You might not have been aware that there are loan programs specifically desiged for doctors or physicians. These loans usually do not require a down payment and at the same time allow you to not pay private mortgage insurance. In addition, these loans have flexible employment and debt to income requirements. Doctor loans also have high limits with $1, $2 and even $5 million. They are usually available only to physicians with specific degrees such as MDs, DOs, DMV, DPM, DDS and DMD. Closing costs on these are typically the same as other loan programs. Some negatives to watch out for are adjustable rates, these are only for primary residences, you can run the risk of overleveraging yourself, and condos or townhouses are potentially not eligible. I’m Stewart Brown, a licensed Mortgage Loan Originator in Palm Springs, California here to simply topics in Real Estate and Mortgage Lending. Please, like, share, follow and subscribe!
