Mortgage loans for doctors are a powerful tool for the housing market.
While many doctors are dedicated to their fields, the high cost of education and training can prevent them from becoming homeowners. They worry that they won’t be able to afford a home loan or that they won’t be able to get one. It throws a major monkey wrench into the works of an otherwise focused crew.
A large number of doctors and other medical professionals are unaware that special mortgage programs exist for them. Doctors and other medical professionals can get a head start on building wealth with the help of a special loan called a Physician Loan.
Loans for Medical Professionals: Not Just for Docs!
You can get a Physician Loan even if you don’t have medical training. The following is a partial list of potential eligible medical professionals:
- Health care providers
- Doctors of Osteopathy
- Trainees in the medical field
- Chiropractors
- Pharmacists
- Ophthalmologists
- Optometrists and Veterinarians
- Benefits for Doctors Who Take Out Loans
What makes a Physician Loan a better option than a standard mortgage, anyway? Some of the things that set Physician Loans apart and make them appealing to hardworking medical professionals are as follows:
- Homebuyers who fill out an application could get a loan for the full purchase price.
- Physician Loans typically require as little as a 3% down payment in the event that full financing is not an option.
- As long as the applicant’s student loans are in forbearance or deferment for a minimum of 12 months following the application, they will not be included in the DTI calculation.
- Borrowers can save thousands over the course of the loan by not having to pay for PMI on a physician loan.
Can Any Doctor or Nurse Get a Doctor Loan?
Working in a qualifying medical field is the first prerequisite for receiving a Physician Loan. These extra conditions may or may not be required by your lender:
- In most cases, a credit score of 680 or more is required of applicants.
- A Physician Loan may be an option if your level of student loan debt makes it difficult for you to qualify for a traditional loan or one backed by the government.
- The average borrower must provide more than half of the family’s salary.
- All applicants must either be currently gainfully employed or have a job start date within the next 60 days.
- Many Physician Loans necessitate a cash reserve, of which a predetermined amount must be readily available.
- Single-family homes and condominiums are eligible for Physician Loans since they are assumed to be the primary residence of the applicant.
- If you have filed taxes as a self-employed individual for at least one year and have recently launched your own medical practice, you may still qualify.
Message Us Right Away!
Do you work in the medical field and hope to eventually purchase a home? Do you worry about being able to afford a house with all of your outstanding student loans? We have relationships with lenders who do provide Doctor Loans, which is not the case with all banks. SteveKnowsLoans will help you determine if a Physician Loan is a good fit for your needs.
Talk to one of our loan advisors today to get started.
Call Steven Jackson at 813-616-9411 now!
