Learn More About Physician Loans

• Up to 100% financing available with no Private Mortgage Insurance (PMI)
• Available for new construction, existing home purchases or refinancing of an existing home
• Wide range of fixed and adjustable rate mortgage solutions.
• Flexible underwriting that takes into account your unique circumstances
• Financing available for second homes and vacation homes

Benefits:

• Lower Barrier to Homeownership:
  • The low down payment and lack of PMI make it easier for new doctors to purchase homes despite student loan debt.
• Tailored For Dentists:
  • Consideration of future income potential and flexible student loan treatment can result in easier qualification.

Lending Criteria: What Matters Most:

1. Eligible Borrowers:
   • Eligible participants must be active—not retired—dentists (DDS/DMD), with a current license to practice.
2. Credit Score Requirements:
   • Minimum credit score requirements can vary but are often more lenient compared to conventional loans, typically starting around 700 or higher.
3. Debt-to-Income (DTI) Ratio:
   • A measure of the borrower’s monthly debt payments compared to their monthly gross income. Physician mortgage loans may have more flexible DTI requirements due to anticipated future income increases.
4. Employment Verification:
   • Ensure that the lender accepts employment contracts or other documentation that reflects your future income if you are a resident or newly practicing physician.

Things To Consider:

• Interest Rates:
  • While competitive, interest rates might still be slightly higher than some conventional loan options, especially if the down payment is minimal.
• Fixed-Rate and Adjustable-Rate Mortgages (ARM):
  • Options may include fixed-rate mortgages, where the interest rate remains the same for the loan term, or ARMs, where the rate can change periodically after an initial fixed period.
• Closing Costs:
  • These may still apply and can include fees for loan origination, appraisal, title insurance, and other related costs, though some lenders might offer incentives or reduced fees for physicians.
• Prepayment Penalties:
  • Some physician mortgage loans do not have prepayment penalties, allowing borrowers to pay off the loan early without additional fees.

Next Steps:

• Gather your documentation (dental license, employment contract, etc.)
• Credit score minimum (usually 700+)
• Proof of dental degree (DDS or DMD)
• Debt-to-income ratio requirements
• Browse our Featured Loan Officers 

Each lender may have specific requirements and benefits, so it’s important to shop around and compare offers. However, that is where we step in to help. We carefully select all featured loan officers. Browse our list today – Featured Loan Officers. 

Physician mortgage loans are tailored to meet the unique financial circumstances of Dentists, providing an advantageous path to homeownership even with substantial student debt and early career income. To get started – click below to talk to a Specialist today!