A medical home loan or doctor loan is a mortgage specifically for medical professionals that are tailored specifically having your background in mind. That means we focus on lower down payment options utilizing special rules for student loan qualifications and even removing mortgage insurance from your payment (this is generally required for all mortgages where borrowers don’t put 20% down).
Medical professionals are often at a disadvantage when purchasing a home early in their career because they usually have a higher debt-to-income ratio after medical school and may not be able to provide proof of steady income if they’ve just graduated or started their residency.
Medical home loans take all of the above into consideration for the unique circumstances of a medical career. Most lenders require you to fit inside a specific box when getting a loan for regular conforming or FHA mortgage loans. Professional mortgage loans, however, know that your income is generally projected upward. Therefore medical professionals are at a lower risk, which is why they should have their own rules.
Many lenders offer similar “doctor loans” or “medical professional loans,” some better than others. So which lender should you be going with, and how do you shop for the best one? That’s what we’re here for! Everyone’s scenario is a little bit different, so please provide your information on the questionnaire, and we will help you find which one is right for you!
