{"id":2354,"date":"2017-03-22T00:00:00","date_gmt":"2017-03-22T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/a-mortgage-specifically-for-doctors\/"},"modified":"2017-03-22T00:00:00","modified_gmt":"2017-03-22T00:00:00","slug":"a-mortgage-specifically-for-doctors","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/a-mortgage-specifically-for-doctors\/","title":{"rendered":"A Mortgage Specifically for Doctors"},"content":{"rendered":"

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A lesser-known home loan may help your clients in the medical industry better afford a home purchase<\/a>. Known simply as a “physician loan,” these mortgages have less stringent credit and debt-to-income requirements than other loan products. They require down payments as low as 10 percent or less\u2014even zero money down in some cases. They also don’t require borrowers to pay private mortgage<\/a> insurance<\/a>.<\/p>\n\n

Why is their a mortgage targeting doctors, you ask? While the average physician earns $187,200 per year\u2014one of the highest salaries in the nation, according to the Bureau of Labor Statistics\u2014they also graduate with an average of $180,000 in medical school debt, according to a 2016 report by the Association of American Medical Colleges.<\/p>\n\n

“It costs a lot of money to attend medical school, which saddles these graduates with mountains of student loan debt,” says Heather McRae, a senior loan officer at Chicago Financial Services. “This causes [doctors] to be unable to qualify to purchase or refinance using a traditional loan program.”<\/p>\n\n

But not every medical professional is eligible for this special financing<\/a>. Physician loans<\/a> are available only to medical physicians (MD), doctors of osteopathy (DO), dentists (DDS\/DMD), and veterinarians (DVMM), McRae notes. In some cases, podiatrists (DPM) and optometrists (OD) can also apply. Physician loans are often restricted to those who graduated from medical school within the past three years.<\/p>\n\n

Only a few lenders<\/a> offer<\/a> this type of loan product, McRae says. Borrowers, therefore, will need to shop around. Another appealing perk to physicians with this type of loan is that deferred student-loan payments won’t inhibit borrowing power. Student-loan payments that are in deferment for a year or longer aren’t factored into whether the borrower can qualify for the mortgage.<\/p>\n\n

Source: \u201cA Home Loan for Doctors? Yup, Physicians Get Their Own Mortgage,\u201d realtor<\/a>.com\u00ae (March 17, 2017)<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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A lesser-known home loan may help your clients in the medical industry better afford a home … A Mortgage Specifically for Doctors<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2355,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,518,15239,625,1330,12908,543,347,698,1329,604,408,312,41,818,15296],"class_list":["post-2354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-america","tag-chase","tag-down-payment","tag-financial","tag-home","tag-home-buying-guide","tag-home-loan","tag-insurance","tag-loan","tag-loans","tag-mortgage","tag-mortgages","tag-property","tag-real","tag-target"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/ojeuj1Fkkrc","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2017,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-is-a-reverse-mortgage\/","url_meta":{"origin":2354,"position":0},"title":"What Is a Reverse Mortgage?","author":"Amazing Property","date":"March 18, 2017","format":false,"excerpt":"\u00a0 By American Advisors Group As you pull into your driveway and up to your garage, you take a good long look at your house.\u00a0 The fresh exterior paint you had applied about a year ago still glistens in the sun, and the roof shingles you had installed still sit\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/what-is-a-reverse-mortgage-final.jpg?fit=800%2C488&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/what-is-a-reverse-mortgage-final.jpg?fit=800%2C488&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/what-is-a-reverse-mortgage-final.jpg?fit=800%2C488&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/what-is-a-reverse-mortgage-final.jpg?fit=800%2C488&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5352,"url":"https:\/\/amazingproperty.com.ng\/blog\/7-key-things-that-help-you-qualify-for-a-mortgage\/","url_meta":{"origin":2354,"position":1},"title":"7 Key Things That Help You Qualify For A Mortgage","author":"Amazing Property","date":"July 13, 2017","format":false,"excerpt":"In an environment where lenders are highly regulated and risk-averse, borrowers are rightfully a little nervous when they apply for a mortgage. 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