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Financing for Physicians- The Ann Arbor Real Estate Associates

 

Did you know there are loan programs specific to the needs of the medical professional?

Yes! We are glad to say that there are several reputable financial institutions have created easily accessible loan programs to suit your needs. 

I have had very successful personal experiences with these 3 lending organizations in the past.

I recommend them here for you. 

Below, I will list the DO’s and Don’ts when it comes to transferring funds, making large purchases while applying for your loan, how conventional lenders view student loan debt, purchasing in cash and in trust financing, and a checklist of the documents you need to have available on hand to be able to apply for your mortgage loan quickly and expediently.

Please review this important information at your leisure, but please Do the review. 

Huntington Bank:

Huntington Bank Physicians Loan

Howard Hanna Mortagte:

Howard Hanna Mortgage

Bank of America:

Bank of America Home Loans

When applying for your upcoming mortgage loans, please keep in consideration that your activities affect your overall FICO score.

Large purchases such as vehicles, large financial transfers and high credit usage on credit cards,  computers, “Same as Cash” finance agreements  are just some examples of debt that can affect your ability to purchase a home.

We are recommending that you carefully listen to the advise of our lender about how they prefer you manage your credit profile during the time of mortgage application and approval. 


Student Loan Debt-

 

In Trust Financing- Many of our professionals moving into the Ann Arbor have the resources to purchase a property in cash, and then put into place a land contract agreement that allows the interest to be paid back into the purchasers trust over time, and avoid paying the bank the interest on the loan. This can easily be explored, and we have the skill set to refer you to the proper resources to navigate through the process. 

Documents Checklist: 

Last two years of Tax Returns or W2 forms

Last 2 months COMPLETE  pay stubs showing YTD earnings. 

Last 2 months COMPLETE Bank Statements. ALL PAGES MUST BE INCLUDED. 

Your photo ID.

Your New Hire Letter or Offer Letter from your employer.