Physician mortgage loan
Physician mortgage loans are the mortgage loans offered to physicians. These loans are offen provided with attractive terms and conditions. Flexible options are offered to physicians in respect of services provided by them. In fact, there are many lenders offering 100% physicians loans and even there is no requirement to pay PMI or private mortgage insurance. Interest rates and other terms and offers attached with physician mortgage loans differ from one source to another and if a person can make extensive search, he can get good deals.
Bank of America is one of various leading institutions in United States offering physician mortgage loans. It offers up to 100% finance on all the purchase transactions made up to $650000. If any physician has good asset position and strong credit rating, he can easily get up to $750000. There is no requirement of private mortgage insurance. There are many types of options to choose from. For example, a person can go for 15-year fixed rate mortgage loans or for 5/1 and 7/1 adjustable rate physician mortgage loans. All adjustable rate mortgage loans are offered with 30 year amortization. Qualifying debt ratios for the physician mortgage loans is 33%. These are offered to physicians having credit score more than 720. However, physicians or doctors having credit score lower than 720 can also apply. Apart from physicians, oral and dental surgeons are also eligible to apply for the loan. By applying for physician mortgage loans, a person is also able to get 2 free checking accounts, preferred loans, cashier checks etc.
Physician Loans is another source offering physician mortgage loans in U.S. It is one of leaders in physician home financing in Untied States. It has been offering services since 1994 and has helped thousands of doctors in getting mortgage loans. In fact, it offers one of best mortgages for medical school graduate students. Loan officers attached with this source are highly trained and can easily guide the customer throughout the loan process.
There are many reasons that can be assigned for leading position for this lender in physician mortgage loans. First of all, it offers 100% financing and thus, there is no requirement of any down payment. Similarly, there is no requirement of private mortgage insurance and thus, monthly payments are also lowered. Interest only option is also offered to physicians which lowers the monthly installment further. There are many loan programs to choose from. For example, a person can select from 3/1, 5/1 and 7/1 loan programs. Fixed rate mortgage loans are also offered for a period of 30 years. Qualifications attached with physician mortgage loans are quite easy. Overall, it can be said that these loans are great offers for all doctors irrespective of their status.
That is, physicians who have just completed their courses, physicians who are in residency and physicians who have been practicing for years together can easily apply for the loan amount. Needs of physicians regarding repayment of loan and interest rates are fully understood and that is the reason why it specializes in offering personalized physician mortgage loans. Loan programs have been developed so as to offer the benefit of home ownership with best options. Underwriting is done in perfect manner. Its corporate office is located at 5880 Cleveland Ave, Columbus OH. Contact numbers of this lender are 614-340-5086 and 877-913-6286. Apart from above, there are many other locations also where Physician Loans can be contacted.
Carteret Mortgage is another center offering physician mortgage loans in United States. Its physician loan program is one of leaders in offering home loanservices to the physicians located across the nation. It is tried to offer such loan programs to medical community that fit the needs of physicians and other medical professionals exactly. Loans are offered to physicians who are just out of medical schools, who are practicing and who are in residency. Special mortgage loan product has been developed for meeting the needs of physicians. Interest rates offered are best in the industry and are offered with zero down payments.
Loans are offered online through physicianlender.com. Loans are approved in fast manner. Representatives associated with this source are experienced experts and helps clients in making right decision. Physicians having severe problems like bankruptcy, foreclosures, charge offs etc can also apply for the loan amount. Loans can be obtained for purchase or for refinance. Home equity loans are also offered. This lender offers high qualifying ratios.
Doctor Loan USA is another center offering physician mortgage loans in United States. It offers free and no obligation services and is located at 104 Assembly Ct. Cary NC. Its contact number is 919-926-8324. Loans are offered to DDS, MD, OD, DMD, DO AND DPM. It should be noted here that no refinance for the physician mortgage loans is allowed. These loans are offered at special rates and terms and conditions and only new home purchase are eligible for same. For qualifying for the loan amount, it is essential that physician is a permanent resident or citizen of United States. Another criterion for offering physician mortgage loans is that physician should be a practicing doctor or a resident. Thus, medical students are not eligible for the loan program.
However, loan amount can be obtained as M4 before the start of residency but in such cases, signed residency contract is to be shown. Residents are generally allowed to borrow from $40000 to $50000 and loan amount depends upon the state in which they are practicing. Loan amount is also affected by other types of debts owned by the applicants. For applying, minimum credit score required is 700 and for getting best terms and conditions, it should be more than 720. Various loan options available are 30 and 15 year fixed rates, 5/1 ARM etc. Properties eligible for the loan are condominiums, single family homes and town homes.
Other Articles
