In the United States alone, about 6 million homes are sold each year. And the majority of the homeowners these days have mortgages. That is why if you are planning to apply for a home loan, don’t worry not don’t feel awkward doing it because you are not alone. Not everyone has the capacity to pay for a new home in full, even if you are a doctor. That is what is a physician loan is for.
If you are a doctor and you have not applied for a home loan before, then you might be wondering what the physician loan is all about. You might have questions about whether or not the physician loan is better compared to other mortgage offers out there. And if this is your first time applying for a loan, it is easy to get confused about whether you choose to get the regular home loan or the physician loan. If you have the same queries, then you have come to the right place.
Physician Loan – Why Apply For One?
A physician’s home mortgage is basically a loan specifically for doctors. This means that only doctors will be able to apply for this type of loan. This makes it easier for you to buy a house. With the physician loan, you are expected to pay a lower mortgage amount compared to the other loans that you can apply for.
With the physician loan, you won’t have to pay the mortgage insurance. In fact, you might not even be required to pay for a downpayment. And if the house your want to buy requires a downpayment, it is most likely to be lower compared to what other home buyers have to pay. Do you have any med school debts? Don’t worry because when you apply for this loan, this will be taken into consideration too.
Qualifications Required
But of course, you have to check if you qualify for the loan application. If you are interested to apply for this type of loan, then you should check with the lender about their qualifications. Usually, doctors who have D.O. or M.D. degrees will be automatically qualified. Depending on the loan program, some lenders will have these physician loans available to dentists and those with D.P.M degrees.
Physician Loan – Is It For You?
Of course, you can always apply for a conventional loan. But if you want to take advantage of the benefits of getting a physician loan instead, then you should do so. Having this degree gives you this privilege. As long as you have proof of your degree, it is easy for you to apply and get approved for the physician loan.
With physician loans, you are one step towards purchasing your dream home. You have worked hard to have this degree and are making yourself available day and night for your patients. You deserve to buy a home that you can call your own. And with the physician loans, this dream will finally turn into a reality.
