Physician Mortgage Loans And What They Can Mean For Your Practice

If you are in the market for purchasing a new home, one of the ways you can afford it is by getting physician mortgage loans. These loans are designed for those who need the cash but do not have the credit scores to qualify for a regular loan. Many lenders offer these loans, especially to physicians, because they understand your need for quick cash. The terms will vary based on your particular health issue and current financial situation. If you are considering these loans, read on for more information.

There are many lenders willing to make physician mortgage loans available to qualified applicants. But you need to be aware that the rates and fees you will be offered will be based on your personal circumstance. At this stage in the home purchase process, you've already made a sound decision regarding how much to borrow for your new home and you've got your financial ducks in place. So, the final step is to determine how you qualify for the physician loan and whether or not a physician mortgage loan would be the right choice for you. Here's what you need to know:

- Only certain doctors can qualify for physician mortgage loans. The list of physicians who can apply includes internal medicine doctors, dermatologists and pediatricians. Your specialty can also qualify if it furthered your education after 1980. And because student loans would fail if you don't have good enough credit, it is a common qualifying criterion for these loans. In order to qualify for the loan, your health insurance must cover your practice, as well.

- If you are refinancing your traditional VA mortgage to get physician mortgage loans, keep in mind that you'll pay a higher interest rate. This is because a physician has more risk to cover with higher interest rates. If you choose a conventional loan with a fixed rate, this increase in interest rate can negate the savings that you make on interest charges.

- Most banks offer physician mortgage loans, but there are some private lenders that specialize in this type of financing for doctors. These private lenders typically work with doctors that have been in business for several years. If you're a young doctor that just started a practice or an older doctor that needs additional funding, these private lenders may be the better choice for your purposes.

While you're shopping around for physician mortgage loans, be sure to compare all your options. There are different terms associated with these lenders that can vary your monthly payment amounts and interest rates. Most lenders offer financing to all different types of doctors, but you'll find those lenders that deal specifically with physicians more readily available. In general, your local bank or credit union will be the best place to start shopping around.

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