If you’re a physician and are looking to finance a home purchase, you have a new option. Silverton Mortgage is offering a loan specifically designed for medical professionals. Read on to learn more about it.
The Silverton Doctor Loan is available to specific types of medical professionals. They include:
· Medical Doctors
· Medical Residents
· Doctors of Optometry
· Doctor of Podiatric
· Doctor of Osteopathy
These are the only medical professionals eligible for the Silverton Doctor Loan. At the time that you submit your application, you’ll have to provide an active license to establish that you are a credentialed medical professional in the State of Georgia.
The Silverton Doctor Loan covers 15- and 30-year fixed-rate mortgages. It also covers 7/1 and 10/1 ARM lending products.
The Silverton Doctor Loan can only be used for owner-occupied properties.
What If I Still Have Student Loans?
Having student loans on deferment does not disqualify you for the Silverton Doctor Loan. In fact, if you’re a medical resident, it’s quite likely that you do have loans on deferment and the loan is designed to accommodate that, with certain conditions.
Medical residents who have their loan deferred must go through a Reasonableness test. The test takes into account your current income and the income you’re likely to earn in the future. If there’s a gap between when your fully-executed contract begins and the closing, that, too, can be accommodated. If you have enough reserves on hand to cover the expense, plus one month, you should qualify for the loan.
How Do I Learn More?
The Silverton Doctor Loan is available from Silverton Mortgage. It’s an excellent financing option for medical professionals, but there are always plenty of options out there, so be sure to talk to us about getting in touch with a mortgage professional who can help you finance your home.
Smyrna has some of the most desirable properties in the Atlanta area and, if you’re interested in calling it home, remember it’s perfectly acceptable to look at properties before you arrange financing, so it’s never too soon to contact your Realtor. Between the wide variety of Smyrna properties on the market and the many financing options available to those with suitable incomes, it’s an excellent time to be exploring what the market has to offer. Contact us today to find out about how you could finance the home you’ve always wanted.