Are you a Physician in the market for a home? There is no better time as the interest rates are at its lowest in decades! A physician mortgage loan program is a tailor-made home mortgage loan product for doctors that offers, by far, the best and most appealing benefits in the mortgage industry. Four main features you will see with most physician loans are:
- Up to 100% financing available.
- No PMI (Private Mortgage Insurance) despite a 0% down payment.
- Special consideration for student loans (only minimum required payments into consideration and forbearance taken into account).
- Will close before you actually start working (i.e. a contract can be accepted instead of pay-stubs as evidence of future earnings).
The advantage for doctors with these type of loan programs, besides the above-mentioned benefits, is that they can buy their desired property sooner. This can be a great feature for a doctor who knows he/she is in a long-term professional and social situation but has a better use for his/her money, like paying off student loans.
The advantage for the bank or financial institution is that they are able to lend money to someone with high income and a very low chance of defaulting on the loan (as low as 0.2%, far lower than the average borrower). Furthermore, they hope to establish a long-term relationship so the doctor will sign up for other financial products such as checking and saving accounts, HELOCs, future mortgages, investing, insurance, and estate needs.
Eligible medical specialties include:
- Medical Doctors (MDs)
- Doctors of Dental Surgery (DDSs)
- Doctors of Dental Medicine (DMDs)
- Doctors of Osteopathy (DOs)
- Doctors of Podiatric Medicine (DPMs)
Physician Mortgage Lenders
As we keep updating our list, find below approved home mortgage consultants who specialize in mortgage loans for doctors:
Call or text us at (305) 600-2366 for a recommended mortgage loan consultant in your area.