Doctor Mortgage Program
Click on your state to see the lenders available:
Home Loans for Doctors
Graduating Med Students Have Matched!
Source: Dr. Leif Dahleen, Anesthesiologist, Owner of "Physician on Fire" Website
It’s always an exciting time of year with St. Patrick’s Day and NCAA tournament time (Go Gophers!) coinciding, but that small detail of finding out where you’re going to live for the next 3 to 7 years is kind of a big deal. Match Day this year was on Friday, and I want to say congratulations to all who will be moving on to residency this summer!
I vividly remember opening an envelope and celebrating the fact that I was about to become a Gator sedater about 17 years ago to this day. Before long, I was the proud owner of a one-bedroom condo in Gainesville that I owned for about 12 years altogether.
Renting may be a better option than owning depending on where you’re going and for how long, but if you are considering home ownership and would like assistance with a physician mortgage, I’ve compiled a list of physician mortgage lenders who offer loans throughout the country.
The three main features you will see with most physician loans are:
- No PMI despite a down payment of only 0-10%.
- Special treatment for the student loans (usually that they only take required payments into consideration).
- Will close before you start working by accepting a contract instead of paystubs as evidence of future earnings.
What Physician Mortgage Specialists Can Do For You
This website has been created for doctors by doctors to assist new and existing Physicians, Dentists and Podiatrists, in finding the best mortgage for you. Our number one goal is to provide you with information and assistance to find the best doctor mortgage without charging you a dime. Fill out the form on the right side and one of our Preferred Lenders will contact you within 60 minutes to explain how their Doctor Program works. There is no need to shop other mortgage companies or banks, we have done that for you. Physician Mortgage Specialist has compiled a group of banks that specialize in the Doctor Program and we continue to send out surveys to make sure they meet our high standards.
These days, it’s harder than ever for doctors to afford homeownership. Many physicians are leaving school and beginning their careers with tens of thousands of dollars in student debt, and little to no savings. Traditional mortgages, on the other hand, require the prospective borrowers to provide a 20 percent down payment, proof of income, and cash reserves.
But, if you’re a physician or dentist, there is another way. A select few lenders offer doctor mortgage loans, a special kind of mortgage available only to physicians and dentists. These lenders understand that, while doctors and dentists often have heavy student loan debts, they look at them differently than a conventional loan does. These lenders also know that doctors and dentists stand to experience substantial increases in income during their career. This is why the underwriting guidelines are more flexible than a conventional loan. Historical data shows us that doctors and dentists are an excellent risk when it comes to lending.
This is the reason why many lenders are willing to offer special doctor mortgage loans to physicians and dentists who are looking to purchase the home of their dreams. You don’t need a 20 percent down payment or pay stubs to qualify for a doctor’s loan. Down payments are often low and there is no Private Mortgage Insurance. Some lenders are even willing to offer these doctor mortgage loans with a zero percent down payment. Because doctors have high earning potential, lenders will accept an employment contract as proof of income instead of paystubs. Lenders will also allow borrowers to close 60 to 90 days before you even start their job based on their employment contract.
If you’re a doctor or dentist and want to purchase a home now instead of saving the 20% down or avoid mortgage insurance, we can help you . The doctor mortgage loans was designed to assist doctors and dentists in helping them achieve their goals of homeownership without the hassle of difficult and confusing underwriting guidelines.
Physician Mortgage Specialists was created by doctors for doctors to ease the heavy lifting of finding the right lender. Instead of the headaches of shopping different banks and mortgage companies, Physician Mortgage Specialists provides a free service of connecting you with one of our Preferred Lenders. Our hand picked lenders will guide you through the process and provide you a stress free mortgage experience.
Ensure that you are receiving the right answers to all of your financial questions by turning to a professional for your mortgage loans. At Physician Mortgage Specialists in Dallas, Texas, we work closely with doctors who are looking for a way to pay for their homes. Our experienced professionals are here to assist you throughout every phase of the mortgage process. Contact us today to learn more about our service options for each of your home loan needs.
Do I Qualify for a Physician Mortgage Loan?
If you are a medical resident or a licensed medical doctor (MD), you are potentially a candidate. The following licensed doctors will also qualify for our services:
· Doctors of Optometry (OD)
· Doctors of Osteopathy (DO)
· Doctors of Ophthalmology (MD)
· Doctors of Podiatric Medicine (DPM)
· Doctors of Dental Medicine (DMD) (Select Markets Only)
· Doctors of Dental Science (DDS) (Select Markets Only)
Q: Is the program available in all 50 states?
A: Available in all 50 states .
Q: Are there any fees associated with using Physician Mortgage Specialists ?
A: No– We are a referral network
Our mission is to ensure that our clients, the Doctor, and the entire Medical Community which includes presently Hospital HR departments, Physician Groups, Medical Universities are provided with unmatched mortgage terms and communication.
Physician Mortgage Specialists is a not for profit platform inspired and designed by Physicians for Physicians.
