FAQ's
Common Frequently Asked Questions
Common Frequently Asked Questions
A Physician loan is a special home mortgage that is special and has attractive terms and different qualities not found with other traditional loans. It is available only to doctors and dentists.
Graduating medical/dental students, residents and practicing doctors (MDs, DPMs, DOs, and Dentists) are candidates for these specialized loans. You either need to be a U.S Citizen, have an H1B VISA or be a permanent resident alien.
No. It’s free to Pre-Qualify with us. In fact, as a warning, you should never pay anything to any company to get Pre-Qualified. You should immediately be worried if a Loan Officer or mortgage company asks you for up-front money. Your best move is to run. And once you are Pre-Qualified, there should never be any pressure or any obligation to continue a transaction with a Loan Officer once you are Pre-Qualified. You can walk away any time, for any reason.
First of all some reports have errors, so we look at your credit report to determine what is the cause of a low score and if it can be repaired. This alone is a great reason to get Pre-Qualified earlier rather than later. Since we have direct credit bureau access, we can often help to repair true errors. While we don’t make money on this service, we must pass along any direct charges from the credit bureaus. If mistakes aren’t the issue but low scores are an issue, there are steps I can offer to help clean up your reports and put your credit on the fast road to recovery. Whatever you do, DO NOT hire a credit repair company; most take your money but don’t provide the promised service.
Three Credit Repositories hold your credit rating in the U.S. — Experian, TransUnion and Equifax. Your middle credit score of the three will be used to determine your qualification for a loan. Most of our loans for doctors require a middle credit score of 700. However, we do have a loan available for a 680 middle score. Note that some of the larger loans will require a middle credit score of 720.
Estimated closing costs include lender fees, attorney fees, title insurance, taxes, etc. Many of these fees can vary based on multiple variables. The average of all closing costs is two and half to three percent.
Are you still a little confused and have questions? Of course you do, that’s normal and expected. Your questions are important to me and I’m committed to helping you understand and navigate through the process.