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%.
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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%