The Physician Mortgage Loan Program, also called Doctor Loans, Doctor Home Loans, or Doctor Mortgage Loans, is designed to help qualified individuals obtain a mortgage loan from participating lenders with zero to very little money down and no private mortgage insurance (PMI). It also takes the Debt to Income Ratio with regard to Med School Loans into consideration. These special loans allow professionals in the medical field to buy a home when they may otherwise be considered risks with a conventional loan.
A “qualified borrower” is normally defined as a Licensed Medical Resident, fellow or attending physician with a signed contract for employment. The following licenses usually qualify for these types of loans:
MDs are allopathic doctors – also known as mainstream medicine. These professionals diagnose and treat conditions via “conventional” medical tools such as prescription drugs, bloodwork, imaging and surgery. They also specialize in a broad range of areas focusing on
specific body parts or organs, Psychiatry Geriatric medicine or Pediatrics.
DO stands for Doctor of Osteopathic medicine. As with MD’s they also use standard, conventional medical techniques. However, they also employ other methods such as nutrition and supplements, and non-standard care in order to focus more on holistic health and prevention. Most DOs work in primary care,
Doctors of Ophthalmology (Eye MD) and Doctors of Optometry (OD) –
Optometrists attend optometry schools for four years to earn their (O.D.). However, Ophthalmology is a medical specialty, distinct from optometry, that requires both medical school and the completion of an ophthalmology residency program. Since ophthalmologists are MDs, they are trained to diagnose eye diseases, as well as to treat patients dealing with ocular disorders surgically. Optometrists primarily focus on vision care and the correction of vision.
Doctors of Podiatric Medicine (DPM) –
Podiatrists or podiatric physicians (or surgeons) diagnose and treat conditions affecting the foot, ankle and related structures of the leg – also known as the lower extremity. Podiatrists must complete four years of training in a podiatric medical school followed by three years of a hospital residency. Some Podiatrists go on to complete fellowship training. Podiatrists specialize in sports medicine, wound and diabetic care, or pediatrics.
Doctors of Dental Medicine (DMD) or Doctors of Dental Science (DDS) –
There is basically no difference between the two designations. The DMD designation relies on where one graduated. Harvard was the first dental school to award the DMD. According to the American Dental Association (ADA): “There is no difference between the two degrees; dentists who have a DMD or DDS have the same education.” Three or more years of undergraduate education, followed by four years of dental school is required to graduate and become a general dentist.
Doctor of Veterinary Medicine (DVM) –
Veterinarians must graduated from an AVMA-accredited college of veterinary medicine. Though there are a variety of certification exams for veterinarians, the North American Veterinary Licensing Examination (NAVLE) is considered to be the gold standard. To earn a DVM, students attend four years of undergraduate study followed by four years at an accredited veterinary school. Upon graduating from veterinary school, candidates opt for general or specialty (which can require up to five years of additional residency training) There is a wide variety of specialties including neurology, cardiology, dermatology, orthopedic surgery, equine medicine, zoo medicine, etc.
Three to four years of undergraduate coursework is required, followed by four years in a professional program. A PharmD (Doctor of Pharmacy) is usually a four-year program, while a . PhD prepares candidates for a career in academia and research..The PharmD/PhD in pharmaceutical sciences typically takes seven years.
Physician associates perform many of the same tasks as doctors and work in every type of medical setting. After prerequisite coursework, candidates attend PA school. Most candidates have three years of experience before attending PA school including work as a medical assistant, an EMT, a paramedic, or a lab assistant. These programs culminate in either a Master’s of physician associate studies (MPAS), a master’s of health services (MHS), or a master’s of medical science (MMSc). These degree programs take two to three years to complete.
Almost every state requires that candidates hold a doctoral-level degree. Students are trained in the practical application of psychology. The PsyD focuses on the clinical and applied aspects of psychology and prepares students for professional practice. PsyD students may also complete a doctoral project. The training takes between 4 and 5 years to complete.
Some PHDs qualify. Particularly the PhD in Clinical Psychology. Founded in research, the focus of study is on ideas, conducting experiments, and analyzing the data. This training takes between 5 and 7 years to complete.
Medical students do not qualify for the loans.
MD Mortgage has compiled a list of qualifying Lenders and Banks by state as well as their parameters. MD Mortgage helps licensed professionals find the right physician mortgage programs for their particular financing needs.