October 9th, 2018
Coming out of law school an attorney must decide whether to rent or buy. In conventional loans, buyers face more expensive loan terms without a large 20% down payment. Financially savvy attorneys can see the benefit of homeownership but face a tough decision.
Rent and save for their large down payment? Put down a small down payment and be subject to pricey private mortgage insurance? Put down 20% instead of paying down long term student loan debt? Any of these decisions seem to be problematic in one way or another. Flagstar Bank has a crafted a program exclusively for licensed attorney’s to solve this very problem.
Introducing the attorney loan aka the professional loan from Flagstar Bank. This allows for well qualified attorneys to enjoy specific highlights listed:
-No mortgage insurance required
-0% Down up to $850,000
-5% Down up to $1,000,000
-10% Down $1,500,000
-Purchase Power Boost - deferred student loan debt not factored into debt ratio if differed for more than 12 months
-Purchase and rate term/refinance options for primary home.
-Relocation Stress Reduction – Close up to 60 days prior to your new job start date
1) New associates. Associates straight out of law school normally have large student loan debt that limit their ability to qualify for the mortgage they want. This program allows a new associate to purchase and close on a home up to 60 days before they start their employment. Their student loans may not limit their preapproved purchase amount. They can also get in with zero down and avoid paying mortgage insurance. Money can be gifted by family and the program allows for non-occupant co-borrowers.
2) High Debt associates. Getting that law degree wasn’t cheap. Sacrifices were made to achieve that great feat. Student loans, credit cards, and other “bad debt”. The down payment options in this program allow you to instead consolidate your bad debt. Mortgage interest is tax deductible. No need to burn money renting and paying someone else’s mortgage. Build equity and tackle debt without paying private mortgage insurance.
3) Transitioning associates. There is enough stress relocating to a new employer. Throw in buying and selling a home into the mix and it can get quite overwhelming. The NO to LOW down payment can help you get in to your new home without selling the existing one first. This can be a huge benefit when bidding on a home. No contingencies to sell yours before closing will make you stand out from the crowd. Reduce stress and take your time moving. Reminder to get preapproved to verify you have this option to buy before selling.
4) Seasoned attorneys. This program is also available for established attorneys who want to take advantage of lower down payment options. While you may be able to come up with the 20% down payment, you may prefer to instead invest in other ventures that may turn larger profits.
Flagstar Bank recognizes that attorneys have job stability and income continuity. There is a need in the market to help attorneys encumbered with large student loan debt to obtain their dream of homeownership. Flagstar Bank is eager to develop long term relationships with attorneys and other high income earnings.
For more information or to get preapproved for the attorney loan please contact Ryan Fagin or Keith Kampe.
Keith Kampe, NMLS ID: 771049
Vice President of Sales - Platinum Producer
Office: (248) 205-4309
Cell: (248) 935-3591
Fax: (866) 422-2597