Are you a Doctor who is looking to buy a new Dallas home? There are special home mortgage financing options to help you! As a registered nurse myself, I understand what it’s like being in the medical profession. I have interviewed dozens of mortgage lenders and found a great mortgage financing for doctors!
Down Payment Options for Doctors
5% Down for Dallas homes up to $1 million.
10% Down for Dallas homes from $1 million to $1.2 million.
15% Down for Dallas homes from $1.2 million to $1.5 million.
20% Down for all homes over $1.5 million.
No Private Mortgage Insurance for Doctors
On typical Dallas home mortgages, if your down payment is less than 20%, you are required to pay Private Mortgage Insurance, or PMI. This mortgage insurance typically costs about 1% per year. On a million dollar home, this would equate to paying an additional $10,000 per year, or nearly $850 per month. Under this mortgage financing program for doctors, you pay no PMI on your Dallas home loan!
No Mortgage Underwriting Fees for Doctors
Typical Dallas mortgage underwriting fees are approximately 1% of the cost of the Dallas home and are due at closing. Using the million dollar home example from above, that would equate to an additional $10,000 that you would have to bring to closing. Ouch! Under this mortgage financing program for doctors, you pay no underwriting fees on your Dallas home loan!
This Dallas home mortgage financing program for doctors requires a credit score of 660, and can be used to buy primary or secondary Dallas homes, but not investment properties.
If you are a Doctor, Fellow, or Resident and are looking to purchase a Dallas home with this great mortgage financing program for doctors, Contact Us today! I can help you anywhere in the DFW Metroplex or refer you to a great agent in your area.
