Flagstar Bank Physician Mortgage Loans

The Physician Home Mortgage Process—The Appraisal

Flagstar Bank Physician Mortgage Loans

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The Appraisal—What it Means for Your Mortgage

You may feel that once you have found a home, made a successful offer, and may even be pre-approved for the amount you have offered, it is time to celebrate. However, there is one more major hurdle in the process of purchasing your home and signing the mortgage document: the appraisal. If, for any reason, the appraisal reveals that your dream home is not worth what you offered, the deal may be off. No lender wants to loan a buyer more money than their investment is valued at, especially if the borrower were unable to make payment and the property would be sold to pay off the debt. Therefore, the appraisal is a crucial part of the physician mortgage (or any mortgage) process.

It is important to remember that, although you want to find the best deal on a home, this is one time that a professional opinion is necessary. Home appraisers receive many hours of training, are background checked, take an exam, and are licensed in their state. Their job is to provide you with an unbiased opinion on several aspects of your home, including:

  • Neighborhood in which it is located—development, price trends, price range, boundaries
  • Site on which your home sits—utilities, improvements around the property, zoning concerns, and any environment and legal conditions
  • The individual property—condition and features, amenities, and deficiencies
  • Comparable properties—what have other similar homes sold for recently
  • Property in a Housing Development ONLY—any community maintenance fees

This extensive report protects both the buyer and lender from investing in a property which is not worth the amount you are borrowing for it. This provides you with a little more peace of mind when you obtain a physician mortgage that you have a home that is a good investment. Your mortgage lender can help you read through the appraisal to see where there may be issues. If the appraisal reveals conditions which affect the home’s value, the seller may be given an opportunity to make repairs to rectify these issues. Although this may slow the closing process down, these are issues which you will not be forced to solve after taking possession of the home. Therefore, your lender truly has your best interest (and theirs) in mind when they hire an appraiser.

The Lenders

Mortgage lenders are experienced in helping buyers get financing for a home, whether it be their first or fifth, or last. Today’s busy physicians don’t often have a lot of time to spend researching potential banks to find the right lender for their specific needs. Therefore, we have compiled a list of some of the top physician mortgage lenders in the industry. Each of the financial institutions included in this list have a history of service to medical professionals in financing and other banking services and offer outstanding rates and features worth considering.

Founded as a federal savings bank in 1987, Flagstar Bancorp’s subsidiary Flagstar Bank offers a loan program which caters to a wide variety of medical professionals. This financial institution grew throughout the 1990’s, and after weathering the financial crisis in the late 2000’s, bounced back in 2018 by acquiring banks in California, Indiana, Wisconsin, and Ohio. A top 5 bank mortgage originator, Flagstar Bank is very experienced in providing home mortgages and as thus, has established a mortgage program which caters to medical professionals. The Flagstar Professional Loan Program contains some perks not found in other physician mortgage loan programs.

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Flagstar Bank Professional Loan Program includes the following features:

Minimum Credit Score

710

States Available

50 states

Loan Amounts For Residents & Fellows

100% up to $850,000
Flexible up to $1,500,000
Close up to 60 days prior to starting employment

Loan Amounts For Practicing Physicians

100% up to $850,000
Flexible up to $1,500,000
Can be used for both new purchases and refinancing existing homes

Eligible borrowers include

Medical Resident (Educational License)
Medical Doctor (MD)
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)
Doctor of Optometry (OD)
Doctor of Ophthalmology (MD)
Doctor of Podiatric Medicine (DPM)

Highlights

Doctor of Osteopathy (DO)
Nurse Anesthetist
Nurse Practitioner
Clinical Nurse Specialist
Veterinarian
Only adjustable rate mortgages available (no fixed rates)
No PMI required
Non-occupant co-borrowers are allowed on the loan

Flagstar Bank offers one of the most generous programs in terms of eligibility, covering residents, and nursing professionals.  With 160 branches in 5 states, this is a far-reaching lender which specializes in mortgages, acting as a servicer and sub-servicer of mortgage loans. It has a proven track record of philanthropy, donating time and grant funding to career development, arts and culture, and financial education within its communities. In addition, Flagstar was recognized in 2018, for the fourth straight year, by Fannie Mae as a Fannie Mae Servicer Total Achievement and Rewards™ (STAR™) Performer for its dedication to mortgage servicing. Find out more about Flagstar Bank’s Professional Loan Program.  To discover others in our lender list, visit our site.

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