What are Professional Mortgage Loans?

Professional Mortgage Loans: Unique Solutions for Credentialed Professionals

In this week’s blog, we’ll introduce professional mortgage loans, which are uniquely designed home financing solutions for different types of borrowers with professional designations. Certain lenders specialize in loans for people with professional certifications, including physicians, dentists, oral surgeons, and other medical professionals, and for attorneys and CPAs. Professional mortgage loans have competitive interest rates and flexible terms and some unique benefits to consider. Read on to learn more about the different types of professional loans and their benefits. Read on the learn more about professional mortgage loans and contact First Financial Bank – Bill Lavelle to learn more. Bill helps borrowers in Columbus, Dublin, Powell, and Cleveland, OH, find the right financing for their needs.

Professional Mortgage Benefits

Professional mortgage loans are conventional mortgages – that is, they aren’t insured or backed in any way by a government agency. Instead, they’re fully funded by private lenders. Certain lenders specialize in these mortgages for professionals. These loans have some great advantages that make sense for certified professionals, such as:

  • Low or no down payment requirements. Down payments may also be a gift that the borrower receives from a friend or loved one.
  • Higher loan limits, with funding for nonconforming “jumbo” loans
  • In many cases, no required private mortgage insurance (PMI)
  • Fixed or adjustable-rate mortgages (ARMs)

Flexible Approval Requirements

One key reason you may want to consider a professional mortgage loan is because lenders who specialize in these loans understand the unique financial challenges these professionals face, especially early on in their careers. Lenders who specialize in professional mortgage loans recognize that medical professionals, CPAs and attorneys are some of the least likely borrowers to default on their loans, though they may not have the savings or earnings history as someone of a similar age in a different profession – that is, at first.

Many medical professionals and attorneys are in school late into their 20s and even 30s before they move into the workforce full time. This means they may not have substantial savings or a long employment history, even though they have the potential to be high earners. In many cases, young professionals also have college debt to pay off. Lenders who provide professional mortgages are aware of these factors and use different criteria to approve borrowers for loans. They may, for example, exclude deferred student loans from a potential borrower’s debt-to-income ratio.

Get Started Today

If you think a professional mortgage loan sounds like the right solution for you and your family, contact First Financial Bank – Bill Lavelle. Bill works with clients in Columbus, Dublin, Powell, and Cleveland, and he would love to answer your questions and walk you through your options.