As a doctor, you are among the most significant professionals in the country. You have dedicated your time and energy to your field, and you have also earned the respect of your peers. In 2021, Flagstar Bank created the Flagstar Physician Loan to help you get the most out of your career. This loan program is specifically tailored to the needs of medical professionals and is designed to give you the financial capabilities you need to purchase a home.
What Is a Flagstar Physician Loan?
A Flagstar Physician Loan is a special loan program that is designed to help medical professionals purchase a home. This loan program is specifically tailored to the needs of medical professionals and is designed to give you the financial capabilities you need to purchase a home. This loan program offers a variety of features, including:
- No down payment required for qualified borrowers
- Competitive interest rates
- No private mortgage insurance (PMI) required
- The ability to finance up to 100% of the purchase price
- The option to use a co-borrower
- The ability to finance closing costs
The Flagstar Physician Loan program is available to a variety of medical professionals, including:
- Physicians
- Dentists
- Physician assistants
- Nurse practitioners
- Optometrists
- Podiatrists
- Veterinarians
What Are the Requirements for a Flagstar Physician Loan?
To qualify for a Flagstar Physician Loan, you will need to meet the following requirements:
- Salaried or self-employed physicians, dentists, physician assistants, nurse practitioners, optometrists, podiatrists, and veterinarians
- Minimum credit score of 680
- Minimum debt-to-income ratio of 45%
- Minimum loan amount of $150,000
- No bankruptcies in the last two years
- No more than two 30-day late payments in the last two years
In addition, the property you are purchasing must meet the following requirements:
- Minimum loan amount of $150,000
- Maximum loan amount of $625,000
- Primary residence only (no investment properties)
- Property must be located in the United States
- Property must be a single-family residence, townhome, or condominium
What Are the Benefits of a Flagstar Physician Loan?
There are many benefits to taking out a Flagstar Physician Loan, including:
- No down payment required for qualified borrowers
- Competitive interest rates
- No private mortgage insurance (PMI) required
- The ability to finance up to 100% of the purchase price
- The option to use a co-borrower
- The ability to finance closing costs
- The option to use a co-borrower to increase the loan amount
- The ability to use a co-borrower to reduce the amount of money you need to borrow
- The ability to use gift funds to help with the down payment
- The option to lock in an interest rate for up to 60 days
Are There Any Drawbacks to a Flagstar Physician Loan?
As with any loan program, there are some drawbacks to a Flagstar Physician Loan. These include:
- Strict credit requirements
- Higher interest rates than traditional loan programs
- The loan amount cannot exceed a certain percentage of the purchase price
Conclusion
The Flagstar Physician Loan program is a great option for medical professionals looking to purchase a home. It offers competitive interest rates and the ability to finance up to 100% of the purchase price. This loan program is designed to help medical professionals get the most out of their career and purchase a home with ease. If you are a medical professional looking to purchase a home in 2023, the Flagstar Physician Loan program is a great option to consider.
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