Special Home Loans For Doctors And Others

Special Home Loans For Doctors And Others

Did you know there are special home loans for physicians and dentists? Did you know there are special loans for anyone who wants to buy and fix up a house with just one loan? Did you know there are special loans for anyone building a house who just wants to have one closing?

If you, or someone you know, fits into these categories, you will want to read this post.

Doctor Loans

A person with a medical degree can qualify to buy a home using what is known as a “Doctor Loan”. These loans are very attractive because the LTV (Loan To Value) Ratios are incredibly favorable on these loans. Some advantages of these loans from First Citizens Bank are:

  • Up to 100% LTV Financing for loan amounts not exceeding $750,000
  • Or up to 95% LTV Financing for loan amounts not exceeding $1,000,000
  • Flexible Fixed Rate and Adjustable Rate loan terms
  • Loans for Primary Residence  and Second Homes
  • Private Mortgage Insurance is not required

Remodeling Loans

If you, are planning on buying a home that needs some renovation, there are loan programs for you. One program from First Citizens Bank is called “The Homestyle Renovation Mortgage”. With just one loan, you can purchase and make improvements. Some of the advantages of these loans are:

  • Loan amount based on the completed value
  • Up to 95% LTV available
  • Second home and investment properties allowed
  • 30 or 15 year fixed options
  • Eligible properties: Single Family, Condo, 2-4 Units

Construction Loans

If you are planning on building a home, you can use a single mortgage that provides financing during the construction of your home, then converts to a permanent mortgage after it is complete (Called a “Construction-To-Permanent” Mortgage). Features of these loans from First Citizens Bank are:

  • One closing for both construction and permanent financing
  • Interest-only payments throughout the construction phase
  • Loan amounts up to $2 Million which can include the price of the land purchase
  • Primary and secondary home lending

Give Us A Call For More Info

If you, or a friend, are buying a home or second home and would like to know more, give us a call at 540-777-7000 or click here to contact us. Or if you are a physician or dentist and would like to know more about these loan programs, let us know and we can put you in touch with our preferred lender partners. No strings attached, we just want to be helpful.

DISCLAIMER: Patrick C. Wilkinson, LivingInRoanoke.com, and The Real Estate Group are not lenders. These loan program details are provided by First Citizens Bank. All loans are subject to credit approval, and every home buyer must be approved individually through a qualified lender. The above information is for general understanding purposes only and is not an offer to lend or originate a loan.

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