Are ready to make your dream home a reality?
If so, you may want to consider taking out a physician mortgage loan from U.S. Bank. The company's doctor loan program helps physicians, dentists and other medical practitioners obtain flexible home financing loans with favorable conditions.
In this company review, we break down everything you need to know about this exclusive program at U.S. Bank, including:
- Its company background and history.
- The basics of its physician loan program.
- Key benefits that borrowers can capitalize on.
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About U.S. Bank
U.S. Bank National Association (or simply U.S. Bank) functions under its parent company, U.S Bancorp, a Minnesota-based holding company that was established 50 years ago. This company provides mortgage, payment, investment, banking and trust solutions to government entities, businesses, individuals and other financial institutions. U.S. Bancorp also owns Elavon, a credit card transactions processor.
Although U.S. Bank is nationwide, the vast majority of the company's influence is concentrated in the midwest. At 72,000 employees strong, U.S. Bank is the seventh largest bank in the country today. U.S. Bank ranks fifth in terms of market capitalization with a loan portfolio of $286 billion and assets exceeding $476 billion. Its mortgage lending division services borrowers in all fifty states, making it the sixth largest in the country.
Furthermore, U.S. Bank has been consistently recognized as one of the most ethical companies in the world by Ethisphere Institute. While other banks have struggled with data breaches and financial scandals, U.S. Bank has managed to uphold a considerably clean reputation when it comes to consumer trust.
U.S. Bank physician mortgage loan basics
Although U.S. Bank continues to evolve digitally, the company still strives to serve customers who prefer a traditional bank offering a wide loan product variety.
Like the rest of its services, U.S. Bank offers physician mortgage loans to various types of medical professionals in all 50 states. Whether you are six months away from completing your residency program or have been practicing for a decade, now is a great time to purchase a home given the current mortgage rates.
That being said, it is worth noting that physician borrowers with the following requirements may be be the best fit for a U.S. Bank physician loan:
- Medical Doctors (MDs) and Doctors of Osteopathy (DO).
- Those who have accepted a permanent position.
- Those who have began earning an income from this permanent position since it's needed to calcualte of your debt ratio.
- Those who have a copy of the employment contract and medical license, since they are needed for the mortgage application.
The U.S. Bank physician loan program has both fixed and ARM options. This includes 30, 20 or 15 year fixed loans, as well a 7 and 5 year ARM. New construction financing is also available.
The U.S. Bank physician loan program provides:
- 95 percent financing up to $424,100 without private mortgage insurance.
- 90 percent financing up to $1M without private mortgage insurance.
- 85 percent financing up to $1.5M without private mortgage insurance.
Loan agreements can close within six months after starting your new position. U.S. Bank does not have seasoning requirements, and it allows gift funds for up to 100 percent of the down payment. U.S. Bank offers $1,000 relationship credit off the closing costs.
Is a physician loan from U.S. Bank right for you?
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Benefits of home financing with U.S. Bank
Given its nationwide availability and history of success, U.S. Bank customers can receive certain benefits that they simply may not be able to find elsewhere. Let's take a closer look at some of the perks of its physician mortgage loan program:
- U.S. Bank offers both fixed rate and adjustable rate mortgage loans.
- U.S. Bank does typically does not require private mortgage insurance.
- U.S. Bank offers 100% financing for borrowers who meet certain criteria.
- You can apply for the mortgage loan online. Data verification is conducted through trusted sources. All this happens on your time, meaning that you can over any digital device.
- If you are new to the process of a home loan application, you may consult a loan officer who will offer guidance throughout the process.
In this day and age, the consumer lending experience process should be straightforward and organized to enhance clarity and prevent confusion. U.S. Bank offers this, and a whole lot more.
U.S. Bank's physician loan program is among the best of the best in 2019. To illustrate why, this company reviews covers:
- U.S. Bank's history of success.
- The ins-and-outs of its physician loan program.
- Key benefits that borrowers receive when working with U.S. Bank.
Still, you should never assume that a lender is the right fit for your home financing needs. Rather, perform you due diligence with a rate comparison report from LeverageRx. It's simple, fast and completely unbiased.