If you plan on purchasing a property outside of these few states, you likely won’t get approved for a TD Bank physician mortgage loan. The property you purchase with a TD physician mortgage must be located in a state where the bank has branches. The TD Bank mortgage for medical professionals isn’t an ideal option for everyone, since the bank only operates in 15 states and D.C. Qualified applicants might get a physician mortgage based on a new employment contract, enabling them to get settled upon relocation before beginning a new job.ĭisadvantage of a TD Bank physician mortgage loan.This is helpful if you have medical school debt. Residents, doctors, and dentists may qualify for a TD Bank mortgage despite a high DTI ratio.TD Bank Physician mortgages save you money because down payments below 20% don't require PMI. Physicians and residents might get approved for a mortgage with zero money down or a very low down payment.These are the top advantages to a physician mortgage with TD Bank: Let’s talk about some of the primary features physicians may find appealing about TD Bank’s mortgages. Related: Professional Mortgage Loans: Options for Professionals in High-Paying Fields Benefits of a TD Bank Medical Professionals Mortgage This frees up funds for additional student loan payments or retirement savings. Not having to pay for PMI could result in a significantly lower monthly mortgage payment long before you reach 20% equity in your home. Up to $2 million purchase price = up to 89.9% financing available.Up to $1.5 million purchase price = up to 95% financing available.
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