Physician Loans: Special Financing for Healthcare Providers

Physician Loans: Special Financing for Healthcare Providers

When it comes to home financing, certain professionals may have difficulty finding home financing despite having a steady income and respected profession. Physicians and other doctors, for example, often have difficulty finding competitive financing because they may have substantial college debt and may not have a very long work history, having been in school for many years. Physician loans, also known as doctor loans, are designed for just these people, because they have more flexible approval guidelines and can be used for high-value homes. If you’re interested in purchasing a home in Columbus, Dublin, Powell, or Cleveland, Ohio, contact First Financial Bank – Bill Lavelle. Bill has a long history helping clients like you find the right financing for their dream homes.

The Benefits of Physician Loans

Physician loans are specifically designed for physicians and other doctors. They’re only offered by select lenders who approve physicians who may not otherwise be eligible for a conforming conventional loan. They have some great benefits for these professionals, including:

  • A minimal down payment requirement, often from just 0-5%
  • No required private mortgage insurance (PMI), in many cases
  • Debt-to-income ratio is often calculated without including any student loan debt, which increases your odds of approval
  • You may use an employment contract, rather than employment history like W-2s, to show your ability to make your mortgage payments
  • Both fixed and adjustable interest rates are available
  • Terms ranging from just a few years to up to 30 years

Lenders typically are happy to offer physician loans, once they’ve found eligible borrowers, because they have great earning capabilities. Physicians are less likely to default on loans than many other would-be homeowners, which further encourages lenders to fund them. At First Financial Bank – Bill Lavelle has several private lending associates who have competitive rates and provide fast approval.

It’s important to note that just because you may be eligible for a physician loan and get approved for a high-value loan, you should be very careful to choose a home that will work long-term for your budget. Our team is happy to help you evaluate your budget now and your projected income in the future to find a loan value that you can comfortably afford and buy a home you love.

Get Started Today

To learn more about physician loans, contact First Financial Bank – Bill Lavelle. We offer preapproval and free quotes and are happy to work with your real estate agent or Realtor at every step of the way to ensure you find the right home in your budget. We work with clients in Columbus, Dublin, Powell, and Cleveland, so please contact us to schedule a consultation when you’re ready.