Great news for those in high-earning professions: Careers in accounting, law, and other professional services continue to trend in a positive direction. For people in growing careers like healthcare and digital, the outlook is even better.
But demanding careers, especially for those at senior levels, typically leave little free time to focus on anything but work and immediate family needs. While financial success may appear to be a big benefit, a reduction in free time can often offset it.
At First Financial Bank, we want to make banking easy for you so you can spend the free time you do have on something you enjoy. That’s why we recognize this unique group and have designed a mortgage program to fit its specific needs. Doctors, attorneys, accountants, and certain other business professionals can qualify for special mortgage rates.
We’ve broken down some of the basic requirements for these programs we think you should know.
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:
1. You are established. When we say “established,” we mean you have had at least one year of full-time employment in a “professional” field. This includes attorneys, engineers, nurse practitioners, Ph. D. holders, CPAs, veterinarians, anesthesiologist assistants, CRNAs, and other professions may be eligible. Contact a mortgage loan officer for additional program eligibility.
2. 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.
3. You have six months of reserves. Because these programs offer you a higher 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 six months.
4. You’re buying a single-family residence. 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.
5. You can get prequalified. Before you start looking, it’s good to initiate the loan process so you know what you can afford. You’re not committing to a loan simply by completing the initial paperwork. Prequalification will save 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 your family. Our team is here to help you achieve that!
If you’re interested in learning more about our special career-equity mortgage rates for business professionals, connect with one of our experienced mortgage loan officers.
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.
The information on this page is accurate as of January 2021 and is subject to change. First Financial Bank is not affiliated with any third-parties or third-party websites mentioned above. Any reference to any person, organization, activity, product, and/or service does not constitute or imply an endorsement. By clicking on a third-party link, you acknowledge you are leaving bankatfirst.com. First Financial Bank is not responsible for the content or security of any linked web page. Member FDIC / Equal Housing Lender.
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