what is a physician loan

Best answer

A physician loan or 鈥渄octor loan鈥?is amortgage specifically for medical professionals that usually doesn鈥檛 require a down payment. With other loan types, lenders often want borrowers to pay private mortgage insurance (PMI) if they鈥檙e making a down payment of less than 20%.

People also ask

  • What is a doctor or physician loan?

  • What is a Doctor Loan? A Doctor Loan or Physician Loan is a mortgage specifically designed with medical professionals in mind. They offer features unique to individuals in the medical profession. What features do most Physician Loans have in common?

  • Are physician mortgage loans a good idea?

  • On the surface, physician mortgage loans look great. No money down. No jumbo limits. No private mortgage insurance (PMI). Finally, it seems like a product exists to reward you for your time training to be a physician.

  • What are the criteria for a physician loan?

  • Unique Criteria for Physician Loans. Normally does not require private mortgage insurance (PMI), even if less than 20 percent down payment. Often does not include student loan payments in debt-to-income ratio (or a lesser payment). Will accept a contract as evidence of future earnings鈥攊n lieu of pay stubs or W-2s,…

  • What are the current rates for physician mortgage loans?

  • These are not actual rates and are examples only: 1 Physician Mortgage Loans: 30 yr fixed rate 鈥?4.75% 2 Physician Mortgage Loans: 7/1 ARM 鈥?3.75% 3 Conventional 80/20: 鈥?First mortgage (80%) 鈥?30 yr fixed 鈥?4.25% 鈥?Second mortgage (20%) 鈥?Interest only HELOC (prime + .5%) 4 VA Mortgage (must be military): 30 yr fixed rate 鈥?4.25%

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