At Doctor Relocation, we specialize in physician-specific mortgage Loans tailored specifically for doctors and advanced practice providers. These specialized loan options are designed to address the distinct financial challenges faced by medical professionals.
These loans were created because many physicians finish their training with high student loan debt yet have strong earning potential and a low likelihood of loan default. Key features of these loans include:
Low or no down payment
No private mortgage insurance (despite putting down less than 20%)
More flexible treatment of student loan debt when calculating debt-to-income ratios
Can qualify with an employment contract that starts in the future, without requiring current income
Move-in dates up to 90 days prior to starting a new position
Higher loan limits than conventional mortgage programs
Discover the best home loan options available to help you achieve your homeownership goals with ease and confidence, knowing that we're here to guide you every step of the way.
At Doctor Relocation, we understand the unique financial needs of professionals in the medical field. That's why we've partnered with experienced lenders who are dedicated to providing tailored mortgage solutions for doctors and physicians.
Whether you're just starting your home search or ready to close, our team is here to help you find the best loan to fit your specific situation.
Rebecca represents the Nightingale Advantage program through MasonMac Mortgage, offering a unique mortgage solution for healthcare professionals, military personnel, and first responders. This program provides a credit of half a percent of the loan amount at closing to be used for costs or to buy down the rate. The Nightingale Advantage is recognized on several major healthcare systems' internal employee benefits websites.
Nightingale is for everyone in healthcare, nurses, military and all first responders. The give back is half of one percent of the loan amount. A mortgage of 497K will get the buyer a credit of $2485.00 at closing to be used for costs or to buy down the rate. Nightingale Advantage can be found on the internal employee benefits websites of several major healthcare systems. Call 303-901-9975 with any questions, check us out at www.nightingaleadvantage.com and follow us on the various social media platforms
It has been my great pleasure to serve clients in the mortgage industry since 2001, working within both the banking and brokerage side of the mortgage origination equation. As the industry has recently shown, the brokerage side of the industry allows a loan officer to most effectively advocate for clients when considering risks, costs, and loan process efficiency.
My background also includes working as a licensed Residential Real Estate Appraiser, affording me the knowledge base to additionally support my clients in this critical aspect of buying and financing a home! I also have extensive experience with credit repair and establishing higher credit scores.
I truly enjoy helping educate and supporting my clients to make wise financial decisions for their real estate investments as well as saving money in all aspects of life through higher credit scores!
Our local Denver underwriters and closers provide us a clear advantage to deliver personal service and ensure every transaction closes quickly, smoothly and timely!
Whether you're a new doctor just starting out or an established physician looking to purchase a home, our FAQs are designed to provide you with the information you need to make informed decisions.
A Physician Loan, also known as a Doctor Loan, is a special mortgage product designed specifically for medical professionals. Unlike conventional mortgages, Physician Loans typically offer higher loans with little to no down payment requirements and often do not require private mortgage insurance (PMI). These loans take into account the unique financial situation of doctors, including their high earning potential and often significant student debt, allowing them to qualify for a mortgage despite having a high debt-to-income (DTI) ratio.
Physician's Mortgage Loans often have competitive interest rates (that a traditional mortgage doesn't) that reflect the borrower’s future earning potential. This makes them a highly attractive option for physicians who are early in their careers and may not yet have substantial savings. Additionally, these loans can be used to purchase a residence, which is a requirement for many lenders offering Physician Loans. It's an excellent mortgage option for doctors when a traditional loan doesn't cover your needs. An FHA loan, another popular option, also offers favorable terms such as lower down payment requirements, making them accessible to a broader range of borrowers.
Eligibility for a Physician Loan varies by mortgage lender, but generally, you must be in the medical profession, such as a doctor, dentist, or veterinarian. Most lenders require proof of your employment or future employment within 90 days of closing, a valid medical license, and a minimum credit score (typically around 700).
In addition to these basic requirements, the mortgage lender will look at your DTI ratio to determine your ability to make monthly payments. Many Physician Loans allow for higher DTI ratios because they take into account the borrower's potential for significant income growth after completing medical school and residency. Some lenders also consider income-driven repayment plans for loans, making it easier to qualify for a physician mortgage despite having substantial educational debt.
Physician loans often treat student debt more leniently than conventional loans. Many lenders use income-driven repayment plans to calculate your monthly debt obligations, which can significantly lower your DTI ratio. This approach helps physicians with substantial school loan debt qualify for a mortgage more easily, as it reflects their true financial capacity rather than their total loan balance.
For example, if you have a high loan balance as a student but are on an income-driven repayment plan with a lower monthly payment, the lenders will use this lower payment to calculate your DTI. This makes it easier to qualify for a physician mortgage. Additionally, some allow you to exclude deferred loan payments from your DTI calculation altogether, further easing the path to homeownership.
Physician Loans are particularly beneficial for new doctors who have recently completed their residency or fellowship. These loans recognize the unique financial transition period that new doctors face, offering features such as delayed employment start dates and the ability to use future income to qualify for the loan. This means you can close on your home before starting your new job, providing flexibility and stability during your transition into professional practice.
Additionally, Physician Loans often come with competitive interest rates that reflect the borrower's potential for rapid income growth. This can result in lower monthly mortgage payments compared to other loan types. Some lenders also offer the option to refinance your Physician Loan later to take advantage of even better interest rates or terms as your financial situation improves.
Yes, many Physician Loan programs offer 100% financing, meaning you can secure a mortgage with no down payment. However, there are typically limits on the amount that can be financed at 100%. For instance, you might be able to get 100% financing for loans up to $1,000,000, but loans exceeding that amount may require a small down payment.
This 100% financing is particularly beneficial for new physicians who have not yet accumulated significant savings due to the long years spent in medical school and residency. It allows them to buy a home without the immediate need for a substantial cash outlay. However, borrowers should be aware that while no down payment is required, they will still need to cover closing costs, which can be significant.
Refinancing a Physician Loan involves replacing your existing mortgage with a new one, typically to obtain better interest rates or loan terms. Many lenders offer specialized refinance options for physician home loans, taking into account the borrower's improved financial status and credit history over time.
The primary benefits of refinancing include lower monthly mortgage payments due to reduced interest rates, the ability to switch from an adjustable-rate mortgage to a fixed-rate mortgage, and the opportunity to cash out some of the equity in your home for other financial needs. Refinancing can also help you consolidate other high-interest debts into a single, more manageable monthly payment.
Physician Loans are typically used to purchase a primary residence, which can include single-family homes, condominiums, and townhouses. Some lenders may also allow the purchase of multi-family properties, such as duplexes or triplexes, as long as you live in one of the units as your primary residence.
It's important to note that while Physician Loans are primarily designed for purchasing a primary residence, some lenders offer flexible options that can accommodate various types of properties. However, these loans are generally not available for investment properties or second homes, as they are specifically tailored to support professionals in the medical field in securing a home where they will live and establish their practice.
