Ophthalmologist Mortgage Loans
Purchase and refinance medical professional mortgage loans for ophthalmologists.
Physician mortgages are a specific financial product which medical professionals of all types can benefit from. Ophthalmologists are rewarded for their dedication to the medical industry with perks like lower interest rates, better financing terms, lower (or zero) down payments, and no need for mortgage insurance, which allow them to become a home owner quickly.
Ophthalmologist physician mortgage loans—The details
An ophthalmologist physician loan is a specific mortgage product designed for doctors in various stages in their careers. Most programs cater to physicians just graduating from medical school or finishing residency, a time when many doctors are burdened with large debt, making it difficult to qualify for a mortgage. With a booming national housing market, physicians can find a large inventory of outstanding homes and qualify for a doctor mortgage loan!
Who qualifies for a medical professional mortgage?
Ophthalmologists are eligible for a physician mortgage loan. However, don’t assume you won’t qualify if your degree doesn’t include “doctor” in the title! Supporting medical professionals like nurses and physician assistants are usually incorporated in physician mortgage programs, while dental professionals and veterinarians are also included by lenders for preferential financing. Reach out to us to find lenders which cater to your specific medical degree!
What makes a physician mortgage special?
Ophthalmologist loans offer perks you can’t ignore. Most physician mortgage programs provide generous qualifying requirements and preferred underwriting terms. Some of the most popular benefits include:
Low (or zero) down payments. While most conventional loans require a steep 20% down payment, many physician loan programs allow little down, with some even offering zero down payment mortgages. Read our article to find out if a zero down payment loan is right for you.
Lenient Debt-to-Income (DTI) requirements. Medical school student debt can wreak havoc on your DTI ratio. Doctor mortgage lenders recognize this financial situation, appreciate your dedication, and have a understanding approach to this condition, sometimes even excluding medical school loans from the calculation.
Private Mortgage Insurance (PMI). Most low-down payment mortgage programs require expensive private mortgage insurance, protecting the lender if you default on the loan. A costly expense added to your monthly payment, a physician loan may not require PMI, saving you hundreds of dollars each month.
Higher Loan-to-Value. Thanks to the valuable financial reputation of medical professionals, Ophthalmologist mortgage loans can give you the freedom to purchase a larger or higher priced property compared to conventional loan financing.
Competitive Interest Rates. Even in unstable economic times, Ophthalmologists have job security, making you a preferred customer to most lenders. Doctor loans offer physicians competitive interest rates for all types of mortgages.
Is an ophthalmologist mortgage the best choice?
If you have recently completed your medical training and don’t qualify for a conventional mortgage, a Ophthalmologist physician mortgage may allow you to purchase a home. If you have just begun your medical career, the physician mortgage will allow you to purchase (or even refinance) a home with little money down and a short employment history.
However, if you can qualify for a conventional mortgage, you should shop around find out if a medical professional loan offers the lowest rate and best terms. As with any loan, its best to compare products to ensure you are choosing the best one for your individual needs.
Lenders specializing in ophthalmologist mortgage products
Ophthalmologist loans are a unique product and not all lenders offer them. That is why we are committed to helping you in your physician mortgage loan search by providing a list of some of the best lenders in the industry today. Check out our bank list here and let us help you find the best physician mortgage!