Loan Program Tailored to Doctors Available on New Rochester Homes

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After long days of treating patients, you probably want to retreat to a home of your own. But after years of education, student loan debt and minimal time for house hunting, becoming a homeowner may not have been the top item on your to-do list. Here at Faber Builders, with the help of Citizens Bank, we want to change that!

The rewards of becoming a physician are great, but the journey is long and costly. After receiving a four-year bachelor’s degree, there are four years of medical school, three years of residency, and possibly a few more years in a fellowship depending on your specialty. According to a 2016 report by the Association of American Medical Colleges, an average physician will graduate with $183,000 of debt. This number is not including the average undergraduate balance of $24,000, which would make a student loan balance for a doctor approximately $207,000. This number can cause new doctors to be unable to qualify for a traditional mortgage loan.

Citizens Bank currently offers a Citizens One Doctor Loan* that features up to 95 percent financing with lender-paid mortgage insurance for loan amounts up to $850,000! Construction financing is also available, and qualifying participants can close two months prior to starting their job. The only requirement for this program is that participants must be a practicing doctor, dentist or resident. The best part? This loan can be used to purchase a new Faber home!

The Citizens One Doctors Loan is a unique mortgage product available to licensed Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Dental Surgery (DDS), and Doctors of Dental Medicine (DMD). To be eligible for the loan, borrowers must have completed residency within the last 10 years, be a newly licensed medical resident currently in residency, or begin residency within 60 days of the mortgage closing. Depending on the circumstances, doctors may also be self-employed or a medical researcher employed by a major hospital.

If you’re a doctor searching for a new home and you fit these requirements, keep reading to learn more about our new homes in the greater Rochester area!

We offer a variety of home plans, locations and price points to fit the needs of every buyer. We are currently building new homes in Greece, West Henrietta and Chili, which are all just a short drive from the area’s major medical centers, like Highland Hospital, Rochester General, Monroe Community, Unity Hospital and more.

Find our final homes in two Greece communities, Creek House Village and Regency Park, with prices from the $170,000s. Or build the new home of your dreams at Queens Park in West Henrietta or Rose Hill Estates in Chili, both of which feature ranch and two-story home plans with prices from $219,000 through the $300,000s. No matter which community or home you choose, you’ll find options with open, modern living areas, gourmet kitchens, stunning master suites and much more.

For more information on our new homes, contact us online today or call 585-889-4840. To learn more about the Citizens One Doctor Loan or to get approved, contact Michael DiDonna at 585-944-1184 orMichael.DiDonna@citizensbank.com NMLS ID # 590019.

 

*Portfolio loan programs are available only in CT, DC, DE, IL, IN, KY, MA, MD, ME, MI, MN, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT and WV.

Mortgages are offered and originated by Citizens Bank, N.A. Citizens One and Citizens One Home Loans are brand names of Citizens Bank, N.A. (NMLS ID# 433960). Offers may be withdrawn and subject to change without notice. All loans are subject to approval. Equal Housing Lender. © 2016 Citizens Financial Group, Inc. All rights reserved.