![]() ![]() Why Physicians Make Great Candidates for Mortgages Some lenders will use this for veterinarians. Dentists and orthodontists can use many of these mortgage products, too. However, did you know a physician mortgage loan is not just for doctors, as the name might lead you to think. What is the difference between a Physician Mortgage Loan and a Doctor Mortgage Loan?Ī physician mortgage loan and a doctor mortgage loan refer to the same lending product. Lenders base these loans on future earnings, which makes them extremely attractive to physicians who are finishing up their residency or having just graduated from medical school. Or, you can present a copy of your transcript if you are still in training. One of the many advantages of the physician loans is you can present an offer letter as a proof of future income if you’ve not yet started your position as a full-time attending physician. Some lenders will require down payments and only offer ARM’s (Adjustable rate mortgages) while some of us offer 100% financing and fixed rates. If you have a decent credit score (around 700 or above), then you’ll find a physician home loan can make it faster and easier for residents and attendings to buy a home with little to no money down and avoid private mortgage insurance.Ī top rated Physician Loan Specialist Neil Surgenor at TD Bank commented, “Physician mortgage loans are an amazing product allowing physicians to focus their time on paying down other higher interest and non-tax-deductible debt first while benefitting from the special rates with no mortgage insurance. They don’t have quite as many restrictions compared to what lenders require from borrowers of conventional loans. Who exactly are these loans good for and how are they different compared to conventional mortgages? What is a Physician Mortgage Loan?Ī physician mortgage loan is a special mortgage product available to doctors. You might have heard of physician mortgage loans, but weren’t quite sure how they worked – and if they would even be an option for you. Quick Pick: The lender that helped us get our physician loan was Doug Crouse, and we HIGHLY recommend working him. If you simply just want to find the best physician home loan, click on your state below to find the best lender and rate near you. This is one of the many benefits of becoming a physician, and it’s worth your time to learn more about this mortgage product.Ī physician home loan may not be right for every doctor, but it could be just right for you. You will start making big life choices, even if you are getting a later start compared to everyone else.Īnd, when you’re ready to purchase a home, you should consider a physician mortgage loan. Meanwhile, you’re reviewing patient charts on a Saturday night.īut, being a physician is worth this time and sacrifice, and soon these days of the residency grind will be behind you. Whether it’s getting married, purchasing a home, or starting a family – life is happening all around you. You look around and it feels like everyone you know is settling down. While most of your other friends build their lives in their twenties, you work to complete your education and training. Consider this a journey through the entire process of understanding and applying for a physician loan.Īs you know, physicians sacrifice an incredible amount of time and energy compared to other professions. So, spend time with this guide (and bookmark it) to better understand if a physician mortgage loan is the right for you when it comes time to purchase your home. We designed this guide to provide insights from years of experience working with attendings and residents to make your decisions much easier. ![]() ![]() Common mistakes with doctor mortgage loans and how not to make them.What mortgage amount you will qualify for.Advantages and disadvantages of physician loans.Who qualifies for a physician mortgage?.Physicians have unique challenges with borrowing because they have high debt-to-income ratios.īy reading the definitive guide we’ve pulled together here, you will learn: In recent years, banks have been targeting physicians for a type of loan not available to the public called a physician mortgage loan. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |