On up to a 1-million-dollar purchase (Over a million-dollar purchase 5-10% down payment and still no PMI)
Buy Your Home Zero Down Payment and No PMI
Contact Jackie Folgueira (Lion International Group/Keller Williams Capital Realty) for help in finding your Miami home with a no down payment Physician/Doctor Home Loan.
As a Realtor, I play a crucial role in helping people achieve their dream of homeownership. By keeping up to date with the latest loan and lender options, I can help you find the best possible financing solutions for your unique needs and circumstances. By taking the time to understand your financial situation and goals, I can provide you with valuable guidance and advice throughout the home buying process. I am dedicated to helping you navigate the complexities of the Miami real estate market and to make a significant difference in the home buying process.
A Medical Professional Mortgage also referred to as Doctor's Home Loan , or Physician Home Loan is a home loan/buying program with specific benefits designed to help physicians, surgeons, dentists, residents and fellows who are new (less than 10 years out of Residency) to the medical field and want to purchase a home. Overall, a medical professional home loan can be a great option for medical professionals who are looking to purchase a home while managing student loan debt and planning for a potentially high earning future.
What Professions Qualify?
Doctors, Dentists, residents or fellows who are less than 10 years out of residency, may qualify for a Medical Professional Mortgage.
Who is eligible?
Licensed medical resident or fellow Practicing physician (DPM, DO, MD) ,Dentist or Oral Surgeon(DDS,DMD)Doctor or Dentist who owns their own practice or have been self-employed for a minimum of 2 yrs.
Must Less than 10 years out of residency
For primary residence only. Not to be used for investment property.
What Makes a Physician Loan Special?
There are several unique ways that make the physician home loan so great.
Buy prior to starting your new position
If you are relocating to start a new position, the physician home loan allows you to purchase your home up to 90 days prior to your new employment.
Uncounted Student Loan Debt
With a doctor home loan, the student loan payment obligation isn’t counted against you at all when the bank calculates your ratios. The result is that you will have a much easier time qualifying for the mortgage amount you want (and deserve, based on your future income), and can obtain a home loan for a higher-priced property.
No PMI
Save hundreds monthly. Most banks assign a PMI factor of 0.3% to 1.2% per year, which will remain on the loan until you've saved up enough equity in your home to remove it. PMI on a million-dollar home can represent an additional $10,000 annually increasing your monthly mortgage by approx. $833.00
Elevated loan limits to avoid jumbo loans
With physician’s loans, conforming loan limits don’t apply, so you may be able to borrow up to $5,000,000 without running into jumbo loan parameters and pricing.
Higher Loan Limit
With physician’s loans, conforming loan limits don’t apply, so you may be able to borrow up to $5,000,000 without running into jumbo loan parameters and pricing and typically at the same rate; 5-10% percent down payment required on home loans over 1 million.
Ease of underwriting
Because doctors and physicians are financially attractive borrowers, they are. subject to less burdensome underwriting standards than other types of mortgage applicants. Borrowers with a physician home loan program can expect more favorable terms and conditions from their lender.