In every corner of the United States, medical professionals give their all each and every day for the sake of their neighbors’ health and well-being. That’s why here at Arthur State Bank, we’re committed to doing all we can to serve the financial needs of the health heroes who reside in the communities we serve. And part of that commitment can be seen in our Medical Professional Mortgage program.
A heap of hurdles to homeownership
Many members of the medical profession face substantial financial challenges, especially early in their careers. Among them, the average American medical school graduate owes more than $250,000 in total student loan debt — more than seven times the student loan debt of the average U.S. college graduate. This can result in student loan payments exceeding $2,000 a month.
In addition, when just starting their professional careers, medical professionals can all face additional financial obstacles when they apply for a mortgage, including:
- A high debt-to-income ratio, largely as a result of the aforementioned student loan debt — making it hard to qualify for a conventional mortgage
- For those who have just graduated and haven’t yet started work, trouble providing the proof of income that most lenders require
- Challenges coming up with the 20% down payment typically needed to avoid having to carry private mortgage insurance (PMI)
From a homebuying perspective, all of these substantial-on-their-own hurdles can add up to make buying a home — and even qualifying for a traditional mortgage — seem out of reach.
What is a Medical Professional Mortgage?
At Arthur State Bank, we recognize the unique challenges that medical professionals face when trying to buy a home, along with the potential for financial growth that new members of the medical field possess. We also have a keen interest in keeping these valued members of our communities in the area so they can continue to serve our employees, our customers and all of the members of our local communities.
So, in an effort to help, we’ve developed our Medical Professional Mortgage program specifically for medical professionals looking to buy a home in the communities we serve. This unique program offers a range of benefits to those who qualify for the mortgage loans it provides — many of them being benefits that are typically not available with conventional mortgage loans.
Who is eligible for a Medical Professional Mortgage?
The medical professionals who are eligible for our Medical Professional Mortgage program include:
- Physician assistants
The Benefits of a Medical Professional Mortgage
Our Medical Professional Mortgages can be used to fund up to 95% of a home’s sales price or valuation (whichever is lower), with a minimum loan amount of $50,000 and the maximum loan amount set at $1.5 million.
The many benefits of an Arthur State Bank Medical Professional Mortgage include:
- A 5% down payment, which can be earned funds or a gift
- No origination fee
- No PMI required
- Flexible terms
- A fixed rate for the first 5 years, which may adjust annually after that
- A mortgage term of up to 30 years
Proudly serving South Carolina since 1933, Arthur State Bank offers accounts and services to meet a variety of financial needs. To help you achieve all your financial goals, the bank offers in-person service as well as a range of convenient digital solutions.
To learn more about Arthur State Bank’s special mortgage programs, including the Medical Professional Mortgage program and the Hometown Heroes Mortgage program (which is designed for active-duty and veteran military members, law enforcement personnel, fire and rescue personnel, and educators), visit arthurstatebank.com.