Physician Loan also called as Doctor Mortgage Loan Program is a specialized home loan financing program for new doctors that do not have any work history and usually have a significant amount of student loan debt. Physician Lenders accept an employment contract and the copy of doctor’s medical license as a proof of income and consider into account a doctor’s potential future income while also weighing the risks of the student loan debt and scant savings.
The Doctor Mortgage Loans in Phoenix provide physician loans to a medical resident (with educational license), medical doctor (MD), doctor of dental science (DDS), doctor of dental medicine or surgeon (DMD), doctor of optometry (OD), doctor of ophthalmology (MD), doctor of osteopathy (DO), and doctor of paediatric medicine (DPM).
All leading banks lending Physician Mortgages in Phoenix City offer lucrative mortgage rates with no restriction regarding the number of years in practice, which is unique as compared to other lenders. Also, almost all borrowers of doctor loan programs in Phoenix close on a new home up to 60 days before the start of their employment.
Physician Mortgage Loans in Phoenix offers benefits and value to borrowers that cannot be refused. It holds a higher chance of approval for the new in practice physicians because a physician loan is a good option for doctors who are having trouble scraping together cash for a down payment. Leading Physician Mortgages in Phoenix also offer extremely low down payment of 0-5% and finances 90-100% of the loan value usually. It allows flexibility for a self-employed physician regarding proof of income to qualify with as little as a six-month history of income, enabling them to buy a home almost two years earlier with a doctor loan than a conventional loan.
Physician Mortgage Loans in Phoenix provides higher loan limits depending on the country and on the institution that is making the physician loan. Despite which it still has a more upper loan limit than any conventional loan amounting between $ 850k to $1.5 million. Doctor Loan Programs gives physicians in Phoenix city the access to finance with little to no money down and also no required private mortgage insurance (PMI).Physician Lenders have the highest interest rate but still, keep into consideration many benefits for physicians especially the ones early in their career. Some Physician Loan Programs even allow physicians to use gift money for a down payment or closing costs.
Another unique and vital fact about the doctor mortgage loans in Phoenix is that student loan payments that are in deferment for a year or longer don’t influence the decision of whether the borrower qualifies for the mortgage or not. The option to defer the loan payments although depends entirely on the lender and the type of student debt.
With such mortgage rates of the Doctor Loan Programs in Phoenix, the remaining process is more lenient as compared to any conventional loan. Physician loans have significant benefits for buying a home with a limited amount of money to start out with.
As one might think that every lender sets out to earn money, so is the Doctor Mortgage Loan Program as lucrative as it sounds? Well yes, it is undoubtedly believed to be one of the most profitable offerings made by lenders to borrowers in the recent past. Along with the various advantages given to physicians, lenders also know that doctors who have just started off, have a flourishing career right in front of them and there is a meagre chance of them defaulting the loan even with the high-interest rates. Therefore this is a win-win situation for both.