- Physician loans are designed for medical professionals who might have a more difficult time qualifying for mortgages due to college and medical school debt.
- Physician loans can be taken out through a variety of lenders, including national lenders, community banks and independent mortgage companies.
- Physician loans don’t require a down payment, with lenders offering up to a $1 million loan.
- Physician loans don’t charge private mortgage insurance.
- Physician loans have a higher debt-to-income ratio.
- Physician loans can often be taken out right out of medical school with a signed offer letter but no job history.
- Physician loans typically have an adjustable rate as opposed to a fixed interest rate, meaning the monthly payment may change.
- Physician loans can only be used for primary residences as opposed to investment properties or secondary residences.
- Physician loans are typically limited to detached, single-family homes, not townhomes or condos.
- Physician loans face the risk of overleveraging.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.