phySICIAN hOME LOAN lenders in Seattle
All of the loan officers listed are highly recommended Physician Loan Officers and industry leaders that specialize in working with Physician Mortgage Loans ONLY.
Physician mortgage Loan Experts in Seattle
The Doctor Loan Program Seattlehas a long history in the United States. It was initially offered to attract new physicians in growing towns in the west, and then later evolved to various places with different sets of rules and conditions. Approximately 18,000 new doctors graduate from medical school every year and have a rapidly increasing income level as soon as they start practicing. Physicians need a specialized home loan to reduce the burden of their mortgage payments. A Doctor Mortgage Loan in Seattle is a unique home loan financing program for medical doctors, including residents and fellows, who are looking to purchase a residence with minimal down payment. Benefits of Physician Mortgage Loans in Seattle-
1. Leading Physician Mortgages in Seattle benefits only a few selected groups of doctors that include medical physicians (MD), doctors of osteopathy (DO), dentists (DDS/DMD), and veterinarians (DVMM). Some banks or lenders also offer physician mortgage loans to podiatrists (DPM) and optometrists (OD).
2. It allows flexibility for a self-employed physician regarding proof of income to qualify with as little as a six-month history of income, enabling them to buy a home almost two years earlier with a doctor loan than a conventional loan.
3. Doctor Loan Programs gives physicians in Seattle the access to finance with little to no money down and also no required private mortgage insurance (PMI).
4. Physician Mortgage Loans in Seattle holds a higher chance of approval for the new in practice physicians because a physician loan is a good option for doctors who are having trouble putting together cash for a down payment.
5. Leading Physician Mortgages in Seattle also offer extremely low down payment of 0-5% and finances 90-100% of the loan value usually.
6. Another unique and vital fact about the doctor mortgage home loans in Seattle is that student loan payments that are in delay for a year or longer don’t influence the decision of whether the borrower qualifies for the mortgage or not.
Physician Mortgage Loans in Seattle provides higher loan limits depending on the country and on the institution that is making the physician loan. Despite which it still has a higher loan limit than any conventional loan amounting between $ 850k to $1.5 million.
8. Physician Lenders have the highest interest rate but again, keep into consideration many benefits for physicians especially the ones early in their career or relocating from another place to Seattle.
9. Some leading physician mortgages in Seattle even allow physicians to use gift money for a down payment or closing costs.
To sum it all up, listed below are some of the significant benefits of the Doctor Loan Program in Seattle-
• Zero Down Payment or Low Down Payment for loans
• No Private Mortgage Insurance (PMI)
• Opportunity to move in up to 90-days prior to the contract start date to the new home
• Ability to ignore deferred student loan payments
• Fixed and Adjustable Rate options available
• Redeem gift cards for down payments or closing costs
Often this is the best choice for doctors as conventional loans generally offer inconvenient options and a high fee, with the highest rate of interest. It also requires proof of earnings and a substantial sum of money to put down. In most cases, unless physicians are planning on purchasing a home for a short-term living (less than 5 years), the Doctor Mortgage Loan tends to work out more affordable than any other conventional loan. It is a win-win circumstance for both physician lenders and borrowers especially if doctors are willing to put down an amount of cash up front.