Doctor Loans in St. Louis Park, MN
Doctor loans aren’t just for physicians. Many lenders offer them to veterinarians and dentists too. If you are in the medical profession and are looking to purchase a home in St. Louis Park, read on for one of the best loan programs out there – custom made for you.
Docs are Excellent Credit Risks
Whether you are a resident or an established professional, lenders consider you an excellent credit risk. It doesn’t matter how much student loan debt you’ve racked up or how sparse your credit report is or the fact that you may have little money to put down, lenders will look at your potential to earn in the future when determining your credit worthiness.
The Benefits of Doctor Loans
Lenders vary in what benefits are included in their doctor loans, but here’s a look at some of what is offered:
- Low down payment requirements. Some lenders offer 100 percent financing.
- The exclusion of student loan debt from the borrower’s debt-to-income ratio.
- No private mortgage insurance requirement, even when financing over 80 percent of the purchase price.
- Loan amounts up to $2 million.
- Minimum credit score of 700.
- The ability to close on the home purchase up to 30 days before your first day on your new job.
- The ability to delay your first mortgage payment for up to 75 days after closing.
Doctor loans can be either fixed rate or adjustable rate, whichever works best in your situation.
Whether you are fresh out of med school or have years of experience behind you, if you are planning on purchasing a St. Louis Park home you owe it to yourself to speak with one of our lending partners about these amazing loan programs.
Feel free to contact the Kris Lindahl Team if you would like more information, or fill out the form below and we’ll get back to you soon.