Hello!
In a normal rate market I don’t know that I would write a post telling you about this particular loan product, but in this market I want you to know about it.
As I write this the average national 30 year fixed interest rate is 7.14% (face rate).
If you have good credit we have a loan product that can get you in the mid 5’s on an interest rate.
However, there are three things you should know about this product…
1) It’s an ARM. This one would be a 5 year ARM (Rate is fixed for 5 years).
2) It’s only for members of the medical community. Below is a list of eligible borrowers…
• Medical Resident (Educational License)
• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Optometry (OD)
• Doctor of Ophthalmology (MD)
• Doctor of Podiatric Medicine (DPM)
• Doctor of Osteopathy (DO)
• Doctor of Veterinary Medicine (DVM)
• Physician’s Assistant
• Registered Nurse
• Nurse Anesthetist
• Nurse Practitioner
• Clinical Nurse Specialist
3) You should be aware of this particular guideline: On purchase transactions all occupying borrowers must be first time homebuyers (cannot own a home
within the past three years) with the exception of the following scenarios: a) Employment Relocation- professional borrower has accepted a new employment contract, or is
newly employed by a business, beyond a reasonable distance from their current residence. b) Divorce- In the event of a divorce in which the borrower has been legally displaced from their
current residence and has no ownership interest in any additional real estate.
So, if you or someone you know are in the medical community and you are wanting to purchase or refinance a home this might be a great option for you.
Give a call or email us. We are here to help you.
Thanks for reading!
Brett