Physician loans or doctor loans are special loan programs that offer a number of benefits and advantages to doctors only. These programs aim to aid the doctors who spend a considerable amount of money and years in college and education to become physicians and serve the society. As most physicians spend the early years of their life paying off student loans, these physician loans can be the only option for financing cars and houses.
Doctor loans are mainly available to Doctors of Optometry (OD), Doctors of Ophthalmology (MD), Doctors of Podiatric Medicine (DPM), Doctor of Osteopathy (DO), Doctors of Dental Science (DDS) and Doctors of Dental Medicine (DMD). Some physician loan programs include residents and medical students in these programs as well.
Compared to generic loan programs, under the Physician loans, doctors can avail perks like –
• 100% financing
• Zero down payment
• Waved loan insurance
• Option for adjustable rates
• Low EMI
• Low credit score requirement
The offers and benefits differ from lender to lender and even state to state. Most loan funding for physicians are for mortgages and homes. Physician home loans can offer up to $750000 easily and that also on 100% financing. Considering most established doctors in US earn close to $45,000 a year, the low EMI and waved mortgage insurance make it a easier loan to bear while paying off student loans.
Many loans for physician are only available to doctors and that also US citizens. Credit score requirement is generally 720 or above. Re-financing options are not available in all physician loans. Apart from the benefits mentioned above, doctor loans also offer doctors additional benefits like cashier checks, free checking accounts, free loan and debt management consultation etc.
Loans for physicians come in both the standard 15 and 30 years fixed rates package and the 3/1, 5/1 and 7/1 loans adjustable rates and 30 year repayment period. Physician loans also do not require private mortgage insurances on home loans and provide special underwriting services as well.
If you are looking for doctor loans then you can search online for the best deals. Physician Loans is a well know lender who offer their services online and over the phone as well. Their physician loans extend to students and residents as well.
The there is the “Physician Lender” program from Carteret Mortgage which also offer loans to students and residents along with full fledged doctors.
An internet search will probably lead you to Doctor Loan USA as well. They have stricter requirements and only offer loans to doctors who are US residents or citizens and have the letters DDS, MD, OD, DMD, DO and DPM after their name. They also require a minimum FICO score of 720 and don’t offer refinancing option on their physician loans. However, they have excellent reputation.
Among other lenders offering loans, the well known names are Allied Home Mortgage, LoansForDoctorsHome.com, SunTrust, MedLending.com, Gulfside mortgage service, Realty First, etc. Each of these lenders have specialized physician loan packages and one might just fit your requirements.