Getting a medical degree can be very expensive. In fact, the average debt of a graduate is $190,694 according to some studies. Considering this, many physicians find It hard to afford a new home. However, we are here to help. We are proud to announce that we offer Physician mortgage loans! This type of mortgage is specially designed to give advantages to doctors who are looking to buy a home at an affordable cost.
A physician mortgage loan has special terms that are only available for doctors. The requirements to qualify are the following-
– Medical degree
– Job contract confirming your job will start within 60 to 90 days
– Deffered Student Loans
– Debt to income (DTI) ratio of 45% or less, does not include student loans
– Credit score requirements (contact us for details)
Physician mortgage loan advantages
There are many advantages to the doctor mortgage. For one, the DTI does not include student loan payments as it would on a conventional loan.
Advantages of this product include –
Physician mortgage loan
Conventional mortgage loan
Mortgage rate for 700 FICO score
Best rate available
Might not qualify for best rate
PMI needed for down payment of less than 20%
DTI includes student loan payments
Yes, up to $750,000
Yes, but rates might be higher
Current employment required
No, with a signed future employment contract
When to use this product
The doctor mortgage loan is a recommended for young doctors who will be buying their first home. Most doctors who use this product have recently finished their residency and are ready to put down roots. Even though the mortgage will allow you to buy a home that would normally be unaffordable, it is recommended that the home purchase is considered carefully and used for a home that is affordable for your situation.
If you are ready to start the process, or just have questions about the loan, don’t hesitate to fill out the form above or contact us with the phone number listed. We will happily answer your questions and guide you through the entire home buying process. We have years of experience working with doctors who are looking to buy a home with this type of mortgage, so we are capable to helping doctors in any situation. If you currently live in a home and are looking to sell, we can also help you list your home and get it sold fast! Our sister company Security American Realty specializes in listing home for discounted price, and their friendly real estate agents will have your home listed in no time.
Thank you for considering Security America Mortgage for your home loan needs.