Physician Loans

• Zero Down Payment – 100% Financing
• 720 Minimum Credit Score
• Credit Scores Down to 680 Allowable with Reduced LTV (Loan-to-Value)
• Loan Terms of 15 and 30 Years
• No Mortgage Insurance
• $1,000,000 Maximum Loan Amount
• Loan Amounts Up to $2,000,000 Available with Reduced LTV

Physician purchase loans, also known as doctor loans or physician mortgage loans, are specialized mortgage programs designed to assist medical professionals, including physicians, dentists, and veterinarians, in purchasing a home. These loans offer unique features and benefits tailored to the specific needs and financial situations of medical professionals.

Here are some key features of physician purchase loans:

1. High Loan Amounts: Physician loans often allow borrowers to obtain higher loan amounts compared to traditional mortgage loans. This is beneficial for medical professionals who may have high student loan debt or require a larger mortgage to accommodate their income potential.
2. Flexible Debt-to-Income (DTI) Ratios: Physician loans typically have more flexible DTI ratio requirements. Lenders may consider the borrower's future earning potential when calculating the DTI ratio, making it easier for medical professionals to qualify for a mortgage, even with significant student loan debt.
3. No Private Mortgage Insurance (PMI): Physician loans often waive the requirement for private mortgage insurance, even with a low down payment. This can save borrowers money on their monthly mortgage payments, as PMI can add a significant cost to traditional mortgage loans with lower down payments.
4. Low or No Down Payment: Physician loans may allow for low or no down payment options, typically ranging from 0% to 5%. This is advantageous for medical professionals who may be early in their careers and have not yet accumulated substantial savings for a down payment.
5. Competitive Interest Rates: Physician loans generally offer competitive interest rates similar to conventional mortgage loans. The specific interest rate will depend on factors such as the borrower's creditworthiness, loan term, and current market conditions.
6. Streamlined Loan Process: Physician loans often have a simplified application and underwriting process. Lenders understand the unique financial circumstances of medical professionals and aim to expedite the loan approval process.

It's important to note that physician loans may have specific eligibility requirements, which can vary among lenders. Typically, borrowers need to provide proof of their medical professional status, such as a medical license or employment contract. Consulting with lenders who specialize in physician mortgage loans is advisable to explore the options available and determine the best loan terms and benefits based on individual circumstances.