Introducing Physician Mortgages
PHYSICIAN MORTGAGE LOANS
You offer a personal touch to your patients. Why not receive a similar personal touch in your mortgage service? Discover mortgage products tailored specifically to doctors.
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A physician mortgage loan is a specialized mortgage product lenders offer exclusively to doctors and other medical professionals.
Low Down Payments
No Mortgage Insurance (PMI)
No mortgage insurance with less than the traditonal 20% down for agency and jumbo mortgage home loans.
- No mortgage insurance (PMI)
- Higher loan to value (LTV)
- Banks favor robust income potential
Competitive Interest Rates
Get the most competitive interest rates in the market-even with 10% down payment or less and higher loan to value (LTV).
- Best interest rates with 0-10% down payments
- Higher loan to values (LTV)
- Low interest rates of all property types
Calculate Your Payment
Thanks to the stellar reputation for lending and repayment by physicians, doctors are often eligible for specialized lending options. Use our handy calculator to estimate some payment options when looking to obtain your physician mortgage.
- Purchase and refinance
- Estimate interest rates with your payment
- Estimate monthly payments
Ready to get started with our preferred lender?
Now that you have seen some of the great benefits to Physician Mortgages, reach out to us to connect you with a specialized lender.
Getting into the details
A physician mortgage loan is a specialized mortgage product offered exclusively to physicians and other medical professionals, who have unique financial circumstances. You are rewarded for the commitment you have made to your education with more flexibility in qualifications, in minimum financial requirements, debt-to-income ratios, and even repayment options, to name a few.
Get to shopping! Once you have found the right home, you can make an offer based on your pre-qualification budget. Then the official application process begins. The lender will provide you with a loan estimate, disclosing clearly the amount borrowed and estimating costs like taxes and insurance specific to the property and location you have chosen. Once you decide to move forward with this estimate, more detailed financial documents are collected to begin underwriting.
The house will be appraised, and any repairs indicated.Once the underwriter provides the final disclosure, the buyer has all of the necessary information about the purchase of the property and terms of the loan. You will have an opportunity to review this information prior to closing (when you take possession of the house!).
In total, the process can take between 30-60 days. This gives you time to pack and prepare for moving into your new house!
The list of benefits to applicants for a physician mortgage loan can include:
Lower Credit Scores
Low (or Zero) Down Payments
Lenient Debt-to-Income Ratios
No Private Mortgage Insurance Required
Reduced Fees and Loan Forgiveness Options
Competitive Interest Rates not found with other loan types
MD – Doctor of Medicine
DO – Doctor of Osteopathy
DDS – Doctor of Dental Surgery
DMD – Doctor of Medicine in Dentistry
OD – Doctor of Optometry
DC – Doctors of Chiropractic
PharmD – Doctor of Pharmacy
PHD – Doctorate
DVM – Doctor of Veterinary Medicine
You are already on track for qualification simply by being a physician! You have finished medical school and may be in residency (or just completed residency). You are ready to find a home and settle into your life as a doctor. Because of your commitment to your medical education and income potential, you should consider the advantages to a physician mortgage loan. Although there are some requirements in terms of income and credit score, don’t assume you can’t purchase a home simply because you are just starting your medical career!