| Physician loans, commonly called doctor loans, are | | | | Qualification Criteria Are Basic and the Benefits Are |
| programs developed by lenders to specifically target | | | | Excellent |
| doctors only. They offer a great number of | | | | Once again, physician loans are only available to |
| advantages to those who spent a significant amount | | | | doctors, and also have some other requirements. Loan |
| of time and money to serve the society as a doctor. | | | | applicants need to be U.S. citizens or resident aliens, |
| Very often such loans are the only option available to | | | | and general credit score requirement is 720 on FICO |
| physicians to finance large purchases, such as a house | | | | scale, even though some lower credit scores may |
| or a car. While physician loans are mostly available to | | | | qualify. Apart from excellent loan terms, physician loans |
| medical doctors, such as Doctor of Optometry, Doctor | | | | offer additional benefits to doctors, such as free |
| of Podiatric Medicine, Doctor of Ophthalmology, Doctor | | | | checking accounts, debt consolidation services, and |
| of Dental Science, Doctor of Osteopathy, some of | | | | free loan consultations. |
| them are also geared towards students and residents | | | | Doctor loans come with fixed rates as well as in |
| in these programs as well. | | | | adjustable rate packages. Fixed rate physician loans |
| Doctor Loans Are Great When It Comes To Terms | | | | feature repayment periods from 15 to 30 years. |
| and Rates | | | | Adjustable rate packages come in form of 3/1, 5/1, and |
| They have advantageous features when compared | | | | 7/1 loans with 30 year repayment. Special underwriting |
| to generic loans, such as: | | | | services are provided and no PMI is required. |
| 100% financing - no need for down payment | | | | Finding Physician Loans Is a Matter of Simple Google |
| Waved loan insurance for qualified candidates | | | | Search |
| Flexible credit score requirements | | | | Internet is the best place to start your search for |
| Option for adjustable rates | | | | doctor loans. There is a number of well-know lenders, |
| Low EMI | | | | such as Physician Loans, Carteret mortgage, and |
| While loan features differ, depending on state of | | | | Doctor Loan USA. The first two offer loans to |
| residency, lender, and credit score of the borrower, | | | | students and residents as well as to full pledged |
| they have a lot in common and are most widely used | | | | doctors. Doctor Loan USA has stricter requirements |
| to finance home purchases. Doctor home loans | | | | and only offers financing to doctors with a minimum |
| feature amounts as high as $750,000 with some | | | | credit score of 720 with no refinancing options. They |
| requiring no down payment. Mortgage loans with 100% | | | | do, however, have an excellent reputation and offer |
| financing also feature no mortgage insurance and low | | | | great deals on physician loans. |
| EMI, making monthly payments affordable. | | | | |