The physician loan (sometimes called a doctor loan) was created by banks because of the challenges physicians face when borrowing due to their high debt-to-income ratios — thanks to student loans. Many physicians struggle to find a mortgage that meets their needs. This is especially true for new physicians who may have a lower salary during residency/fellowship, minimal savings, and student loans that are through the roof. This could translate to higher mortgage interest rates and higher lifetime payments. I specialize in Physician Loans in Huntsville, AL and all of Alabama and Tennessee.
What is a Physician Loan?
A physician loan, also known as a doctor mortgage, is a special type of home financing specifically designed for medical professionals, including physicians and dentists. These loans often offer more flexible terms and requirements than conventional mortgages, making it easier for medical professionals to buy a home, especially those with student loan debt.
We demonstrate our faith in you by offering home financing to meet your unique needs. With this loan program we are able to lend to Medical Doctors (MD), Doctor of Osteopathic Medicine (DO), Dentists and Veterinarians, including those currently in residency.
You are able to come to closing with no down payment and get 100% financing without paying private mortgage insurance (PMI), which is typically required if you are putting less than 20% down.
Property requirements
The one requirement that's pretty much universal with these loans is that it be for you primary residence, a home you're going to live in for the majority of each year. Basically everyone who does these loans offers them on detached single-family residences, but you can also get them for things like condos and planned unit developments if you shop around.
Credit score requirements
While you can be approved with higher debt, lenders are still going to want to know that you demonstrated a good past payment history. Every lender is going to have their own requirements, but you can expect the requirements to be over 700.
Even though I am located in Huntsville, AL, service Alabama, Tennessee, Florida, Georgia, South Carolina, North Carolina, Virginia, Colorado and Texas.
Contact us today to make your dream home become a reality.
Have questions? Give us a call! 256-542-1517