What is a "doctor loan" ?

By
Mortgage and Lending

You have no doubt heard a variation of the title—maybe "Physician Loans," "100% Financing for Doctors," or more commonly "The Doctor Loan." So, what are doctor loans?

Basically, it’s a high LTV (loan-to-value) or little-money-down loan for doctors. There is typically no mortgage insurance—upfront or monthly—and the doctor can put as little as no money down. Banks may differ but the mortgage I offer has 30-year and 15-year fixed options as well as a list of ARMs from as short as one month to as long as ten years without an adjustment. The rates are very competitive and typically the conforming loan limit of $417,000 (in most states) is not a cap for this program, but it may be if your doctor is still in residency.

Why only doctors? A good question—and I can speculate as I've heard various reasons. Doctors typically come out of school, residency, or fellowship with lots of options for stable employment and usually contracts that guarantee their income for a certain period of time. In a nutshell, they can afford to pay a mortgage right away. They do not, however, have a lot of money to put down on a house and on average have more student loan debts to re-pay than any other industry.

So the doctor loan allows doctors who come out of medical school with a lot of debt BUT a good paying job to get into a house with no money down and an affordable mortgage. Service and experience matter when suggesting a lender for these loans as the doctors tend to be very busy and want things made simple. Please email me directly or go to my website for more information on the topic. 

Click here for more information on the Doctor loan.

Comments (6)

Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I had one similar to this.  The hospital picked up the second, up to $100k for an 80-10-10.  If the Dr. stayed at the hospital for 5 years, it was forgiven.  Nice benefit.  The Doctors referred to it as the "golden handcuff".  Kind of wish they did it for the rest of the staff, like RNs, etc.

Jul 08, 2013 05:32 AM
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

By the way-- I just noticed-- Welcome to ActiveRain!  I think you'll like it here...  THere are some great people posting here.

Jul 08, 2013 05:32 AM
Brent Eckhardt
Wilmington, NC

Thanks for the welcome and the comment. Lots of different perks out there that hospitals will offer, that one sounds pretty good.

Jul 08, 2013 06:04 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information
Howdy and evening  Brent
 
Welcome to the ActiveRain Real Estate blogging community! You'll sure find a lot of mighty fine folks here in the community to get to know. I'm one of the many ActiveRain community members which are an ActiveRain Ambassador.
 
If you should ever have any questions about how to do anything or about the rules of the ActiveRain community, please feel free to contact me either by sending me a e-mail or by giving me a call, I'll sure be mighty glad to give you a helping hand. If for some reason I don't know the answer to a question which you might have, I'll sure will find out the answer and get back to you with the right answer.
 
Take the time to look at the different groups within the community, pick some different groups to join, post your blog posts in them, be sure to take the time to read the posting guidelines of each group you might want to join, folks sure will want to follow them. Members can join as many or as few of the different groups within the community as they would like to. Members are able to post their blog posts in 5 different groups at a time.
 
Keep up your mighty fine job of posting! I'll be looking forward to seeing even more blog posts written and posted by you, plus seeing you join some of the mighty fine groups in the AR community.
 
Have a good one
Dale in New Hampshire
Jul 08, 2013 08:31 AM
Ken's Home Team LLC. | 360.609.0226 | Portland, OR & Vancouver, WA Real Estate Team
Ken's Home Team LLC. - Vancouver, WA
- SOLD IS OUR FAVORITE 4 LETTER WORD -

Welcome to Activerain from from all of us at Ken's Home Team. I think you will find this site to be a wealth of knowledge and referrals. This really is the best real estate blogging and real estate network on the internet. If you have any questions about Activerain, reach out to the wonderful Ambassadors here in the rain. (They are a wealth of knowledge and were picked by the Activerain staff for their willingness to help others)

Jul 08, 2013 10:41 AM
Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.

Jul 08, 2013 04:31 PM