In most cases, the wish list for a new home is easy to compile. You know for example your husband needs a home office, and that a fenced yard is a “must-have” for the dogs. You prefer the suburbs to the city, etc.

The more challenging decision can be the financing. What loan product meets your goals? Do you plan on living in the home for the short- or the long-term? The evaluation of your mortgage needs is just as essential as checking off the features on your amenities wish list.

What if you are just starting out? There are many possibilities available to first-time home buyers. I came across an interesting one the other day offered by Cadence Bank. This is not a paid endorsement for Cadence! It’s just that a good deal of creativity goes into structuring real estate transactions today, and I love when I see lenders following suit and developing alternatives that make sense.

What they are doing is offering an exclusive loan opportunity for young professionals; specifically for dentists, attorneys, doctors, architects, CPAs, engineers, and PhD level professors who are in their career for five years or less since their graduation.

This mortgage program offers a chance to purchase an owner-occupied home…meaning this financing is not intended to support an investment property which will either be flipped or rented.

Some of the specifics include:

• 5/1 ARM (An adjustable-rate mortgage that maintains its fixed interest rate during the first 5 years of the loan. After that initial fixed-rate period, the interest rate is adjusted once per year.)
• Fixed rate loans (The interest rate does not fluctuate over the life of the loan.)
• Loan amounts up to $1 Million
• Up to 100% LTV (LTV stands for loan-to-value. If the borrower qualifies, he or she may obtain a loan for the full amount of the assessed value of the property.)
• No mortgage insurance is required – (This type of insurance premium known as Private Mortgage Insurance (PMI), is typically imposed when a home is financed and less than 20% of a deposit is put down/or in accordance with certain loan products.)

All in all, this is an occasion to get a jump on the benefits of home ownership after years of academia and life in a rental or a dorm room!

Give me a call to discuss your property interests. I will be happy to help you figure a plan and then direct you to the best mortgage contact who will provide the most options. Options are good.