Buyers Agents Melbourne Service for Medical Professionals Buying Property a home can be challenging for new medical professionals. They often have high student loans, lower incomes while in residency/fellowship and limited savings, making it hard to meet conventional loan requirements. This makes it even more important to work with an experienced, knowledgeable Realtor and mortgage professional who understand the complexities of these unique circumstances.
Many lenders have created physician home loan programs, also known as doctor loans or doctor mortgages, to help alleviate some of these hurdles. These programs can offer a variety of benefits, including zero or low down payments, competitive interest rates and assistance with closing costs. They are also typically more flexible with the debt-to-income ratio and credit requirements than standard mortgages, making them a good option for doctors who may struggle to meet conventional standards.
Doctor’s Orders: Essential Steps for Medical Professionals Considering Property Investment
Physicians who are looking to buy a primary residence or second home can find great financing options from KeyBank’s Medical Professional Mortgage program, which offers up to $3.5 million for an attached single-family home, townhouse, condo or planned unit development. This program is available to interns, residents, fellows and doctors with a MD, DO, DPM, DDS or DMD who are currently licensed and employed.
While it is possible to navigate the homebuying process on your own, it’s best not to do so. Kimbrough Miller encourages buyers to have two key professionals in their corner: a Realtor with experience working with medical clients and a mortgage professional who understands the complexities of these unique situations.
