Doctors have a stable jobs, a great life, an impressive bank balance, and a stable future. Don't they? Well, not quite! In the US, completing med school can take upwards of $250,000. Several students work part-time and full-time jobs before joining the medical school to save up for tuition. Most doctors graduate with massive debt and no regular practice. Physicians face more career challenges than the average professor, researcher, scientist, and artist. Physicians face more career challenges than the average professor, researcher, scientist, and artist. They have to build their reputation from scratch before making thousands of dollars per month from private practice. In short, becoming a doctor is not as easy as it seems from a distance.

What does the financial life of a doctor really look like?

Physician home loans and mortgage loans exist to make their daily struggles a little easier. These are specialized loans for medical professionals who would like to buy a roof over their heads after graduation. When people graduate from medical school, most of them have a family and need a decent home in a safe neighborhood. These are the demands of their professional lives as well as the necessities of their families. As a physician, you might be skeptical of these loans since this is the first time this is the first time you have heard of them. Even if you know of them, you might not have previously researched physician mortgage loans. Since you are already comfortable paying more than other citizens for taxes and student loans, you might wonder if a tailored credit for doctors also needs you to pay more than the common folk. 

Why are physician home mortgage loans the best options for doctors?

The physician mortgage loans provide doctors with easy payback options, amicable interest rates, and easy-to-qualify criteria. Here are the few ways in which a specialized home loan can save you a fortune –
  1. They demand nominal down payments that range between 0% and 5%.
  2. These loans do not demand private mortgage insurance (PMI), although the down payment can be less than 20%.
  3. The lending parties do not include the outstanding student loans in the debt-to-earnings ratio of the applicant physician. 

Contracts are valid evidence for all future earnings. Pay stubs are proof enough for the banks to sanction the amount.

There is no catch. The interest rates for physician home loans are always higher than regular home loans. The interest rate varies by a flat 1% or so. Most doctors do not mind that since it is not a secret and it is more of a convenience fee for bypassing the stringent qualifying criteria the regular home loans in the market have. 

How are physician loans in reality?

These are unique loans that every physician should try before buying their dream home. These are particular loans that every physician should try before buying their dream home. Banks usually underwrite these loans themselves and do not sell them to other parties, who, in turn, sell them as securities on Wall Street. Therefore, the terms and conditions are much more flexible than standard loans.