While many Property Buyers Agents in Melbourne for Doctors and Medical Professionals Buying Property in Melbourne Using Expert Buyer Agent in Melbourne love the idea of homeownership, they are often boxed out by strict conventional mortgage underwriting and high down payment requirements. That’s why some lenders offer a physician home loan program that makes it easier for physicians, dentists, residents and fellows to buy homes. These loans consider the unique career trajectories of healthcare workers and make allowances for lower-income early in their careers, student debt and other factors.
Medical home loans usually come with a lower down payment requirement and more flexible debt-to-income (DTI) requirements than traditional mortgages. Many of them also offer adjustable-rate mortgages, which can save buyers hundreds to thousands of dollars a year in interest payments.
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TD Bank, for example, offers physician mortgages that are available to interns, residents, fellows, and doctors who hold a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Dental Surgery (DDS) or Doctor of Podiatric Medicine (DPM). These loans can be used to purchase single-family homes or condos and can have loan-to-value ratios up to 100%, with no PMI required. Interested borrowers can borrow up to $3.5 million in total and are offered both fixed and adjustable-rate mortgages.
Other banks, such as Cadence Bank, provide similar physician mortgage programs for a variety of specialties. These programs are designed for borrowers who are interns, residents and fellows, as well as practicing physicians, and can be used to purchase single-family homes and condos in Kentucky, Ohio and Pennsylvania. Unlike some other physician loan programs, Cadence Bank does not require PMI and offers both fixed and adjustable-rate mortgages.