Doctor or Physican home mortgage Loan

Great program for recent graduates with medical degrees needing a home mortgage.

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Doctor or Physician Mortgage

Physician or doctor home loans are a special type of mortgage that is designed for medical professionals, including physicians, dentists, and veterinarians. These home loans are structured to meet the unique financial needs of these individuals, who often have significant student loan debt and may have only recently begun earning a high income.

Physician home loans typically offer a number of benefits that are not available with traditional mortgages. For example, many of these  require little or no down payment, which can be a major advantage for doctors who may not have significant savings yet. Additionally, physician home loans often come with more flexible underwriting guidelines, which can be helpful for medical professionals who may have high levels of debt or irregular income streams.

One of the key advantages of physician home loans is that they are often available at more favorable interest rates than other types of loans. This is because medical professionals are typically considered low-risk borrowers by lenders due to their high earning potential and stable employment prospects. In addition, many physician home loans do not require private mortgage insurance (PMI), which can be a significant cost savings for borrowers.

If you are a medical professional who is considering purchasing a home, it is important to understand the specifics of physician home loans and how they work. The following are some key factors to keep in mind:

Eligibility Requirements: While physician home loans are designed for medical professionals, not all doctors and dentists will be eligible. Most lenders require that borrowers have a medical degree or be enrolled in a residency or fellowship program. Some lenders may also have specific requirements around credit score, debt-to-income ratio, and employment history.

Down Payment: While many physician home loans require little or no down payment, this can vary by lender. Some lenders may require a down payment of 5% or more, depending on the size of the loan and other factors.

Interest Rates: Physician home loans typically offer competitive interest rates, but it is important to shop around to find the best deal. Factors that can impact interest rates include the borrower's credit score, the size of the loan, and the term of the loan.

Private Mortgage Insurance: As mentioned, many physician home loans do not require PMI, which can be a major cost savings for borrowers. However, some lenders may still require PMI depending on the size of the down payment and other factors.

In addition to these factors, it is also important to consider the overall cost of homeownership, including property taxes, homeowners insurance, and maintenance and repair costs. While physician home loans can be a great option for medical professionals, it is still important to carefully consider all of the costs and benefits before making a decision.

Physician or doctor home loans can be an excellent option for medical professionals who are looking to purchase a home. These loans offer a number of benefits, including competitive interest rates, flexible underwriting guidelines, and the potential for little or no down payment. However, it is important to carefully consider all of the factors involved and shop around to find the best deal. By doing so, medical professionals can make the most of this unique financing option and achieve their dream of homeownership.

Introducing the Doctor or Physician Loan from 1st Choice Mortgage

Residents, recent medical school graduates, and doctors in the early stages of their careers in Idaho may be burdened by expenses such as student loan debt.  The Doctor or Physician Loan is specifically designed to offer favorable terms for home buyers in Idaho with great earning potential.

Benefits and Features include:

  • Primary Residence.
  • Eligible properties include:
    • 1 unit properties.
    • Fannie Mae warrantable Condos.
    • Planned unit developments.
  • Purchase and Rate & Term Refinance.
  • Maximum Loan to Value (LTV) is up to 97%.
  • Loan amount up to $1,500,00.
  • Mortgage Insurance maybe required depending upon down payment.
  • Choose from: 5/6 ARM, 7/6 ARM & 10/6 ARM
  • Deferred student debt may be excluded from the Debt to Income Ratio.
  • Interested party contributions are allowed:


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Eligible Borrowers Include:

  • Medical Resident (Educational License).
  • Medical Doctor (MD).
  • Doctor of Dental Surgery (DDS).
  • Doctor of Dental Medicine (DMD).
  • Doctor of Optometry (OD).
  • Doctor of Opthalmology (MD).
  • Doctor of Podiatric Medicine (DPM).
  • Doctor of Osteopathy (DO).

Call TODAY for complete guidelines and details!


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