An Easy Guide To Understanding Physician Home Loan Mortgage Programs

Physicians are among the most highly trained individuals in society. Their training is lengthy, intense, and expensive to say the least. The high pay scale in medicine attracts many people to this field, however, there is no doubt that the cost of becoming a doctor is significant. For some doctors, saving up enough money to purchase a home before getting out of residency or beyond is not an option due to the years spent paying off student loan debts and other bills. 

Getting loans with favorable terms can be extremely difficult for those who have just come out of medical school with a large debt load. But thanks to physician loan programs, physicians all across America can get into their homes faster than ever before. They have special terms and requirements only available to those who qualify as a physician. In this guide, we will discuss the basics of these loans with the hope that you might be inspired to learn more about them.

What are physician loan programs?

Physician loan programs are loans designed to help physicians buy homes. They have special requirements, terms, and benefits designed to help doctors get the most out of being able to purchase a home upon graduation or after finishing residency or fellowship. As seen at physicianbanks.com, there are many different types of physician home loans and all require special qualifications to be eligible. It is advisable to speak with your financial advisor about what options are available to you. These loans have become more popular thanks to their ability to provide fast closing times, streamlined processes, and other great financial incentives that many people across the world would love to take advantage of. 

Who Qualifies For These Loans?

Anyone who is currently practicing medicine is eligible for a physician loan program if they meet certain criteria. For instance, you must be employed full-time with an average of at least 30 hours per week on patient care (or its equivalent). Many different types of specialties qualify as long as the doctor receives some type of compensation from their employing facilities like a hospital or clinic. For example, a surgeon who receives a salary from their employer and receives no compensation in the form of patient caseload would qualify for such a loan program.

What Are Special Requirements?

A physician must meet certain requirements to qualify for a physician loan program. First of all, they must be licensed in their state or province, or territory. They also must have at least two years of experience in active practice. Most programs require them to work full-time in healthcare for at least one year prior to applying. Another requirement most programs have is a certain minimum salary. In general, most programs require them to make 60-120% of the average in their area. For instance, a doctor making a salary equal to the state or provincial median income would need at least that level from his employer. There may be other requirements as well such as having good credit and passing an underwriting process. Since some programs are more stringent about these requirements than others so it is best to research the programs closely before applying.

How To Apply?

The first step of the process is to speak with a representative from one or more physician loan programs and ask them all of your questions. Once you have decided on a program, fill out their application and send it in along with any necessary documentation. If you are approved, they will give you an estimate on how much money they will lend you. Upon receiving this estimate, read it carefully and make sure that everything is correct before signing the documents electronically. The last step is to sign the final documents either online or at a local office near you and then wait for your funds to arrive in a lump sum in about a week. This typically follows immediately after funding which can happen in as little as seven days!

What Are The Benefits?

There are many benefits to getting a physician loan. These loans often come with no out-of-pocket costs, low down payment options, and you can buy whatever type of home you want without putting in any money upfront. There is also typically nothing that your employer needs to do either besides paying your salary regularly. Another benefit is the speed at which things move along since there is less paperwork involved than most other types of programs. These programs also offer lower interest rates than conventional loans or even some government lending programs so everything works out for everyone involved, especially the borrowers.

Physician loan programs are a great option for those who qualify. If you are currently employed as a doctor or will be at the time of application, you should look into getting one of these loans to supplement your income and get into homeownership much faster than you ever thought possible!