Whether you choose an FHA or physician loan depends on the value of the property you’re buying. There are lending limits with FHA loans and in most places, you can only get up to $417,000. Physician loans will usually lend you more depending on where you’re at in your medical career.
Keeping this in view, can a doctor afford a million dollar home?
In summary, doctors can buy million dollar homes. But even though traditional mortgage calculators, real estate agents, and mortgage companies will tell them to, it’s not always a good idea.
Considering this, does Chase offer 10 year mortgages?
Chase offers fixed-rate mortgages with 10-year, 15-year, 20-year, 25-year and 30-year terms. Adjustable-rate mortgage (ARM): With this mortgage, you can expect to have a lower interest rate as compared to a fixed-rate mortgage for the first five, seven or 10 years.
Does Chase offer physician mortgage loans?
Chase doesn’t offer a particular loan for physicians. … Chase offers financing up to 85% of the value of a home as long as borrowers have a good credit score and significant reserves. Many doctors may fit into this category. However, PMI is required.
How do I know if I qualify for FHA loan?
How to qualify for an FHA loan
- Have a FICO score of 500 to 579 with 10 percent down, or a FICO score of 580 or higher with 3.5 percent down.
- Have verifiable employment history for the last two years.
- Have verifiable income through pay stubs, federal tax returns and bank statements.
What is a community hero loan?
The CalHERO™ Mortgage is a California real estate reward savings program for Police, Firefighters, Veterans, Nurses, and Teachers when they buy, sell, or refinance a home. CalHERO is often referred to as a mortgage program for heroes, community hero home loan, or a first responder home loan.
Which bank is good for doctors?
Mumbai: ICICI Bank today announced the launch of the country’s most comprehensive banking solutions for medical doctors.