Relocating for a Medical Career: A Physician’s Guide to Finding Your New Home

Dec 19, 2023

Relocating for a Medical Career: A Physician’s Guide to Finding Your First Home


Embarking on a medical career often involves significant transitions, not least among them, relocating to new cities or even states. For many physicians, this period of change presents an ideal opportunity to invest in a first home. However, navigating the real estate market, especially with the unique financial circumstances of medical professionals, can be daunting. This guide aims to streamline your journey in finding the perfect first home, with a special focus on physician home loans.

Understanding Physician Home Loans

Physician home loans are special mortgage products designed specifically for medical professionals. They take into account the unique financial situation of doctors, including student debt and residency contracts. Here are some key benefits of physician home loans:

  1. Low to No Down Payment: Many lenders offer physician home loans with little to no down payment, acknowledging the financial strain of medical school debt.
  2. No Private Mortgage Insurance (PMI): Unlike conventional loans, most physician home loans do not require PMI, even with a down payment of less than 20%.
  3. Flexible Approval Criteria: Lenders are often more lenient with physicians, considering future earning potential and typically not counting medical school debt against you in the loan approval process.

Finding the Right Location

When relocating for a medical career, consider the following factors while choosing your home location:

  • Proximity to Healthcare Facilities: As a medical professional, living near your workplace can save valuable time and energy.
  • Community and Lifestyle: Ensure the neighborhood aligns with your lifestyle preferences and offers a supportive community for medical professionals.
  • Long-Term Investment: Consider the long-term value of the property, keeping in mind potential career advancements and family planning.

Budgeting and Financial Planning

It’s crucial to realistically assess your financial situation before diving into homeownership. Create a budget that accounts for:

  • Mortgage Payments: Use a physician mortgage calculator to estimate your monthly payments.
  • Other Homeownership Costs: Don’t forget about property taxes, home insurance, and maintenance costs.
  • Future Financial Goals: Balance your home purchase with other financial goals, like retirement savings and paying off student loans.

Working with the Right Partners

Partnering with the right real estate and financial experts is key to a successful home buying experience. Curbside Real Estate specializes in assisting medical professionals with their unique real estate needs. Our experts understand the intricacies of physician home loans and can guide you every step of the way.

Are you ready to find your perfect first home as you embark on your medical career? Schedule a Curbside Consult with our experts today! If you’re pressed for time, complete our consult form to be matched with the right partners for your relocation. We’re here to make your transition as smooth and successful as possible.

 For more information on physician home loans and financial planning for medical professionals, visit American Medical Association’s Home Loan Resources.

Relocating for a medical career presents unique challenges and opportunities, especially when it comes to finding your first home. With the right resources, including physician home loans, and expert guidance, you can make a well-informed decision that suits your professional and personal needs. Let Curbside Real Estate be your partner in this exciting journey.

This blog post is for informational purposes only and is not intended as financial or real estate advice. Consult with a professional advisor before making any significant financial decisions.