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http://utahphysicianhomeloans.com/
Offering physician home loans (and loans for non-physicians, too!) in AL, AR, AZ, CA, CO, FL,GA, ID, IL, IN, IA, KS, KY, LA, MI, MN, MS, MT, ND, NE, NM, NV, OK, OR, SC, SD, TN, TX, UT, WA, WI, WY
Do I need to have money in reserve for a physician mortgage loan?
That varies, depending on what type of loan program we have. We have a very diverse mix of physician loan programs – we actually have about 7 different programs that we prescribe for physicians that have more liberal underwriting guidelines than do a standard, conventional Fannie Mae, Freddie Mac type loan. And so, when it comes down to reserves, it’s really going to depend on where you’re buying and what the price range is and which of our programs is going to fit you best.
Now reserves, just so you’re clear – an underwriter will typically ask for reserves, which is just liquidity or savings, that can be in the form or a retirement account, it can be checking or savings, any funds that you have that are in addition to or after you render your down payment. So, if you’re coming into your closing with your 5% down payment, then the underwriter’s going to say, “Well, we want to see 3 or 4 month’s worth of reserves.” That’s 3 or 4 months of your mortgage payment in savings after you’ve put down your 5% or whatever your down payment is.
So, I invite you to reach out to me. We’ll find out a little bit more about your situation, where in the country you’re buying and then we can tell you what solution we have that may or may not have reserves. We do certainly have some programs that don’t require any and I invite you to reach out to us so we can tell you more about that.
Contact us today! (801) 747-1210
Josh Mettle
801-747-1210
NMLS #219996
CA-DOC #219996
Equal Housing Lender
801-747-1210
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NMLS #67180
801-747-0200
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Do I need to have money in reserve for a physician mortgage loan?
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