Physician Home Loans: 5 Common Myths
Purchasing a home can be a daunting process for anyone, but it can be especially overwhelming for physicians. One option that many physicians consider is a physician home loan, also known as a doctor loan. However, there are several common misconceptions about physician home loans that can lead to confusion and misinformation. In this post, we’ll address some of these misconceptions and provide accurate information to dispel them, and how Curbside Real Estate can help.
Myth #1: Physician home loans are only for first-time homebuyers.
This is not true. Physician home loans are available to licensed medical professionals at any stage of their careers, not just first-time homebuyers.
Myth #2: Physician home loans have higher interest rates.
In fact, physician home loans may have lower interest rates than traditional mortgages. This is because lenders consider medical professionals to be low-risk borrowers due to their high income and job stability.
Myth #3: Physician home loans require a large down payment.
Many physician home loans require little or no down payment. This is because lenders recognize that medical professionals often have a significant amount of student loan debt, which can make saving for a down payment challenging.
Myth #4: Physician home loans have strict eligibility requirements.
While physician home loans do have some eligibility requirements, they are typically less strict than traditional mortgages. For example, some physician home loans allow for a higher debt-to-income ratio, which can be beneficial for medical professionals who have a significant amount of student loan debt.
Myth #5: Physician home loans are only available through specific lenders.
While there are some lenders who specialize in physician home loans, these loans are also available through traditional lenders. It’s important to do your research and compare offers from multiple lenders to find the best option for your needs.
Curbside Real Estate can help.
If you’re a physician looking to purchase a home and are considering a physician home loan, Curbside Real Estate can help. We specialize in helping physicians find the right Lender and Realtor partners who can help you navigate the real estate market more efficiently.We have guided thousands of physicians through the process of finding and buying a home with our nationwide network of vetted Realtors and Lenders. Our consultation, connections, and guidance come at absolutely no cost to you. Why not take advantage of the useful information we have to share? Schedule your Curbside Consult today! Don’t have time for a call? Provide us a few details in this form and we will match you with the right partners for your home purchase.