MD Mortgage Loan Blog

Physicians Mortgages & Staying Financially Organized

physician mortgage loans

Physicians and healthcare workers face long work days, a fast-paced environment in most cases, and pressure from the demands of patient care. Staying on top of finances can sometimes suffer. In order to prepare for applying for Physician mortgage loans, there are ways to stay on top of finances even with such a demanding job.

With physician home loans, healthcare workers are actually able to afford their own homes. The Doctor Mortgage Loan Program is designed to help professionals who qualify to receive a mortgage loan from participating lenders with zero to very little money down and no private mortgage insurance (PMI.) 

However, in order to take advantage of the program, even doctors need to keep their finances in order.

The first line of defense is to start budgeting – and to stick to it. 

A budget means keeping track of every dollar earned. There are many tools available on the market to help develop a strategy. The easiest thing is, to begin with listing monthly expenses – such as rent or car payments, utilities, and more. Staying within this budget and leaving room for savings will allow a potential borrower to maintain good credit and formulate a financial cushion.…

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Credit Scores And Physician Mortgages

As with every type of loan, credit scores play an important role in the qualification process.

Sometimes called a “FICO score,” the credit score is a tool that lenders use when making a determination about lending money. 

Traditional financial institutions rely on good credit scores to determine amount as well as interest rate. 

Though physicians are thought of as a good bet because of their future income, credit scores are based on credit history. This makes it critical to understand what affects a credit score and what can be done to consistently improve it. 

According to Equifax, the average U.S. credit score is 698. Credit scores can go as low as 350 while those few with perfect or almost perfect credit, have scores from the high 700s to 800 – with 850 being the highest amount of points possible.  

Physician Loan Programs usually require good to very good credit – scores around 700, on average. Some lenders will still lend to those with a score as low as 680. However, the higher the score, the better the interest rate. 

Debt Utilization Ratio is a very important factor with credit score.…

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2022 Guide To Physician Mortgage Lenders

Physician Mortgage Lenders

Physician Mortgage Lenders

At the end of the day, mortgage lenders are in the business to make money. However, many offer a number of different programs to help individuals in their various circumstances afford a home of their own. One such example is the physician mortgage loan (IE the doctor loan) that some lenders offer. 

From large national lenders that are located nation-wide to smaller local banks who offer these types of loans in one specific city, there are a number of options to choose from.

What is a Physician Loan? It’s a type of home loan that offers unique terms not found with conventional loans. These loans are only available to healthcare workers – IE doctors, pharmacists, dentists et al. Doctor loans make it easier for these medical professionals to own their own home. 

These types of mortgage loans have flexible guidelines. However, the guidelines do differ from lender to lender. Doctor loans are available with lower down payments – from 0% to 15%. Additionally, these types of loans don’t require PMI. Also, since healthcare professionals usually carry the financial burden of med school, these lenders calculate debt to income ratio differently in order to accommodate the debt.…

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Should I Get A Physician Mortgage Straight Out Of Medschool?

medical school mortgage program

One of the biggest worries of a person’s life is debt.  We are conditioned to think that debt is bad.  Being in debt can be scary and can be worrisome, but banks know better!  Banks realize the high earning potential of doctors and physicians who are uniquely qualified and supremely disciplined in their field.  The dedication you have shown to your education usually translates to a highly successful and profitable life going forward.

We have created this website to put doctors and physicians in touch with the most advantageous bank lenders for physician mortgage programs.  Simply select which state you are in and you will be paired with a lender in your state.  You can also search by your medical degree to get the most qualified physician mortgage lender for your qualifications.

Students shouldn’t worry about their outstanding student loan debts either.  Most of the doctor loan programs available by our lenders are known not to count the debt against you. 

Since you can start building equity immediately after buying your first home, we think it is in your best interest to jump on a physician mortgage loan straight after graduation. …

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What You Should Know About Mortgages in Medical School

Those entering the medical field know they have a longer road ahead than most students looking to get their degree and enter the workforce. Medical students contend with four years of medical school, a minimum of three years for residency, and more if there’s a specialized fellowship. Therefore, most med students don’t even become independent physicians until they are in their early thirties.  

The average age for first-time homebuyers in the U.S. is 34 years old. This means most med-students are behind the eight ball when it comes to being a first-time home-buyer.

It is certainly worth understanding what options there are for home ownership while still in med school and even residency. 

The Doctor Mortgage Loan Program is designed to help those in the medical field qualify for a mortgage loan with zero to little money down and no private mortgage insurance (PMI). Lenders understand the multistage process involved in becoming a physician. Because of this, the criteria for lending vary depending on how far along a student or resident is in their career. 

A “qualified borrower” is defined as a Licensed Medical Resident, fellow, or attending physician with a signed contract for employment.…

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The Complete 2022 Guide to Physician Home Loans

physician mortgage

The Physician Home Loan Program is a mortgage that makes it both quicker and easier for medical professionals such as residents, attending physicians, those right out of med school, and even veterinarians, Podiatrists, and Optometrists to buy a home with a low down payment. These loans are also available minus private mortgage insurance (PMI.) 

Advantages of a Physician Mortgage Loan include:

  • Competitive Fixed and Adjustable rates are available
  • Lenders are flexible with debt-to-income (DTI) ratios due to high med-school debt
  • Up to 100% financing 
  • Higher maximum loan amounts 
  • Early closing on a loan
  • If starting a new job, an employment contract can be used as evidence of income 

Two other major advantages of this type of loan are that lenders are able to offer a mortgage with zero to very little money down – only 0%, 5%, and 10% down depending on the lender. 

MD Mortgage Loans have compiled a list of Physician Mortgage Lenders and Banks by both state and qualifications. MD Mortgage Loans can also help narrow it down so potential borrowers find the right fit for their individual needs. …

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