When you’re looking to buy a home of your own

By DAMON VAN DYKE, Silverton Mortgage

Being a medical professional means working year-round to provide quality care to the public. For those who choose this career path, putting the needs of their patients first is a daily goal. With such lofty priorities, it’s understandable that finding the time to become a homeowner may have taken a backseat. Whether it’s qualifying for a home loan or the financial commitment that goes with the territory, the process can seem like a daunting task to add to an already busy schedule. For those in the medical field, it’s important to know that there are additional loan programs that may be available to you.    

When it comes to deciding which loan is best, remember that no two loans are alike. In fact, they are as different as the people who apply for them. There are many mortgage companies that match you to a loan program based solely on numbers you punch into their algorithm, but the numbers don’t always tell the whole story. Finding a loan originator who is committed to talking to their clients about their personal circumstances and helping them find the best loan option is key.

Mortgage Flexibility for Unique Financial Needs

A common myth is that borrowers must put down 20 percent of the purchase price to be considered for a loan; don’t let this myth deter you from applying. Loan programs vary wildly when it comes to the required down payment, some going as low as zero percent of the purchase price. Keep in mind that generally the more money you put down initially, the lower your monthly costs will be – and vice versa.

Another misconception is that the loan process is always lengthy and drawn out, especially if you’re building a new home. Traditionally, a construction project requires borrowers to secure two loans, one to cover the build and another for the mortgage. There are now multiple programs available – including Silverton’s Construction-Permanent Program – that enable borrowers to close on only one loan for a construction project, as opposed to two.

For a hassle-free loan experience, another alternative is Silverton Secure+, which allows you to have your loan fully pre-approved before you find a house. While the pre-approval is still subject to standard closing conditions and verification of unchanged financials, this program enables you to make a strong purchase offer and close quickly on your loan, giving you a distinct advantage if there happen to be multiple offers on the property.

Programs for Healthcare Professionals and Other Heroes

In addition to numerous finance options, Silverton Mortgage is proud to partner with two programs designed especially for those who work in the medical community: Heroes Home Advantage™ and Homes for Heroes®. Heroes Home Advantage™ is a network of real estate agents, lenders, attorneys, home inspectors, title companies and more who recognize the importance of giving back by offering a real estate discount to the those who give so much of themselves. Eligible participants include doctors, nurses, technicians, EMT’s, home health aides, and dispatch operators. This program offers reduced fees and lower closing costs, saving participants an average of $2,150 when they buy, sell, or refinance a home through Heroes Home Advantage™. Savings will vary based on your home transaction.  

Homes for Heroes® is a similar program where it may be possible to receive rebates and discounts, including $500 toward lenders fees. According to Homes for Heroes®, those who qualify may save over $2,400 when they buy, sell, or refinance a home through this program with a Silverton Mortgage loan originator and a participating real estate agent.  

Both programs provide welcome and much-deserved savings to healthcare professionals who dream of becoming homeowners. Orlando has a thriving and diverse medical community, and when our local doctors, nurses and other healthcare professionals decide to become homeowners, Silverton Mortgage wants them to know that there are options designed especially for them.

Supporting Orlando’s Healthcare Heroes

Silverton’s team in Orlando has worked with plenty of medical professionals and understands the erratic schedules and high-stress situations they encounter every day. To avoid adding another headache for them with the mortgage process, the team takes great care in working to make the experience as smooth as possible. We’ll work around medical professionals’ challenging schedules to get the job done. As Orlando residents, our branch appreciates what medical professionals do to keep our community healthy and thriving. We’re proud to work for a company that has chosen to partner with Homes for Heroes and Heroes Home Advantage™ so that in some small way we can say thanks.

Silverton Mortgage appreciates those who work to make the world a better place. By offering so many diverse mortgage options and participating in programs that support our heroes, we strive to be the preferred lender for those who work tirelessly to support the communities that we live in. If you’d like to learn more about Heroes Home Advantage™ or Homes for Heroes® and how you can utilize their benefits to help you secure a mortgage, contact a mortgage professional at http://www.silvertonmortgage.com.  

Damon Van Dyke is the manager of Silverton Mortgage’s East Orlando branch. He has more than 20 years of mortgage experience and a thorough knowledge of mortgage lending across Central Florida.

All loans subject to credit approval.

Vanderbilt Mortgage and Finance, Inc., dba Silverton Mortgage | 1201 Peachtree St NE Ste 2050, Atlanta GA 30361, 855-815-0291, NMLS #1561, www.nmlsconsumeraccess.org/, AZ Lic. #BK-0902616, Loans made or arranged pursuant to a CA Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by the NJ Dept. of Banking and Insurance, Licensed by PA Dept. of Banking, RI Licensed Lender. Equal Housing Opportunity. All information is believed accurate and is subject to change without notice. MLO NMLS 355447 09/19