our loan officers in Burnsville Minnesota provide special financing for doctors, like you.

First and foremost, let’s talk about why physician mortgage loans even exist. The main reason is that doctors are really profitable clients 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 lending them more money with far fewer terms than their competitors.

Physician Home Mortgage Experts In Burnsville Minnesota

If you are looking for a physician mortgage in Burnsville Minnesota then you came to the right place.

You’ve trained 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 home loan!

A physician home loan is a special loan program developed just for doctors in the home buying process.

We are aware of the economic demands of your student loan liability, and how important it is to maintain 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 mortgage loan that is exclusively tailored for your needs.

Quite a few doctors in Burnsville Minnesota 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 reasons smart lending institutions know that doctors are a good choice considering that they typically have an incredibly low nonpayment rate on loans, high earning potential and secure jobs.

Not all financial institutions offer this specialized product and within banking institutions that do just simply speaking with the right mortgage officer makes a remarkable difference.

Advantages of Physician Home Loans

  • Usually does not include student loan monthly payments in debt-to-income percentage.
  • Requires 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, in lieu 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 cash?

Our loan providers can do the math for you and show you what each situation looks like and the advantages of each too.

In most circumstances, you’ll get your home loan paid off sooner and save thousands on interest too.

Additionally, don’t overlook that having equity in your house will likely provide more security and overall flexibility, specifically if something unplanned happens. With the 100% financed physician mortgage loan, you should anticipate 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 simply to get out of the house.

Whether you’re moving down the road, across town or across the country, we are right here to work with you throughout the physician home loan process:: because you deserve it!

Doctors, get the house of your dreams with our Burnsville Minnesota physician home mortgage program!

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