Is a Medical Doctor Mortgage Loan Program Right for You?

While a mortgage program for military veterans is common knowledge because it is sponsored by the federal government, it is less well known about doctor loan programs offered by many banks. Some loan programs are generally offered exclusively to doctors while others develop by including many others employed in the medical profession. 

Nurses, physician assistants, physical therapists, and others may qualify for some programs depending on the lender. Doctors who are just out of school may have large debts from student loans but because of their earning potential, they represent good clients to the bank. So while the doctor's assets and current income may not be that high at the beginning of their career, they have the ability to get a little and build their asset base quickly. 

You can navigate to know more about the terms and conditions of home loan for doctors.

Image result for home loans for doctors

Image Source: Google

Doctor loans are designed to help newly graduated doctors not to overestimate the debt to income ratio and by not requiring a large down payment in advance. Some lenders will exclude student loans as part of the debt to income ratio, helping doctors get better loan pre-approval. 

Even with low payment terms, most lenders design their doctor loan programs to override any mortgage insurance payments. Advances in mortgage loans can go down to zero percent depending on the lender. Payments for low clipboard stethoscopes and no mortgage insurance make doctor mortgage loans more attractive.

There are also doctor loan programs for doctors who have been practicing for some time. While these loans will have almost the same requirements as those offered by a new doctor loan program, they may require a higher down payment to qualify for better interest rates.