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Doctor and First Time Home Buyer Loan
October 12, 2019 at 12:00 AM

The Doctor and First time Home Buyers Loan

Considering a mortgage is one of the most important financial decisions one could make. You dedicate a lot of time and resources into building your career. You deserve to live a peaceful and happy life without worrying about your finances.

One of the common and safe assets one could have is their house. You could get a secure loan against your house. There are different types of mortgages you could avail of. The type of mortgages varies depending on the type of borrowers like a veteran, medical professionals, or people belonging to rural areas.

Mortgages for Medical Professionals

Doctor mortgage or Medical professional mortgages are specifically designed for medical workers. These kinds of loans have fewer restrictions compared to other kinds of loans. A decent credit around 700 or more then that could help get a loan with no or very less down payments.

There are several advantages of physician loans, with one being that you could present the offer letter as proof of income even if you have not started your job yet.

Who qualifies for a Doctor Loan?

There is no difference between a physician mortgage loan and doctor mortgage loan; both are the same things. Generally, they are referred to as doctor loans.

Following are the professions or jobs that come under the category of doctor loans:

· Licensed Medical Professionals

· Medical Physicians

· Dentists

· Pediatrics, Optometrists are also offered Doctor Loans by some lenders

If you are a medical professional in the Greensboro, Durham, Raleigh, or Winston Salem, Charlotte, Wilmington, High Point areas of North Carolina, and considering a doctor loan, you have a chance to avail the expertise of Jill. With years of experience, she will help you draw out a suitable plan according to your needs.

Why Are Physicians Mortgages Special?

When we come across doctor or physician loans, we notice that these loans are different from other kinds of mortgages that are offered to other professionals. One of the major reasons is that doctors or physicians make a lot more money than other professions. Plus, the added benefit of job security.

The lenders have a keen interest in observing how much you make from your profession. When it comes to doctors, besides making good money, they also have opportunities for loan forgiveness that is offered by state programs.

Doctors also have fewer default rates as compared to other professions. Reportedly doctors have a default rate of just .2% vs. the 1.2% default rate of the average consumers.

Major Benefits of Physician Loan Programs

Very Low or Zero Down payment: As compared to other professions, doctor loans have very less or zero down payment in some cases, depending on the lender.

NO PMI: There are no private mortgage insurances required

High Loans: Lenders could allow loans up to $850k/$1.5 Million

Employment Contract: If you are starting a new job, the employment contract may be enough proof to prove your income and get started with the process.

The expenses of Mortgage:

Total Sum of mortgages is not just about the monthly payments. There are few expenses besides monthly payments.

Interest: Interest is based on the interest rate, the loan balance, and loan repayment terms.

PMI: PMI is a fee that is to be paid until reaching 20% of equity.

Buy your home using Medical Professional Loan

Buying your own home is a dream of almost everyone, but over time, it is becoming more and more difficult. If you are someone who has recently graduated, buying a home for you might seem impossible. The overall expenses of education combined with family expenses makes it very difficult to have enough savings to buy a home.

The professional medical loan is designed in such a way to make home-buying easy while keeping in view the needs and demands of your profession. The professional medical loan allows you to close home faster than other traditional ways of mortgages. Factors like student loan debt, total job experience, and the down payment are considered in medical loans.

If you try to handle all the things related to loan on your own, you might end up missing some important points. An expert could help you in this regard. Jill Burgess, from Mortgages by Jill, is an experienced financial advisor when it comes to professional medical loans.

Jill understands the needs properly and will work out a great plan for you according to your needs. Her knowledge and expertise will make sure that the overall process runs smoothly, and your finances are in good hands.

There is a good opportunity for Medical professionals residing in the Greensboro, Durham, Raleigh, or Winston Salem areas of North Carolina to get connected to an expert like Jill, who properly understands the needs of Medical professionals.

First Time Home Buyer Loan

Financial decisions are all about deciding between the need and wants. The purpose that leads you to go get a loan should be clear and precise, so you don’t end up spending too much on wants instead of on your needs.

Buying a home is one of the most difficult financial decisions. A lot of people, paperwork, and signatures are involved. It is quite difficult for a first time home buyers to go through all this process. There is a lot of information that could confuse you in making your decision.

We will try to cover the basics of buying your first home. The current real estate trends might tempt you to go for a big purchase that might be not so good for your overall financial goals.

The first step is the decision where you want to live. The costs of places vary a lot. There are some tools available online that you could use to estimate the costs of living in differing areas. The second major step is understanding what you could afford based on your financial decisions. Then the factors like credit score come into play. The higher the credit score is, the more are the chances of getting a better interest rate. Saving for a down payment is also one of the necessary features of buying a new home.

Top Tips for First Time Home Buyers

Pay of Debt: If you are under debt and still considering buying a home, you might need to reconsider your decision. Owning a house has its expenses when you own a house; you are responsible for all the maintenance, bills, and other expenses. Adding that cost to your previous debt would make things difficult for you.

Building up emergency-funds is one of the solutions to get out of this problem. If you enter your new home with only a mortgage on your hands and a good amount of emergency funds, that means you have prepared yourself well for the future decisions.

Save Down Payment: To avoid paying private mortgage insurance (PMI), you need to save for a down payment of at least 20% or more.

Some of the mortgage options with no down payment include:

VA Loans: VA loans help the veterans to buy a home with no down payment. The main issue with VA loans is that if in future the market trends change, you may end owning way more than the market value of your home. Also, these kinds of loans come up with a bunch of fees, and interest rates are higher as compared to other forms of loans.

Adjustable-Rate Mortgages (ARMs): In ARM Loans, the initial interest rate is less, but the lenders could adjust the rate to transfer the risk of rising interests to you.

FHA Loans: FHA mortgage could be availed with just 3.5% of down payment. But you have to pay the mortgage insurance premium as long as the loan is there. That might be thousands of dollars.

Get home in Your Price range:

The online world had made it easy to buy homes. You could select the house as per choice. You could select one based on your needs and price range and could ask a real estate agent to have a look at the house yourself. An expert real estate agent could help you choose the best house as per your needs.

Contact an Expert

If you are somewhat confused about all the plans and their details. You might need an expert to help you out. Also, these plans have different terms and condition depends upon your state.

Apply for First time home buyer Grants

There are several first time home rants that one could avail. The North Carolina Housing Finance Agency (NCHFA) offers a lot of beneficial loan programs for both first-time buyers and even repeat buyers.

There are a number of programs, and it is difficult to choose one. Ideally, you will need to talk to an approved lender. We at MortagegsByJill are on top of that list, and you want to get in touch with Jill Burgess. Jill’s experience that spans around three decades could help you select your plan. If you want to get all the information before making an important financial decision, feel free to get a consultation from Jill and make your dreams come true.

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