Physician Home Loan Program Dearborn Michigan

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 purchasing a new home in Dearborn Michigan, our vetted loan officers have a solid understanding of the local area real estate market and what it requires to secure your physician home mortgage with competency and expertise.

Our loan officers in Dearborn Michigan offer exclusive financing for doctors, exactly like you.

First, let’s discuss why physician mortgage loans even exist. The main reason is that doctors are extremely profitable clients for financial institutions. They take out big loans early in their careers and almost always pay them off. Lenders use physician home loans to secure early career doctors by lending them more money with a lot fewer terms than their competitions.

Physician Loan Experts In Dearborn Michigan

If you are searching for a physician loan in Dearborn Michigan then you came to the perfect place.

You’ve worked 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 mortgage!

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

We understand the financial demands of your student loan liability, and how important it is to maintain working capital for when the time is right with starting your career. Regardless 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 specially tailored for your needs.

Quite a few physicians in Dearborn Michigan may not qualify for conventional loans for various reasons such as minimal savings for a down payment, big student loan financial debt or very little to no work history.

Despite these reasons smart lending institutions know that doctors are a good choice because they traditionally 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 talking with the best home loan officer makes a remarkable difference.

Advantages of Physician Mortgage Loans

  • Usually does not include student loan monthly payments in debt-to-income percentage.
  • Requires very low to no down payment (0-5 percent).
  • Often does not require private mortgage insurance (PMI), even if lower than 20 percent down payment.
  • Will approve an agreement as evidence of future earnings, instead of pay stubs or W-2s, that 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?

Suppose you have some funds to put down or are looking at waiting until you have the money?

Our mortgage lenders can do the math for you and show you what each circumstance 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 too.

Furthermore, don’t overlook that having equity in your home will most likely provide greater security and overall flexibility, especially if something unplanned happens. With the 100% financed physician home mortgage loan, you should expect to begin underwater. If something does not work out and you are forced to sell quickly, you need to be prepared to write a potentially sizable check for as much as 10% of the purchase price just to get out of the home.

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

Doctors, get the home of your dreams with our Dearborn Michigan physician loan program!

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