Are you a doctor looking to buy Columbus Ohio real estate without a large down payment? A Columbus Ohio Mortgage Company is now offering a special physician loan program with low down payment mortgage loans for doctors and no mortgage insurance to buy a home in Central Ohio. Strategic Mortgage Company is a reputable mortgage broker providing residential and commercial mortgage loans in Columbus Ohio. Following are more details on the physician loan program for doctors in Central Ohio.
1. Physician Loan- 95% Loan to value with no mortgage insurance, loan amount from 50,000 to 650,000. Cash out to 90%. 3/3 ARM with 2 different rates that are only reviewed every Monday and allow a 60 day lock with or without a property address. The 3/3 arm adjusts every 3 years. Max change is 1.5%. Life of loan protection is 5% cap. Borrower must have automatic set up for payments to use the stated pricing and it can come from their Bank. Debt to income ratios are 33/40. Minimum credit score is 680 (lowest of both borrowers middle score). This Physician loan program doesn’t count deferred student loans. This is an important feature for new Doctors in the Columbus Ohio area. The physician loan is a portfolio product, so we can use this product for non conforming condos, and other situations that FNMA and FHLMC won’t allow.
2. Jumbo Portfolio loan- 95% loan to value up to $650,000, but if they aren’t a physician, they require mortgage insurance and finding a good MI company that will go to 95% isn’t as easy. The jumbo loan goes from $50,000 to $650,000. It’s a great product for Jumbo due to the competitive 3/3 pricing. All the rules are the same as far as minimum credit score and debt ratios, but non physicians must have mortgage insurance coverage if the LTV (loan to value ratio) is over 80% and they must include deferred student loans.
3. HELOC (home equity line of credit) up to 90% CLTV. Will waive closing costs if they have an initial draw of $5,000 for loans under $100,000, or $10,000 for loans over $100,000. The pricing varies based on credit score, but we hang around prime minus .50 for loans below $100,000 and prime minus 1.05 for loans over $100,000.
Contact Vicki Morello, Loan Officer with Strategic Mortgage on her cell phone at 614-519-0910 7 days a week, for more details. Vicki Morello has been a mortgage loan specialist in Central Ohio for over 20 years and has the experience to help you get the best mortgage loan for your needs. While this Physician Home Loan Mortgage program will help out newer doctors who may not have much money available for a down payment on a home, Vicki can help you obtain almost any kind of home mortgage loan in Central Ohio. Call her for a free consultation and she’ll be happy to help you evaluate which home mortgage loan is the best one for your situation.
Strategic mortgage in Columbus Ohio offers a variety of loan programs to meet just about anyone’s needs with competitive interest rates and closing costs. Strategic Mortgage also offers government loans such as FHA and VA and can provide you with down payment assistance grants and Ohio first time home buyer programs from non-profit organizations to keep your cash investment at closing under $500.
Unlike most mortgage brokers in Columbus Ohio, Strategic Mortgage offers on-site underwriting decisions for most loans, prepares their own closing documents to eliminate errors and provides CASH at closing for their own lines of credit.
I hope you have found this information about the new Columbus Ohio Physician Loan Program to be helpful. Once you are pre-approved for your mortgage, you’ll need a REALTOR to help you with the home buying process. As an experienced Columbus Ohio Realtor, I would love the opportunity to help you find your ideal home and negotiate the best price for you. If you’re interested in buying a home, condo or investment property anywhere in Columbus or Central Ohio, please CONTACT ME at 614-895-0496 anytime from 8am-10pm to get started. I look forward to helping you find your ideal home and obtain the best financing for your Columbus Ohio real estate needs.