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This loan is based on the possibility of future income, making it more popular with new physicians with high student loan debt. Get Started border: 6px solid #fff;
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Physician Loans By Huntington Bank: Apply Online You cannot use a doctor loan to finance a second home or investment property. Physician loans can be a great choice for new doctors looking to buy a home, but you should always explore all your options to make sure youre getting the best deal. }.form20
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Instead, what medical professionals go for is the Wells Fargo Jumbo Loan: 700+ credit score Debt-to-income no higher than 43% Large loan balances (over $750k) 100% financing not available Available nationwide May be subject to PMI As you can see, the Wells Fargo Physician Loan is not competitive to true doctor home loan programs. Maximum of 100% financing* for loan amounts not to exceed $1,000,000, Maximum of 95% financing* for loan amounts not to exceed $1,500,000, Maximum of 89.99% financing* for loan amounts not to exceed $2,000,000. }.form20
So how do we make money? It is truly an honor that our page has become one of the most comprehensive resources for new and established medical professionals in search of banks offering a Doctor Loan Program. border-width: 0px;
Your Loan Officer will provide a free Pre-Qualification so that you can begin your search for the place you will call home. 5% down on loan amounts of $750,001 - $1,000,000. If you dont mind waiting until youve paid off some debt and are able to save money, you can make a down payment of 20% on a conventional loan. width: 22px;
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Employment verification and proof of income: Mortgage lenders typically require borrowers to prove that they're working and earning income. Loan-to-value (LTV) financing options vary based on customer FICO score. .sel-imul.act .sel-selected .sel-arraw {
If you're in the medical field and ready to buy a home, The Doctor Loan is for you. border-radius: 0px;
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Remember, you dont have to pay for PMI or a down payment, and the DTI requirements are flexible. This browser is no longer supported. If a sign-in page does not automatically pop up in a new tab, click here. Principal Payment Explained. vertical-align: middle
We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Local lawmakers' bill to incentivize rural doctors passes General Assembly For example, the Navy Health Professions Loan Repayment Program offers up to $40,000 a year in loan. This program is ideal for physicians with a high debt-to-income ratio and limited down payment cash. Disclaimer: NerdWallet strives to keep its information accurate and up to date.