Our sole purpose is to work as liaison between our Banking Affiliates and the Medical Community.
Our staff specializes with assisting Doctors on a daily basis through our Private Bank operation as well.
There are no fees, obligations, requirements or pre-payments whatsoever. Unlike several other online offerings – Physician Mortgage Specialists has no fees whatsoever.
Q: Can I refinance with a Doctor loan program?
A: Yes you may and there are provisions to allow up to 100% loan to value and still receive a Preferred Client Rate and all terms are available. Condos and all attached housing allowed.
Q: Do I have to be a U.S Citizen or Permanent Resident to qualify?
A: Yes, we do require that you are a U.S Citizen.
Q: If I am still a Medical Student and not near graduation, can I qualify for the doctor loan?
A: You are eligible upon Medical School graduation. You will need to provide your “Match Day” letter assigning you to your Resident program. This letter should include position, start date, and salary. And we will allow you to close on your new home up to 60 days prior to starting your new Residency assignment.
Q: Can I get the Doctor loan before I actually start my Residency?
You just have to provide your “Match Day” letter and later your fully executed Residency contract just before you close on your new home. Since you will usually receive your employment contract 3-4 weeks after “Match Day” there is rarely a timing problem with closing on your new home within a reasonable amount of time after graduation. We will allow you to close on your new home up to 60 days prior to starting your new Residency assignment.
It is very important that you have enough reserve funds to cover the number of months between closing the mortgage and your Residency start date. Our experienced Mortgage Bankers will help you with these logistics to ensure your file is positioned for approval
Q: My student loans are deferred currently, but will the Doctor Loan program allow the future scheduled payments to not be counted in my debt-to-income ratio?
As long as your medical status is classified as a Resident or Fellow and your credit report states “student loan – deferred payment” or “student loan – forbearance” which typically the bureaus do, then your student loan debt will NOT be included in calculating your debt to income ratio.
Q: How do student loan payments affect Established Doctors and Dentists with being approved for the program?
A: Regardless of the type of mortgage program you are eligible for, your student loans in this case must be calculated into your debt ratio because you are beyond your training with Residency and Fellowship.
Q: What does my Credit Score need to be for the Doctor Loan?
A: Your middle or median score must be a minimum of 680, and based upon desired down payment higher scores may be required. If after being contacted by our Mortgage Consultant it is determined that your credit score is not where it needs to be then you will be offered advice on how the raise the score by removing any credit errors and special means of “Rapid Re-Score”.
This is unique to Physician Mortgage Specialists and our mortgage professionals have assisted many Doctors in raising their scores, and making home ownership available without waiting months on months for the score to rise.
Q: What are the loan options available for the Doctor Loan?
A: There are several great options available – 30 year fixed, 25 year fixed, 20 year fixed, 15 year fixed, 10 year fixed, 10/1 Fixed/ARM, 7/1 Fixed/ARM , 5/1 Fixed/ARM or 3/1 Fixed/ARM. Physician Mortgage Specialists is an affiliate of only the most versatile and aggressive financing options being offered in the industry today.
Q: What property types are eligible for the Doctor Loan?
Single Family Homes
Q: Because this is such a unique program, will I be faced with a higher rate and/or fees?
In addition to 100% financing and No Mortgage Insurance (No PMI), this program has very favorable Preferred client interest rates and the fees are completely standard or better than most conventional mortgage programs with other lenders. Our trusting and experienced mortgage bankers will make absolutely sure that your terms are the best the industry can provide at that time. Often we will offer special time sensitive promotions waiving process and underwriting fees as well as reductions to rate.
We have endless testimonies to support our sincere delivery of this program.
Q: Aren’t there other loans out there with better terms?
A: The Doctor Loan is the ONLY conventional mortgage loan available that requires No Down Payment with No Mortgage Insurance.
That in itself makes this program offering unmatched with other lenders. In addition, the Residents and Fellows deferred student loans do not count towards the debt ratio. Most all Resident and Fellow Doctors would not qualify without the latitude this program offering provides.
Our most sought after Banking Consultants will help ensure your student loans are positioned correctly on your credit before your file is released to process. This is extremely important to ensure approval. Our credit group is also experienced with making these needed changes at the Credit Bureau level.
Q: What is MI and PMI?
A: Mortgage Insurance (MI) or Private Mortgage Insurance (PMI) have the same meaning and is simply NOT required by Physician Mortgage Specialists.
Established Doctors, Residents, Fellows, Attending and Dentist, have been evaluated as less risk by our senior risk analysts and have made a huge exception to standard lending policy to waive the mortgage insurance requirement.
We encourage you to take full advantage of this offering and contact us today!
As further explanation, other common place lenders without the strength and stability simply cannot afford to make this exception and therefore require it as part of the client’s payment. The insurance is to offset losses taken by these lenders should you one day not be able to make your payment. The savings to you can range anywhere from $50 to excess of $650+/month.
Physician Mortgage Specialists is affiliated with only the most stable of lenders. PMI is not required on any of the Doctor Loan terms provided.
