Tampa, FL Physician Mortgage: What You Need to Know

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Getting a physician mortgage in Tampa, FL, can be super advantageous for doctors and medical professionals. You have worked hard to earn your medical degree and are looking to build a successful career in Tampa, FL  Maybe you took a job at one of Tampa’s prestigious medical centers. You are looking to relocate for this job or buy a home for your family. Before you do, you will want to compare Tampa, Florida’s physician mortgage lenders.

Doctors are relocating to Tampa, FL or opening new practices due to the expansion of many medical centers and the lower cost of living.  Tampa General is one of the largest and most well-known hospitals in the region with a level I trauma center and is also a teaching hospital. AdventHealth Tampa is recognized for its cardiac care, cancer treatment, and orthopedics. St. Joseph’s Hospital, part of BayCare Health System, is another prominent healthcare facility in Tampa. Moffitt Cancer Center, a (NCI)-designated comprehensive cancer center is renowned for its expertise in cancer research, treatment, and patient care. 

Physician mortgages, also known as doctor loans, typically offer more lenient terms compared to traditional mortgages. These loans often require a lower down payment (sometimes as low as 0-5%) and require no Private Mortgage Insurance (PMI). This can be particularly beneficial for doctors who might have substantial student loan debt since it won’t be counted against them.  Doctors just starting out find it is better to conserve their savings for other investments or expansions within their practice.

Good news for doctors, especially those who are recent graduates, physicians have been determined to have a high income potential despite significant student loan debt. Physician mortgages often consider the future earning potential of physicians and allow for higher DTI ratios, making it easier for them to qualify for a mortgage despite their debt burden.

Physicians fresh out of residency or fellowship do not have an extensive employment history, which can be a challenge when applying for traditional mortgages. Physician mortgages are designed to cater to this situation and consider future income projections, allowing new doctors to qualify for a mortgage without significant employment history. Many of the banks listed on our website feature physician mortgage programs with a streamlined approval process, as they understand the unique financial situation of medical professionals. This can help doctors secure financing quickly, which is crucial in competitive real estate markets like Tampa. Lenders recognize the potential of doctors to have stable and lucrative careers, making them more willing to offer attractive mortgage terms.

It’s essential to shop around and compare different lenders and their physician mortgage programs to find the best fit for your specific needs and financial situation. We make it easy.  Simply use our search feature to compare doctor mortgage lenders in Florida.  Buying a home whether using a physician mortgage or traditional mortgage is a significant financial decision. 

Tampa doctors need to understand that physician mortgages are not the same as traditional mortgages. Physician mortgages are designed for doctors who have high incomes or high income potential (for new doctors). Depending on the lender you choose, you may need to have a certain amount of experience in your field.  This varies between lenders.  Compare lenders here!

Some lenders may only offer physician mortgages in certain locations. Be sure to check with your lender to see if there are any restrictions on where you can buy a home.  Alternatively you can find a list of physician mortgage lenders licensed for Florida.


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