Home Loans for Medical Professionals – Overview
Home loans for medical professionals like doctors, dentists, and veterinarians help them overcome the obstacles they face while securing financing.
Medical schools are often expensive, and therefore many healthcare professionals have substantial student loan balances, making it difficult to further qualify for loans.
To understand the unique situations, home loans for medical professionals are available.
Student loans are not considered when evaluating loan eligibility and accepting a contract for future employment from professionals instead of proof of earnings.
Home Loans for Medical Professionals – Who Should Get Them?
Qualifying medical professionals should consider a loan if:
1. There is a high student loan balance and does not get qualified for a traditional loan
2. No or less amount for the down payment and want to avoid PMI
3. Don’t have traditional proof of income; however, have a contract for employment
Types of Home Loans for Medical Professionals – Popular Programs
There is a variety of home loans for medical professionals. Programs include options for low and no-money-down home loans, higher loan amounts, etc.
FHA Loans – Offer low down payment options. Seller concessions may be allowed.
USDA Mortgages – Up to 100% financing in USDA-eligible areas.
Conventional Loans – Low down payment options are available with highly competitive interest rates.
Jumbo Loans – Offers higher loan amounts.
New Doctor Loans – Considers future earnings.
4 Home Loans for Medical Professionals – Where to Apply?
Here are the top home loans for medical professionals based on ease of qualifying, low down payments, and credit score requirements.
1. TD Bank
Purchase a home with no money at all! TD Bank allows you to secure 100% financing on loans up to $750,000 with no private mortgage insurance (PMI). It doesn’t require traditional proof of income and offers larger loans.
Loans are available to license medical or dental residents, oral surgeons, fellows who have completed a minimum of two years of their residency, and practicing physicians, including MDs, DOs, and DPMs.
There is a choice of a fixed or adjustable rate loan and the ability to close on your home before starting employment.
Highlights
1. Borrow amounts up to $ 750,000 with no down payment or up to $ 1.25 million at a 5% down payment
2. Borrow for single-family residences, or condos and co-ops
3. Self-employed borrowers are eligible for a minimum of two years of work history
For more information, visit https://www.td.com/us/en/personal-bankingus/en/personal-banking/mortgage/choose-your-loan/.
2. First National Bank
First National Bank stresses easy, fast, and simple approval. For the application process, you need to add the loan to your “cart” online.
After inputting your personal information, a private banker will be assigned who will help you toward loan approval.
Highlights
1. Borrow amounts up to $ 750,000 with no down payment or up to $ 1.25 million at a 10% down payment
2. A streamlined process that allows timely loan approval
3. Borrow for a primary residence, second home, vacation home, or new construction.
For more information, visit https://www.fnb-online.com/.
3. Flagstar Bank
Flagstar Bank’s home loans for medical professionals allow you to borrow an amount of up to $850,000 with no down payment and facilitate a fast closing.
Though a minimum credit score of 710 is required to qualify.
Flagstar professional loan is open to residents, medical doctors, veterinarians, optometry or ophthalmology, dentists, podiatrists, DOs, nurse practitioners, anesthetists, and clinical nurse specialists.
Highlights
1. Borrow amounts up to $850,000 with no down payment
2. Flexible down payment options for a loan up to $1.5 million with
3. Close up to 60 days before employment
For more information, visit https://www.flagstar.com/.
4. Simmons Bank
Imperfect credit? Fret not!
Simmons Bank provides loans to recipients with a credit score of up to 640. You can finance a percentage of the closing costs and get up to $ 750,000 with no down payment.
The Simmons bank loan for medical professionals is available to oral surgeons, physicians, and dentists once they have completed their schooling and those in residency, fellowship, or practice.
Highlights
1. Finances up to 2% of closing costs on loans that amount up to $ 750,000
2. Option to close on loan up to 60 days before employment begins
3. Choice of fixed or adjustable-rate loan options or balloon loans available for single-family homes or condominiums
For more information, visit https://www.simmonsbank.com/.
Conclusion
Home loans for medical professionals offer affordable home options.
The lenders provide generous funding with ease of qualifying, low down payments, minimum credit score requirements, and fees for qualifying the maximum medical professionals.
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