Buyers Agents Service for Doctors is a big step for anyone, but it’s even more significant for medical professionals. A physician mortgage is a special type of loan designed to help doctors, nurses, dentists and other healthcare workers buy homes based on their income earning potential and not the hefty student debt they often carry.
A physician mortgage may also be able to offer more flexible terms than a traditional mortgage, including the ability to borrow with a lower credit score or a higher Debt-to-Income ratio (DTI). Having flexibility with payments can help physicians pay off their student debt faster and save thousands in interest charges over the life of the loan.
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Another benefit of a physician mortgage is that lenders are usually more willing to lend money for a home purchase without the usual two years of documentation, says Frank. This is especially helpful for new doctors who have not yet completed their internship or residency, or for those who will be relocating and don’t have their new state license in hand.
A medical professional loan can be a valuable tool for many healthcare workers, and it’s worth speaking with your financial planner or mortgage broker to make sure homeownership makes sense for you. It’s also a good idea to look for an experienced lender who knows your industry and can suggest overlooked financing options. If you’re ready to start the process of buying a home, contact your local Kish lending specialist today.