Q: What does Physician Mortgage Specialists do with my contact information?
A: We place only one of our trusted Mortgage Banking Officer’s in contact with you directly. Our National Banking Officer is State specific and has only one objective which is to approve your request for the home you wish to buy. Your contact information goes no further than the individual contact with our selected Banking Officer and remains within our corporate record holdings. This is one of our core values within privacy and security policy.
Q: Is Physician Mortgage Specialists a lender, bank or mortgage broker?
We are a mortgage network facilitation platform “inspired by Physicians for Physicians” for the purpose of connecting those eligible with trusted lenders that have been determined after much due diligence and vetting to have the lowest Preferred rates, lowest borrower fees, and can deliver service excellence in this difficult mortgage and real-estate market.
Q: After I submit my information, when can I expect to hear from a lender?
A: You will be contacted within 1 Hour of submitting the request for pre-qualification or additional information.
In the rare case that you are not contacted within 1 Hour please get back in touch with us and we will do what is needed to have someone contact you immediately.
Q: How will a lender contact me?
A: Willing you use the “Inquire Now” or “Contact Us” tabs located throughout the web site you will receive a prompt phone call and later an email to confirm your request.
Our Banking Officer will call and email you to discuss the details of the loan program as it relates to your needs and concerns.
Our lending partners are very sensitive to your busy schedule and will always respect your time and will be excited to help you. Most of these Senior Mortgage Specialists are available to you 7 days per week via cell phone, email and texting. Real-Estate transactions are demanding and our partners will do whatever is necessary to see that you are cared for, and meet the terms of your sales contract.
Q: Will my information or email address be shared or sold to other unrelated companies?
We do not publish, list or sell your private information to anyone including the lender you are connected with, and there your information is kept in the highest of security.
Our mission is to ensure that the Doctor and our Medical Community is provided with only the very best in mortgage terms. Physician Mortgage Specialists is a not for profit platform designed by our program developers and Doctors – exclusively for Doctors. Our sole purpose is to connect the client with lenders that they do not have access to within Private Bank operations, and assist Doctors on a routine basis. There are no fees, obligations, requirements or pre-payments whatsoever. Unlike other online offerings, Physician Mortgage Specialists will not collect a fee. For more information, see our privacy and security policy.
Q: Is it difficult for me to work with a lender that does not live in my area or State?
Due to the nature and complexity of the Doctor Loan program and the very few lenders that offer it, working with a trusted Banking Consultant across the country is highly advised and very common place. Thus far in 2017 over 93% of all Doctor Loan approvals are coming from our Mortgage Banker Officers located well outside the subject property address and State.
In our world of highly advanced technology, access to email, e-fax, scanning, cell phones and texting, you will be able to provide and communicate very effectively with your assigned Banking Consultant. Pre-qualifications are being delivered within hours of connection, and closings are being met on average within 32 days of sales contract execution. This is less time than the average common place mortgage lender today. Realtors and Builders have also reported endlessly that the communication is spot on and are referring business direct to Physician Mortgage Specialists routinely!
Contact us for more information on the connections for your mortgage loans. We offer exclusive services for doctors throughout the country.
If you’re a doctor or a dentist ready to experience the benefits of your years of hard work, contact Physician Mortgage Specialists at (800) 667-9516 to learn more about our services for doctor mortgage loans.
The average rate on the 30-year fixed mortgage is falling again today, as investors rush into the bond market. Mortgage rates loosely follow the yield on the 10-year Treasury.
The average lender is offering a rate between 4.125 and 4.25 percent, with more aggressive lenders going to 3.875 percent for borrowers with pristine applications, according to Mortgage News Daily. The average rate was at 4.40 percent before the Federal Reserve's announcement Wednesday that it would not raise interest rates this year and that it would start buying bonds again.
"This is happening due to big picture reassessments of global economic growth, or lack thereof," said Matthew Graham, chief operating officer at Mortgage News Daily. "If the fears are validated, today's rates will be near the top of the range for quite a while--months at least, but possibly years."
The average rate jumped over 5 percent last November, but then fell off in December. That caused a nearly 12 percent monthly spike in sales of existing homes in February, deals that were likely signed in December and January.
Mortgage rates were lower in 2016 and 2017, which may have caused the huge surge in home values during those years. Buyers could afford to pay more with interest rates in the 3.5 percent range. The supply of homes for sale was also incredibly low, prompting more bidding wars.
With economic growth here in the U.S. in question and global growth clearly shrinking, interest rates could move even lower than they are now. Or not.
"Although our forecast still calls for mortgage rates to tick up higher later in the year to an average of 4.6 percent, the recent drop is great for prospective buyers on the search for a home this spring," said Mike Fratantoni, chief economist for the Mortgage Bankers Association. "The combination of lower rates – especially compared to last spring – and moderating home-price growth improves buyers' purchasing power and will hopefully translate to a somewhat faster pace of home sales than previously expected."
Our Specialists work with lenders in all 50 States