What Exactly is a Physician Mortgage Loan?
A physician mortgage loan is exactly what it sounds like, a special mortgage product available to doctors. Because of the unique financial characteristics of physicians, these types of loans don’t have quite as many restrictions compared to what lenders require from borrowers of VA or conventional loans. There are a few gateways that doctors must have, including a credit score of 670+ but then a physician mortgage home loan can make it faster and easier for residents and attendings to buy a home with no money down and avoid private mortgage insurance. These types of mortgage loans have advantages including the opportunity for physicians to present a copy of a transcript while in training or proof of future income if not employed as a full-time physician. Because lenders base these mortgage loans on future earning, doctors have the advantage of securing these loans while finishing up their residency or having just graduated from medical school.
Another major advantage is it allows physicians to pay down non-tax deductible and higher-interest loans while acquiring mortgages on high-valued properties. Physicians have uniquely high-earning potential, experience lower default rates than the general population, and present the potential for future banking business transactions making them great candidates for these types of mortgage loans.
Most residents making a typical resident salary doesn’t look as if they would qualify for a large mortgage. Physicians incur a large amount of debt and have a small amount of savings starting out. But because of their earning potential well in excess of average salaries of $200,000 dollars per year or more, this profession presents a strong and secure job outlook. There is even the possibility of medical student loan forgiveness through an assortment of state and federal programs.
Doctors are considered a good, safe bet when it comes to purchasing homes, combined with accelerated income growth as they mature. Additionally, physicians have the potential of purchasing additional loan products down the road and by establishing strong banking relationships early in their careers makes them attractive candidates. Taking advantage of historically low-interest rates, coupled with higher loan-to-values with no PMI options is a very attractive alternative.
Why Choose Physicians Mortgage Loan?
We offer physician home mortgages specifically tailored for D.O. M.D. DPM DMD and DDS. With over 25 years of experience, we offer some of the mortgage industry’s best rates with 100% financing and no money down up to 1.5 million dollar assets. No PMI is required, with no pre-payment penalty. Our success rate is at 96% and we provide credit report review and repair if necessary. These types of mortgage loans ignore student loan debt, are available for non-permanent resident aliens, and can even close 90 days before the job begins.
Give us a call at 904-747-0865 to speak to one of our highly experienced and qualified lenders. We completely understand the complexities of physician’s mortgage loan underwriting and have an excellent understanding of the real estate transaction side of the mortgage process. There is nothing worse than encountering problems at closing that could have been avoided, discovered, and solved during the early stages of the mortgage process.
We are proud of our reputation and commitment to securing mortgage loans for the medical community, doctors, dentists, and their families. We are a licensed mortgage lender in Georgia, Florida, and Texas with over 25+ years of experience servicing medical professionals.