Physician mortgage loans are a type of doctor home loan specifically designed for medical professionals, including physicians, dentists, and veterinarians. These loans are intended to help doctors who may have significant student loan debt and a high debt-to-income ratio, making it difficult for them to qualify for a conventional mortgage. These loans are also designed to help medical professionals overcome some of the financial challenges that they may face when trying to buy a home, such as a low savings rate.
Here are some key features of physician mortgage loans:
- No or low-down payment: One of the primary benefits of physician mortgage loans is that they often allow for a smaller down payment than traditional mortgages. In some cases, doctors may be able to obtain a loan with no down payment at all.
- No private mortgage insurance (PMI): Physician mortgage loans typically do not require PMI, which is an insurance policy that protects the lender in case the borrower defaults on the loan. This can save doctors a significant amount of money over the life of the loan.
- Competitive interest rates: Physician mortgage loans often offer competitive interest rates, which can help doctors save money over the life of the loan.
- Flexible underwriting standards: Because physician mortgage loans are specifically designed for medical professionals, the underwriting standards may be more flexible than those of traditional mortgages. This can make it easier for doctors to qualify for a loan, even if they have a high debt-to-income ratio.
- Loan limits: Physician mortgage loans typically have a maximum loan amount, which may be lower than the limit for traditional mortgages.
It’s worth noting that physician mortgage loans are not available from all lenders. However, there are a number of lenders that specialize in these types of loans, so doctors should be able to find and qualify for one that works for them.
Overall, physician mortgage loans can be a great option for medical professionals who are looking to buy a home. By offering flexible underwriting standards, competitive interest rates, and low or no down payments, these loans can help doctors achieve their homeownership goals, even if they have significant student loan debt or a high debt-to-income ratio.
Why Choose Us?
At Physicians Mortgage Loan we specialize in helping doctors achieve their individual home loan goals. We have over 25 years of experience in helping doctors of all types, qualify and receive these types of money-savings loans. From Florida to Texas to the entire southeast, Physicians Mortgage Loan is a one-stop-shop for mortgages specifically tailored for D.O. M.D. DPM DMD and DDS. We have a 96% success rate and the best rates available from a variety of financial underwriters ready and willing to help you secure that house of your dreams. With no PMI required, no Pre-Payment penalty, closing within 90 days even before your job may begin, ignoring student debt and applicable for non-permanent resident aliens, makes these types of loans a valuable asset for doctors. Give us a call today…..