Physician Mortgage Home Loan Experts in Killeen
Most doctors in Killeen are looking for loans with low-interest rates that enable them to put very little money down, not use their student loan debt in their debt ratio, use future income rather than current or past income, and enable them to move in before they start to practice.
This was a massive challenge for physician lenders earlier as most physicians did not qualify for the best rates given the type of loan they needed. But it still was a widely known fact that Physicians with high credit scores have a very low risk of default on residential mortgages even if they have high debt, higher ratios with fewer assets. Hence, the doctor mortgage loan program was introduced to give physicians access to mortgages with high-interest rates, no or very little money down required, and no mortgage insurance usually.
Physician Mortgage Loan Experts in Killeen
The Doctor Loan Program in Killeen is a residential mortgage loan program that provides unique benefits explicitly developed for medical physicians and dentists, podiatrists, optometrists, and veterinarians. The following list of doctors/ physicians are eligible to apply for the Doctor Loan Programs in Killeen:
• Medical Resident
• MD (Medical Doctor)
• DPM (Doctor of Podiatric Medicine)
• DO (Doctor of Osteopathy)
• DDS (Doctor of Dental Surgery)
• DMD (Doctor of Dental Medicine)
• OD (Doctor of Optometry)
Benefits of Physician Mortgage Loans in Killeen
Physician Mortgage Loans in Killeen requires doctors to invest very little money for a down payment on the loan, usually 0-5% of the purchase price. It also does not mandate physicians to pay for private mortgage insurance (PMI). Banks do not include the student loan debt and neither let it influence the approval of the loan from physician lenders. This makes it a very attractive offer and one of the main reasons why it is said to be so beneficial for a recent graduate.
Doctor Mortgage Loans in Killeen offers value and benefits that cannot be refused. It holds a higher chance of approval for the new in practice physicians. It finances 90-100% of the loan value usually. It provides higher loan limits depending on the country and on the institution that is making the loan. Despite which it still has a more upper loan limit than any conventional loan amounting from $850k to $1.5million. The Doctor Mortgage Loan Programhas the highest interest rate but still, keep into consideration many benefits for physicians especially the ones early in their career.
It accepts residency/fellowship/employment contract as proof of income for the future. Usually, conventional lenders look backward at the borrowers earning history to be able to determine if they’ll be able to afford a monthly loan payment, but physician lenders don’t.
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Contact Us For Physician mortgage loan in Killeen
Leading banks that give physician mortgages in Killeen require you to only open an account with them to be eligible for a loan. They do not resort to any malpractices of forcing borrowers to open an account in a way that ensures them to do business other than the physician loan with them. In some cases, doctor mortgage loans in Killeen allows borrowers also to use money that they have received as a gift for the down payment, cash reserves or closing costs.
Many new medical school graduates were earlier unsure of whether or not they will be able to buy their first home. With a new job, a different community and student loans, financing seemed unattainable for them earlier. That’s why leading banks started to offer Physician Mortgages in Killeen, a mortgage program designed to fit the unique needs of physicians looking to buy a home at the start of their career.