The CPA Loan – Great CPAs deserve a great home loan

by Flagstar Bank Home Lending | Oct 26, 2018   ()

Coming out of post-secondary education, a CPA must decide whether to rent or buy. In conventional loans, buyers face more expensive loan terms without a large 20% down payment. Financially savvy CPAs can see the benefit of homeownership but face a tough decision.

Rent and save for their large down payment? Put down a small down payment and be subject to pricey private mortgage insurance? Put down 20% instead of paying down long term student loan debt? Any of these decisions seem to be problematic in one way or another. Flagstar Bank has a crafted a program exclusively for CPAs to solve this very problem.

Introducing the CPA loan aka the professional loan from Flagstar Bank. This allows for well qualified CPAs to enjoy specific highlights listed below.

-No mortgage insurance required

-0% Down up to $850,000

-5% Down up to $1,000,000

-10% Down $1,500,000

-Purchase Power Boost - deferred student loan debt not factored into debt ratio if deferred for more than 12 months

-Purchase and rate term/refinance options for primary home.

-Relocation Stress Reduction – Close up to 60 days prior to your new job start date


What type of CPAs benefit from this program?

1) New CPAs. CPAs straight out of college normally have large student loan debt that limit their ability to qualify for the mortgage they want. This program allows a CPA to purchase and close on a home up to 60 days before they start their employment. Their student loans may not limit their preapproved purchase amount. They can also get in with zero down and avoid paying mortgage insurance. Money can be gifted by family and the program allows for non-occupant co-borrowers.

2) High Debt CPAs. Getting that degree wasn’t cheap. Sacrifices were made to achieve that great feat. Student loans, credit cards, and other “bad debt”. The down payment options in this program allow you to instead consolidate your bad debt. Mortgage interest is tax deductible. No need to burn money renting and paying someone else’s mortgage. Build equity and tackle debt without paying private mortgage insurance.

3) Transitioning CPAs. There is enough stress relocating to a new employer. Throw in buying and selling a home into the mix and it can get quite overwhelming. The NO to LOW down payment can help you get in to your new home without selling the existing one first. This can be a huge benefit when bidding on a home. No contingencies to sell yours before closing will make you stand out from the crowd. Reduce stress and take your time moving. Reminder to get preapproved to verify you have this option to buy before selling.

4) Seasoned CPAs. This program is also available for established CPAs who want to take advantage of lower down payment options. While you may be able to come up with the 20% down payment, you may prefer to instead invest in other ventures that may turn larger profits.

The Why

Flagstar Bank recognizes that CPAs have job stability and income continuity. There is a need in the market to help CPAs encumbered with large student loan debt to obtain their dream of homeownership. Flagstar Bank is eager to develop long term relationships with CPAs and other high income earners.

For more information or to get preapproved for the CPA loan, please contact me.

Source: Flagstar Bank Home Lending

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