The 7 Best Mortgages for Doctors of 2021
What is a doctor’s mortgage?
A physician mortgage is only available to qualifying health professionals such as physicians, dentists, and veterinarians. Most medical loans:
Who Should Get a Physician Mortgage?
Qualified healthcare professionals such as doctors, dentists or veterinarians should consider a doctor mortgage if:
- You can’t qualify for a traditional loan because of a high student loan balance
- You have a low down payment or no down payment and want to avoid PMI
- You do not have traditional proof of income but have an employment contract
Some physician mortgage lenders limit loans only to physicians who have completed residency in a recent period (for example, 10 years or less).
Healthcare professionals with proof of income and the credentials to qualify for a traditional mortgage may be better off opting for a conventional loan instead of getting a wider choice of lenders and potentially qualifying for it. a loan at a lower interest rate.
How much does a doctor’s mortgage cost?
The cost of a doctor’s mortgage varies depending on the lender. You will usually owe the usual mortgage closing costs, such as appraisal fees and title insurance fees. Some lenders also charge application fees and / or loan origination fees. Shop around and compare the total loan costs to try to get the best overall price.
Mortgages for physicians generally have a slightly higher interest rate than conventional loans. However, if you are able to avoid having to pay the PMI by getting a doctor loan, it could offset this additional cost.
How We Choose the Best Mortgages for Doctors
We looked at over 30 different medical loan providers to find lenders that made it easier to qualify for a loan, provided generous funding, and had minimal fees or additional costs. First, we looked at the lenders available in the majority of states. We then looked at whether they required down payments and what the amount was. We assessed factors including eligible healthcare professionals, maximum loan amounts, eligibility requirements, and types of loans available. The goal was to find affordable loans that the greatest number of health professionals could claim.