Mortgage Loans for Medical Professionals

Last Updated on May 16, 2024 by Wade

Medical professionals such as doctors, dentists, and vets can get home loans to help them overcome financial hurdles while still securing financing. Many healthcare professionals are not eligible for loans because of their student loans. Mortgage loans for medical professionals can help under specific circumstances. If you cannot prove your earnings, student loans will not be considered. Instead, professionals can sign a contract for future employment.

Who Should Get Mortgage Loans for Medical Professionals?

Qualifying medical professionals should consider a loan if:

1. With a large student loan balance and are not eligible for a traditional loan.
2. None or very little down payment and you want to avoid PMI
3. Do not have any traditional proof of income. However, you must have a contract for employment

Popular Mortgage Loans Programs for Medical Professionals

Various home loans are available for medical professionals, and there are options for lower and higher down payments and loans with more significant amounts.

1. FHA Loans – Low down payments and Seller concessions are possible.
2. USDA Mortgages – USDA eligible areas can receive up to 100% financing
3. Conventional loans – Low down payment options come with very competitive interest rates.
4. Jumbo Loans – Offers larger loan amounts.
5. New Doctor Loans – Considers future earnings

Where to Apply for Home Loans for Medical Professionals?

These are the top mortgages for medical professionals, based on their ease of qualification, low down payments and credit score requirements.

TD Bank

You can buy a house with zero money! TD Bank offers 100% financing for loans up to $750,000, with no private mortgage insurance (PMI). You don’t need to provide traditional proof of income, and you can get larger loans.

Lending options are available for licensed dental or medical residents, oral surgeons and fellows who have completed at least two years of residency. You have the option of either a fixed- or adjustable rate loan. Additionally, you can close on your house before you start working.

Highlights

1. Borrow up to $ 750,000 without a down payment, or up to $ 1.25 Million with a 5% downpayment
2. Borrow money for single-family homes, condos, and co-ops
3. For self-employed borrowers, you will need to have at least two years of work history

First National Bank

First National Bank emphasises quick, simple, and easy approval. To complete the application, you will need to add the loan to your online “cart”. After entering your personal information, you will be assigned a private banker who will assist you in getting a loan approved.

Highlights

1. Borrow up to $ 750,000 without a down payment, or as much as $ 1.25 Million with a 10% down payment
2. It is a simplified process that permits loan approvals to be made quickly
3. Borrow to purchase a primary or second residence, as well as a vacation home or new construction.

Flagstar Bank

Flagstar Bank’s mortgage loans for medical professionals let you borrow up to $850,000 without any down payment. They also facilitate a quick closing. To qualify, you must have a minimum credit score of 710.

Flagstar professional loans are available to residents, doctors, veterinarians, optometry/ophthalmology specialists, dentists, podiatrists (DOs), nurse practitioners, anesthetists, and clinical nurse specialists (CNS).

Highlights

1. No down payment is required for loans up to $850,000
2. Flexible down payment options available for loans up to $1.5 Million
3. Close to 60 days before employment

Simmons Bank

Simmons Bank offers loans to people with credit scores up to 640. With no down payment, you can finance a portion of closing costs and receive up to $ 750,000.

Once you finish your education and complete residency, fellowship or practice, the Simmons bank loan for medical professionals can be used to finance oral surgeons, dentists, and physicians.

Highlights

1. Finances up to 2% on loans up to $750,000
2. You can close your loan up to 60-days before you start employment
3. There are many options for fixed- or adjustable-rate loans, as well as balloon loans that can be used to finance single-family homes and condominiums.

Conclusion

Medical professionals can get affordable home loans. Lenders offer generous funding, easy qualification, low down payments and minimum credit score requirements. There are also fees to be qualified for the maximum number of medical professionals.