Physician Mortgage Loans are a great option for Doctors! No money down. No jumbo limits. No private mortgage insurance (PMI). Finally, it seems like a product exists to reward physicians for their time training to be a physician.
At this point in the home buying process, they’ve already made a solid decision about how much to spend on their home and will have their finances in place. So, the next step is to decide how to finance the home and whether a physician mortgage loan is the best option.
What’s So Special?
So how is the physician mortgage loan different than a typical mortgage? Here are some of its common features:
Zero (or very low) down payment required
No private mortgage insurance “PMI”
No rate increases on jumbo loans (typically, loans larger than $453,100)
Lending based on a physician’s signed employment contract
Less critical of student loan debt
Who Counts as a Qualified Borrower?
A “qualified borrower” is normally a medical resident, fellow or attending physician with a signed contract for employment. Fidelity will also consider dentists, veterinarians, and other doctors.
With a standard loan, it’s typically going to cost between 0.3% to 1.5% of the original loan amount per year. A surefire way to avoid PMI is to put 20% down. BUT with our Physician mortgage loan, you will avoid PMI even though you don’t have a 20% down payment.
Want to BUILD Your Dream Home Instead of Buying a Resale?
You might even consider renovating or building your new home. You can now combine you Physician loan option with a Construction Loan!
Here are the DR/CP Highlights:
Up to 90% Financing for Loan Amounts up to $1,250,000
9 and 12 month Construction Period available
ONE-TIME Closing saves you time and fees
Lock your Mortgage Rate Up Front
Fixed and ARMs (Adjustable Rate Mortgage) available
Primary Residence Only
A minimum of five years as a licensed physician ~ must be out of residency
Is this a fit for you? Have questions? Please reach out to us. We help clients navigate these types of decisions all the time. We’re happy to set up a free consultation to answer your questions. www.kimdjones.com ~ http://www.vanpurser.com/
Senior Mortgage Banker
Top Producer and
MBAG Platinum Award Member
Fidelity Bank Mortgage
304 Tribble Gap Road, Suite 200
Cumming, Georgia 30040
p: 678.468.4046 | f: 678.829.0612
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