The outlook for careers in accounting, law and other professional services continues to trend in a positive direction. If individuals are in careers in growing areas like healthcare and digital, the outlook is even better.
But demanding careers, especially for those at senior levels, typically means little free time to focus on anything but work and immediate family needs. While financial success may appear a big benefit, a reduction in free time can often offset it.
At First Financial Bank, we recognize this unique group and have designed a mortgage program to fit the specific needs.
Since we know senior-level professionals don’t have an abundance of free time, we’ve broken down the benefits of these programs into the top five we think you should know.
Top 5 things to know about mortgage programs for professionals
As a current or potential high earner, you may be awarded a higher loan value than open-market mortgages, so long as you meet some basic requirements.
Here are a few of the basic requirements:
- You must be established. When we say “established” it simply means you have had at least one year of full-time employment in a “professional” field earning at least $100,000 annually. Banks consider positions like attorneys, accountants and physicians as business professionals.
- You have borrowing power. You can borrow 100% of the appraised value of a home up to $750,000 or 95% of the appraised value of a home for loan amounts of $750,000 to $1,000,000. At First Financial, there is also no private mortgage insurance (PMI) requirement.
- You need six months of reserves. Since these programs offer you a higher to loan value at a lower point of entry, a lender needs some assurance that you’re committed to your career path and will be able to make your payments. The total of your monthly reserves must cover your principal, interest, taxes and homeowner’s insurance for a minimum of 6 months.
- Only single-family residences qualify. These loans are reserved for owner-occupied, single-family residences, condominiums and planned unit development (PUD). So long as the home you’re purchasing is for your own rest and relaxation and fits the single-family criteria, you’re good to go.
- You can get pre-qualified. Before you start looking, it’s good to start the loan process so you know what you can afford. You’re not committing to a loan simply by completing the initial paperwork. Prequalification saves you from the heartache of finding your dream home but not being able to afford it.
Achieving work-life balance starts with finding a place to call home, where you can relax and spend time with family.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.