The Physician Mortgage Loan Program makes it a much easier process for medical professionals – such as residents/fellows, attending physicians, veterinarians, podiatrists, optometrists, etc.- to buy a new home with a much lower down payment and no required mortgage insurance.

Even with the program partial towards medical professionals, the same rules still apply when purchasing such a large item – the credit score is still an essential indicator of qualification. 

Whether a physician has excellent credit or not, the credit score does affect eligibility for a mortgage. It’s credit that informs what type of financing a bank will ultimately offer. Credit scores impact both if someone qualifies for the physician loan program and determining the required down payment amount – if any. 

Pre-approval allows potential buyers to see what they qualify for and if additional time is needed to improve their credit scores before going through the entire physician loan process.

Here are (5) five different criteria used in computing a credit score:

Payment History (35%)

Credit Utilization (30%)

Length of Credit History (15%)

Credit Mix (10%)

New Credit (10%)

It is always best to keep credit card usage under 95% of their available credit.…