We’ve all been there — finances are tight and to make ends meet or to satisfy our retail therapy, we pull out that small piece of plastic and swipe. In the beginning, we only plan to use it in eme…Read More
Have you recently achieved your MD status, or become a newly licensed Medical Resident? Did you know that you may be eligible for financial assistance in getting a new home? A Physician Mortgage loan can make it faster and easier for you to buy a home with a low down payment, and no need for mortgage insurance. The Mortgage House LLC. can help physicians and medical residents in the Fayetteville area get the loans they need to buy their new home.
Which Residents And Physicians Qualify?
Fortunately, this program, while exclusive to the medical community, is extensive in its list of who qualifies. You must have completed your residents or clinical fellowship program and are about to start a new job, or have less than six months of residency or fellowship remaining. It’s also available to doctors who have been practicing for less than a year. Nearly every kind of practitioner can qualify, including:
- Medical Resident
- Doctor of Medicine
- Doctor of Dental Surgery
- Doctor of Osteopathy
- Doctor of Optometry
- Doctor of Dental Medicine or Surgeon
- Doctor of Pediatric Medicine
The Benefits Of A Physician Loan
Physician mortgage loans are specifically designed to help those in the medical field. These loans help you avoid Principal Mortgage Insurance, or PMI. This is an insurance policy that protects the bank if you default on your home loan, costs a lot, and doesn’t offer you much in return. Thanks to a physician loan, you can borrow up to 100 percent of the home’s value, allowing you to put a down payment on the home that negates the need for PMI.
A physician loan also helps you get into a new home faster. Lenders look at your employment contract, rather than the last two years worth of tax returns, to determine your proof of income. This allows you to get settled into your new home quickly before you open your new practice. It is also is a great way for physicians to get a home, regardless of their student debt situation.
Lending Services From The Mortgage House, LLC.
If you’re a physician in the Fayetteville area, you deserve the best lending options that are available. Our resources page is packed full of valuable material for you to review before beginning your search for a loan. If you’re ready to buy a home, schedule a free consultation with our mortgage brokers to learn about your lending options. Finally, you can apply for your loan online! Let the Mortgage House, LLC. help you find your new home in Fayetteville!