Buyers Agents Melbourne Service for Medical Professionals Buying Property in Melbourne is daunting for anyone. But it can feel even more daunting for young healthcare workers, whose student debt is still high and they’re just starting out in their careers.
Fortunately, some mortgage lenders offer special home financing programs called physician loans that help ease the burden for medical professionals looking to buy a house. These doctor loan programs take into account the unique career trajectories of healthcare workers and provide more flexibility than conventional mortgages.
For example, TD Bank’s physician loan program allows interns, fellows, and practicing physicians to finance up to $1.5 million for an attached or detached single-family home, condos in planned unit developments, and co-ops. PMI is not required and fixed or variable rate loan terms are available.
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Physician home loans are also more flexible in their DTI requirements than conventional mortgages. Most lenders require a DTI of 43% or lower, but physician loans can allow healthcare professionals to qualify with a DTI of up to 68%.
Most physician loans are reserved for medical doctors and doctors of osteopathic medicine, but a few mortgage lenders will extend these programs to NPs, PAs, RNs, CRNAs, CRNPs, and other healthcare professionals. However, these physician mortgage programs are usually restricted to properties that will be used as primary residences. For more information about what types of loans are available to healthcare professionals, speak with a Kish lending specialist.