What is a physicians loan – A physician mortgage loan or doctor loan is a special mortgage product that aims to help physicians own their own home without additonal costly fees. A doctors mortgage loan also known as a physician mortgage loan or physician loan is a special type of mortgage that caters exclusively to medical professionals.
Jumbo loan balances low to no down payments no private mortgage insurance pmi and relaxed debt to income ratios all make this type of home financing very appealing to young physicians dentists and other doctors.
What is a physicians loan – Physician loans also referred to as doctor loans present a unique set of circumstances for lenders because new doctors do not have any work history and usually have a significant amount of student loan debt. The advantage for a doctor is that she can buy the house sooner than she would otherwise be able to. The main feature of a physician mortgage loan is that a doctor can put less than 20 down and still avoid private mortgage insurance pmi that wonderful product the borrower pays for to protect the lender from the borrower defaulting. What is a physicians loan
This situation will typically prevent physicians from getting approved on any conforming conventional products so many banks have developed special portfolio products to originate and service these types of loans. What is a physicians loan