3 min read
Medical School Debt Doesn’t Preclude You from Home Ownership
It feels like you are late to the party. Your non-doctor friends may already have their first home, be married (or in a serious relationship), and have what appears to be the ideal life. You, on the other hand, just finished your residency or accepted your first full time position at a hospital or practice. You have missed out on the experience of establishing a strong work history and the bonus of building a good credit score. However, you shouldn’t discount what you DO have—a medical degree with all the benefits your career will offer over your professional lifetime, outstanding income potential, and a reputation esteemed by the financial industry. This is the precise reason you should consider a physician mortgage when looking to buy your first home. With a variety of incentives for doctors, you may actually have an advantage over your friends when it comes to financing options.
In this series, we are exploring lenders who offer mortgages specifically for doctors and dentists. These institutions, understanding the stability which physicians exhibit, assist them in obtaining specialized financing, with terms others cannot qualify for, from higher loan maximums to much more lenient qualification.
U.S. Bank, a subsidiary of U.S. Bancorp, is a solid Midwest banking leader. With branches scattered across the entire nation, U.S. Bank is a leader in the mortgage industry, boasting a loan portfolio of nearly $300 billion. Its reputation as one of the most ethical companies in the world (2015-2019), adds to its attraction to borrowers.
Although they offer a physician loan mortgage program for all medical professionals, the U.S. Bank program is especially suited for doctors who have taken a permanent position beyond residency. Some additional details about the U.S. Bank physician mortgage program include:
U.S. Bank’s Physician Mortgage Eligibility
Minimum Credit Score
Loan Amounts For Residents & Fellows
Loan Amounts For Practicing Physicians
U.S Bank, with benefits like high maximums and no private mortgage insurance requirements, is one company worth considering. This respected and award-winning lender could be a perfect fit for your first mortgage. For other possible physician mortgage lending institutions, you can also read our additional articles.