Home Loans for Doctors

These days, it’s harder than ever for young people to afford homeownership. Many young people 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 borrower to provide a 20 percent down payment, proof of income, and cash reserves.

But, if you’re a newly graduated physician or dentist, there could be another way. Many lenders offer doctor mortgage loans, a special kind of mortgage available to young physicians. Lenders understand that, while young doctors often have heavy student loan debts and no savings, they also stand to experience substantial increases in income after finishing medical school and residency.

That’s why many lenders are willing to offer special doctor mortgage loans to new physicians and dentists who are just starting out. You don’t need a 20 percent down payment or pay stubs to qualify for a doctor’s loan. Down payments are often 10 percent or less; some lenders are even willing to offer these doctor mortgage loans with a zero percent down payment. Because new doctors have high earning potentials, lenders will accept a contract as proof of income instead of paystubs.

If you’re a new doctor, there’s no reason to continue living in substandard conditions after you complete your residency or even during your residency. Many lenders make doctor mortgage loans available to young doctors who are doing their residencies, while others offer them to new physicians who have finished their residencies. Some lenders will even offer these loans to physicians at any stage of their careers.

With a doctor’s mortgage loan, you can afford to move into the beautiful home of your dreams as soon as you finish medical school, even if you don’t have enough money saved for a 20 percent down payment, and even if you don’t have paystubs to prove your income. Doctor’s loans are made based on your future income potential, not your current income, and bankers know that young physicians are extremely likely to repay their loans.

If you’re a young doctor 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.