0% down, no PMI doctor loans. Our physician mortgage experts will save you money (and make buying your home a lot easier).
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The 100% financing allowed us to easily buy a home after medical school coming into residency. We were then able to make a good investment in real estate resulting in a profit upon completion of my training. Dr. Miller — Asheville, Iowa
I wanted to thank you both very, very much for all of your hard work in making the sale happen. I’m so sorry that it’s taken me a while to express this – I’ve barely set foot in the apartment, since I’ve been in working in the ICU… but truly, we are so appreciative of the fast and professional way you made this happen. The process was so much smoother than we could have imagined (given our previous experience) – really great working with you both.
We are very excited about our new place and would love to have you over once we’ve fixed it up ( if you’re ever in Philly, please look us up). Enjoy the summer. Amy — Philadelphia, PA
Thanks again for recommending Carolyn. She was excellent! I closed on my new home at the end of January and Carolyn was wonderful throughout the process. I would enthusiastically recommend her to anyone who is looking for a Realtor®. Dr. Menon — Cary, NC
The doctor mortgage loan gave me the flexibility to not have to put money down but still find a place that I really liked, and avoiding private mortgage insurance was a big benefit of also! Dr. Jay A — Raleigh, NC
Physician home loans (also known as doctor mortgages or physician loans) are tailored to the needs of medical professionals like you. This mortgage product is ideal for new residents and attending physicians, who will enter the workforce with entry-level salaries and/or large amounts of student loan debt from medical school.
The first physician mortgage loans came on to the market a decade ago, when a few national banks realized that physicians had low default rates on their mortgages and untapped earning potential. Today, there are many financial institutions that cater to your needs and they are actively looking for more clients.
Physician mortgage lenders do not include student loan debt in your debt to income ratio. The low down payment requirement, easy income verification process, and favorable debt-to-income ratio make these mortgages easier for you to obtain than a conventional mortgage loan.
Physician mortgages are available to residents, physicians (MD, OD, DPM), and in some cases, dentists. They feature 100% financing (zero money down), no private mortgage insurance (PMI), and can be either fixed rate or variable rate loans.
Most lenders will accept an employment contract as proof of income for a physician mortgage, which can help you purchase your home and get settled in before you start work.
Every borrower has a unique set of circumstances, however, and a physician home loan is not always the best solution. In certain situations it may be more beneficial for you to apply for a conventional mortgage loan. You should do your research and choose the best option for you.
Most banks offering physician loans have fixed-rate and adjustable-rate mortgage products. Depending on the type of property and the state you’re buying in, you have a variety of options:
Check in with your loan officer to confirm these mortgage products are available in the state you’re purchasing in.
These are the two main types of mortgages available today. There are hybrid options, but typically you’ll need to choose one or the other, so we’ll focus on the difference between these.
Fixed rate mortgages do not change interest rates over the life of the loan. Whether you choose a 15, 20 or 30 year mortgage, the interest rate will always remain the same. In turn, your payment will remain the same for the life of the loan. If you’re paying $1,300 a month for PITI (principal, interest, taxes & insurance) on your single family home in 2015, you’ll pay $1,300 30 years later on your last year paying off the loan in 2045.
A fixed rate means no surprises. You can plan on making the same payments over and over, without worrying about your rate and monthly payment going up.
However, fixed rate mortgages usually have higher rates than ARMs initially do.
Adjustable Rate Mortgages or ARMs change rates as the loan matures. Typically the rate will stay the same for a couple of years and then adjust upwards every year after that. For example, a 7/1 ARM will maintain the same interest rate for seven years, and adjust every year after that.
ARMs typically have lower initial rates than fixed mortgages, and can make it easier to purchase a more expensive home with less income because you may be eligible for a larger loan amount.
However, ARMs can be very unforgiving if your rate goes up and you’re not ready. If you are considering an ARM, make sure you are disciplined and have a plan ready for the day it goes up.
There is no right or wrong between ARMs and fixed rate mortgages. Just make sure you ask your loan officer to give you an estimate for both and make a selection based on your financial goals, personal style and risk tolerance levels.
Brew up a great cup of coffee, pull out your notepads, iPads, MacBooks or whatever you prefer to take notes with—this post is epic and contains everything you ever wanted to know about physician loans. More importantly, you'll find step-by-step information on how to research, compare banks and negotiate to get the best mortgage rates on a loan. … Read More
Questions About Physician Mortgage Loans & Eligibility Q: Who qualifies for physician mortgage loans? A: If you are a medical resident or a licensed medical doctor (MD), you are potentially a good candidate. The following list of licensed doctors usually qualify for physician mortgage loans: Doctors of Optometry (OD) Doctors of Osteopathy (DO) Doctors of Ophthalmology (MD) Doctors of … Read More
To qualify for a doctor loan, you must be a resident, fellow, new physician or an established physician. If you are one of the following, you are eligible: Doctors of Optometry (OD) Doctors of Osteopathy (DO) Doctors of Ophthalmology (MD) Doctors of Podiatric Medicine (DPM) Doctors of Dental Medicine (DMD) (select markets … Read More
