Physician Mortgage Loan
Residents, recent med school graduates, and doctors in the early stages of their careers may be burdened by expenses such as student loan debt. The Physician Mortgage Loan is specifically designed to offer favorable terms for homebuyers with great earning potential. The physician loan or often referred to as doctor loan was developed by banks to ensure that doctors moving into new cities could secure a new home. Most doctors right out of med school or residency are unable to meet conventional loan requirements such as 20% down payments. A physician loan has benefits such as 0-10% down payments, and the ability to use gift money for down payments, closing costs, or required money reserves.
Features and benefits of a Physician Mortgage Loan
Physician loans have great benefits for buying a home with a limited amount of money to start out with. The loan must be for a primary residence with a maximum LTV up to 97%. Our physician loans can amount up to $850,00, plus 5/1 and 7/1 adjustable-rate mortgage options are available. Deferred student debt may be excluded from DTI ratios. Interested party contributions such as gifts are allowed for a down payment.
Who is Eligible for a Physician Mortgage Loan
Mortgage Solutions can provide physician loans to the following, a medical resident (with educational license), medical doctor (MD), doctor of dental science (DDS), doctor of dental medicine or surgeon (DMD), doctor of optometry (OD), doctor of ophthalmology (MD), doctor of osteopathy (DO), and doctor of pediatric medicine (DPM).
Learn More about Mortgage Solutions Physician Loan Program
If you are a recent med school graduate, resident, or new doctor, a physician loan may be a great option for you to purchase a new home. Contact us today to speak with one of our friendly experts who can help you with your home buying experience.
I highly recommend using Jimmy Dunn for your mortgage needs! I shopped around and he was by far the most responsive, knowledgeable and trustworthy. He made the entire process so easy. I refinanced right before the rates went up and Jimmy worked hard to get me the best deal. When unavoidable issues came up in the underwriting process, he was relentless in getting the issues fixed and the loan closed. You won't be disappointed if you choose to use Jimmy for your lending needs!
Our family could not fulfill our financial goals in Real Estate without Jimmy’s expertise. He is knowledgeable, thoughtful, helpful, expedient with his work. He was also very patient with our work when it came to customizing our home buying and refinancing needs. In the holiday season, we all have things to be thankful for, and a productive working relationship with Jimmy is at the top of our families list. I strongly recommend others to work with Jimmy for any Real Estate financing needs.
I recently refinanced my home with Mortgage Solutions of St St Louis. My past experiences with refinancing taught me that the process would be long, stressful and time consuming. My experience with Mortgage Solutions of St Louis was the exact opposite. They were friendly, fast and made it easy. I think the difference is working with a company that does this all the time, they understand how to get people thru the approval process because they know what they are doing. Other firms do it part time and don't have the expertise. I would highly recommend them to anyone, they are customer focused and driven to help the consumer, not just a bank.
Webster Groves, MO
Mortgage Solutions always takes great care of us. They understand the market, can time their deals to deliver the highest benefit to their clients and make the process smooth.
Keefe Group
I can't say enough great things about Mortgage Solutions. Both my original loan and refinance were smooth and required a minimal amount of hassle. They are great about getting back to you immediately if you have questions or concerns. The best part is that they refinance for free, so we were able to switch from a 30 year to a 20 year at no cost to us and keep essentially the same payments.
St Genevieve School