5 Compelling Advantages of Physician Home Loans

Jul 3, 2023

As a healthcare professional, you’re known for your hard work, dedication, and compassion. We believe you deserve a mortgage solution that’s tailored to your unique financial situation. Enter physician home loans, a game-changer for doctors seeking homeownership. Here are the top five benefits of these loan programs:

Low to No Down Payment

Traditionally, mortgages require a hefty down payment, often 20% of the home’s price. Physician home loans significantly reduce this barrier, offering low or sometimes zero down payment options. This flexibility helps you invest in your dream home sooner.

Exclusion of Student Loans

Doctors often carry a substantial amount of student debt. Regular lenders factor this into your debt-to-income ratio, potentially limiting your borrowing power. Physician home loans take a different approach, typically excluding or minimizing the impact of your student loans on your borrowing capacity.

No Private Mortgage Insurance (PMI)

Most conventional loans require PMI if your down payment is less than 20%. With physician home loans, you can sidestep this additional cost, saving you a significant amount over the life of your loan.

Flexible Contract Terms

Physician loans are designed to accommodate the unique circumstances of a doctor’s career, such as residents moving to a new location or established physicians considering a career move. They typically offer flexible employment contract terms, making your transition smoother.

Specialized Service

Banks offering physician loans understand the medical profession’s challenges and rewards. You’ll receive a service that’s not just tailored to your financial situation, but also understands your career demands and lifestyle.

Are you ready to explore your options further? Schedule a Curbside Consult today. If you’re short on time, simply complete our consult form and we’ll match you with the right services.

The American Medical Association offers additional resources and guidelines on financial planning for physicians, including home loans.

Disclaimer: The information in this article is for general information purposes only. It does not constitute financial advice. Every financial situation is unique, and you should seek advice from a professional before making any financial decisions.