Being a medical professional opens up many possibilities. Be it a career move or leading a healthy life, a medical degree is a key to life-changing events. Medical professionals are the ‘saviors’ of the world, which in turn honors physicians with exclusive programs and benefits.
One such pivotal program is home loans for doctors. Now you might be hearing about it for the first time! That’s probably because it is a specialized mortgage program designed for doctors, dentists, and other medical officials. With this loan facility, doctors can purchase their dream home with ease, which may not be possible otherwise.
Are you wondering if it is the right choice for you? Then you are in the right place. Let us start with the basics of this program that would help you make an educated decision.
What is a Doctor Home Loan?
Let us take you through a brief description, assuming that you might have some confusion regarding the difference between standard home loans and doctor home loans. Generally, being eligible for standard home loan programs can be challenging for doctors who already have student loan debt.
However, with this distinctive program- Doctor Home Loan – even debt-saddled physicians can buy their dream home. In other words, this specialized loan program enables doctors to acquire a house, apartment, or villa with comparatively favorable terms like low down payment and attractive interest rate. Some banks don’t even ask for a minimum down payment because of the long-term loan facility. Lenders also give leeway to fresh graduates by providing loans without asking for proof of employment and income.
It also comes with the advantage of buying a home sooner than other loan programs. Additionally, there would be no private mortgage insurance bundled up with a physician home loan, making it the only affordable choice in the market.
Who is Eligible for a Doctor Loan?
This distinctive loan program for physicians has been unique in many ways. Unlike common home loans provided by banks, this Doctor’s loan framework is quite simpler and quicker to handle. Home loans for doctors are readily available for any physicians with the below-mentioned proofs:
- Original medical degree.
- Contract of official placement within two months.
- FICO credit score of 680-700.
Advantages of Doctor Home Loans
By now, you have become familiar with several advantages of doctor’s home loans, like no mortgage insurance, low down payment, etc. With this program, you can rest assured knowing that homeownership is not out of reach for any physician. Furthermore, here are some of the additional advantages that you should be aware of:
- With physician home loans, professionals can also opt for 100% financing from certain banks. This is possible because doctors always have a secure financial state that makes them fall into the elite category, unlike blue-collar workers.
- It also does not demand any private mortgage insurance, as doctors are financially secure. Thus, the borrower can easily opt for the loan without any risk of losing existing properties.
- Home loans for medical professionals offer the lowest rate of interest, even from prime banks. This factor makes it the go-to loan program for any doctor with or without employment.
The Bottom Line
Needless to say, home loan programs for doctors have no disadvantages, if the loan experts are to be believed. If you are a physician looking for home options and willing to finance it from prime banks, then considering a doctor home loan program would be a sound decision.