Physician Mortgage Home Loan Experts in Columbus
It is a widely known fact that physicians in the USA have the highest paying jobs of all time. This fact has led to the innovation of many products in the market. One of these numerous products is the doctor Mortgage Loan Program which is a specialized home loan financing program for physicians who are willing to purchase a primary residence with a minimal down payment. It has been specially designed for new doctors that do not have any work history and usually have a significant amount of student loan debt.
Physician Mortgage Loan Experts in Columbus
The several benefits of the Physician Mortgages offered by leading banks in Columbus are-
• Physician Mortgage Loan Program or Doctor Mortgage Loan Program gives physicians higher chance of approval as most often new in practice physicians are declined a conventional loan for not fitting the guidelines due to student loan debt.
• It waives off medical school loan debt for physicians carrying heavy student loan burdens early in their careers, this Doctor Loan Program in Columbus is a huge benefit.
• This has a little down payment of 0-5%. Depending on the bank making the loan, where the property is located, and the loan amount. Usually, leading banks offering physician mortgages in Columbus finance 90-100% of the loan.
• Doctor Loan Programs in Columbus provides higher loan limits depending on the institution that is making the loan. However, despite that, the loan limits amount between $ 850k to $1.5 million which is much higher than any conventional loan.
• Doctor Mortgage Loans in Columbus does not require you to purchase PMI as it is considered that a physician’s odd of defaulting the loan is very low. This is the most significant relief for physicians as the high cost of PMI (Private Mortgage Insurance) has always been a challenge for physicians applying for a conventional loan.
• Physician Lenders allow flexibility regarding proof of Income for a self-employed physician to qualify with as little as a six-month history of income, helping them buy a home much earlier with a Physician Mortgage Loan in Columbus. For doctors at the start of their career, the employment contract is also considered as acceptable proof of income.
• Some Doctor Loan Program in Columbus even allows physicians to use gift money for a down payment or closing costs.
• Banks underwrite more liberal guidelines for physician mortgage loans in Columbus, but they also charge a slightly higher rate of interest. As compared to any conventional loan, a physician ends up paying .25% to .5% higher rate for reaping the benefits of this exceptional loan program.
• The Doctor Mortgage Loans in Columbus only provides physician loans to a medical resident (with educational license), medical doctor (MD), doctor of dental science (DDS), doctor of dental medicine or surgeon (DMD), doctor of optometry (OD), doctor of ophthalmology (MD), doctor of osteopathy (DO), and doctor of pediatrics medicine (DPM).
Contact Us For Physician mortgage loan in Columbus
It is a well-known fact that conventional loans in the USA have many strict guidelines to adhere to and their chances of approval are meager as well. The invention the Doctor Loan Program is very significant in the current times due to the same reason. Apart from the various benefits that it provides, it is an advantage given to the physicians considering the stability of their job and their high income. Almost all leading banks these days are giving physician mortgage loans in Columbus without resorting to any malpractices or harassing doctors by trying to get more business out of them. Their only aim is to develop a good working relationship with high-income professionals. This is a unique and lucrative program assisting doctors/ physicians to kick-start their career.