Can I get a physician loan?

pequi

From what I have seen (others may have a different experience), there are really no advantages with a "doctor loan" vs a standard loan. What you really need is to find a lender that will allow you to claim your residency as an alternative to a two year work history. There are banks that will consider that....especially if you can provide that contract for employment with a guaranteed salary attached.

if you have a contract for employment with no conditions...like a trial period...most lenders will go ahead and lend to you.

The only way I wouldn't be able to approve a loan like that would be if there are condiitons of your hire and the employment was temporary or probational.

Hi,
In Residency ,Physician who have been practice for many years will get loan.

If Physicians have high credit scores he will be in residential mortgages even if they have higher ratio or buy a home with little to no money down.
In market there are lot of companies to offer this type of loen with attractive rates.
So please do research in market which is best & suitable for you

I hope you understand.

Regards
Dilip

Pequi

Please disregard that incoherent post. Not sure what Dilip is trying to accomplish.

I am a graduating resident looking for the same thing. To this point, Suntrust bank is the only one I can find offering in my state. It is 0% down/No PMI and the rates quoted me are 5.5-6%. They have been good to work with so far. If you find something better, please post it.

Hi Rob,

Apparently, it looks like a good deal for you. You are not required to make any downpayments and still you do not need to purchse a PMI. The rates are quite ok, given the fact that you are not paying any points upfront. But before you close on it, read the various terms of the loan agreement and make sure there are no hidden costs and conditions involved in it.

We have also applied for a Physicians loan thru Suntrust and were quoted 5.5% for $390k 100% financing...just need to sell out house..

The doctor loan program has several benefits to the physicians:

Residents: Up to 100% financing to $417,000
No mortgage insurance
Deferred student loans not counted in debt ratio's

Practicing Physicians:
Up to 100% financing to $650,000.
Loan amounts up to $1,500,000 - down payments required
No mortgage insurance

Products Available:
Adjustable
Fixed 30 Year
Interest Only

Available in most states!!!

Need more details? Call Sandy Madison, SunTrust Mortgage.

[Contact details deleted as per forum rules. Thanks.]

My name is Josh Mettle and I've had the good fortune of working with a lot of relocating MDs and DDSs over the last 10 years of my mortgage career here in Utah. During that time, Ive learned a few things about financing Medical Professionals. First of all, they have unique financial and contractual situations that require specialized mortgage underwriting and understanding of their unique situations. Ive found that not all Underwriters look at this the same and what might be permitted with one bank is not allowed with another. Ive spent the last few years putting together the most comprehensive list of Physician home loan products in Utah to cater to the specific mortgage needs of MDs and DDSs.

Ill tell you another thing Ive learned, Physicians, especially early in their careers, have rapidly expanding income levels and need specialized home loan products that allow for principle reduction and re-amortization of their mortgage payments. Ive found several mortgage programs that will allow you to make big principle reductions, which trigger both lower mortgage interest rates and lower minimum monthly payments without refinancing. You wont find that at your neighborhood mortgage lender. Nope, these are specialized Physician and Doctor Mortgage products.

Here are a few other highlights we can get done for Physicians and Dentists:

We dont count deferred student loan payments against you. This is a biggie for our friends coming out of residency and internships. We are able to not count these debts towards debt to income ratios, and even use Stipend income to qualify.

We can use Self Employed or 1099 income with less than 12 months history. This is huge for Physicians that go straight into private practice or partnerships that dont have a set W-2 wage or salary.

We can finance over 80% of the purchase price of your new home without mortgage insurance. This is HUGE! Mortgage insurance can add tens of thousands of dollars on to the cost of your loan and we have programs that avoid MI all together.

We can close based on your contract. Often times we see Physicians relocating and they want to close on their new home before theyve started at their new practice. We understand the stress of relocation and can get your home financed before your first day on the job.

Higher loan to value and loan amount programs than anyone else. We truly have mapped out every local and national mortgage bank and have compiled all their best Physician loan programs for you.

We love the relationships weve formed with our MD and DDS clients and hope that you will give us an opportunity to serve you. We have a long list of local medical professionals that would be happy to talk to you about how we made the impossible, possible for them. Please contact us with specific questions or if there is anything we can do for you.

We're not too big on touting ourselves and our services here, Josh. In fact, if you read some of the stipulations of the Community, you'll find that advertising is outright prohibited.

I have read an article about physician mortgage and they seemed to be posted everywhere on the internet. You can try searching the keywords morgage company for resident physicians. Try it, maybe there you can find what you are looking for.

in an interest-only loan or the woerobrr only pays interest each month. this makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. these loans have become popular because the monthly payments are lower, allowing woerobrrs to afford a larger home.however, these loans can be dangerous, especially in a down housing market. the interest rates are generally fixed for the first 1, 3 or 5 years. after that, they convert to a conventional loan, with a higher monthly payment. most woerobrrs take on these loans because they assume they will sell the home before the interest rate increases. in a down market, they may not be able to sell. if they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. so, when the rate starts to adjust, you would need to refinance again. and, either get a fixed or another interest only adjustable. and, yes, i do believe you mean arm. although, if you have extra money every so often, you can pay down the principal in extra payments.

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