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.
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.
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).
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.
Webster Groves, MO
St Genevieve School