Doctor Loans
Midwest BankCentre proudly offers a physician loan program for M.D.s and D.O.s in the St. Louis area, providing preferred pricing on local home loans. Whether you’re a resident buying your first home or newly out of residency purchasing your dream home, you may qualify for special financing. Even without a current job, you can still qualify if you’re set to start within 60 days of closing, with a signed employment contract.
What is a Doctor Loan?
A doctor mortgage loan is a type of mortgage that is designed specifically for doctors and other medical professionals. Medical schools and schools of osteopathic medicine are large financial investments. Physician loans have features and benefits designed for borrowers who are making that commitment.
For example, unlike a conventional mortgage, they require low or no down payment. Both resident and attending physicians can qualify for this loan, which can be an excellent and affordable way to buy a home. If you’re a physician looking to buy, call Midwest BankCentre today to see if you qualify for our doctor loan program.
Physician Loan Benefits
At Midwest BankCentre, we value the important role that physicians play in the health of our community. We understand that you do not have a lot of time at your disposal, and we are committed to making the mortgage process as easy as possible with our customized physician loan program. Benefits of partnering with Midwest BankCentre include:
Multiple loan term options
Competitive interest rate with low or no down payment
Local underwriting for fast turnaround
Maximum loan amount of $750,000
Minimum credit score of 720
Private mortgage insurance (PMI) is not required
Additional considerations for a Physician Home Loan:
1.
Is it a good time for you to buy a home?
It’s important to note that while a doctor home loan can make it easier for medical professionals to qualify for a mortgage and manage their student debt, they are still a financial obligation, and it’s important to carefully consider whether taking on a mortgage is the right decision for your financial situation. It’s a good idea to work with a financial advisor or mortgage professional to evaluate your options and determine the best course of action.
2.
Can you afford the monthly payment?
Another important thing to remember about a physician mortgage loan is that it’s only for your primary residence. Also, these types of loans have a number of benefits, but they can also have a downside. For instance, mortgage rates can be higher than conventional loans, possibly making your monthly payment higher.
3.
Have you shopped around?
In order to get the most out of your doctor mortgage loan, you should compare multiple offers and determine which ones are the most favorable. It is also helpful to get pre-approved. This will let you know if any problems arise during the doctor home loan process. It is always a good idea to work with an expert mortgage banker like Midwest BankCentre to find the best options for your situation. By doing this, you will be better prepared to avoid common mistakes.
FAQs
Our FAQs cover essential topics such as eligibility, loan terms, interest rates, and more. If you have additional questions or need personalized assistance, our mortgage specialists are here to help.
What qualifications are needed for a doctor home loan?
To qualify for a doctor home loan, you typically need to be a licensed medical professional or a graduating resident with a job offer. Requirements usually include a good credit score, proof of future income, and sometimes a down payment, though some programs offer lower down payments.
Can medical students obtain a doctor home loan?
Yes, medical students can often obtain a doctor home loan, but they typically need to provide proof of their future income, such as a residency or job offer letter, and meet other requirements like a good credit score. The terms and availability can vary by lender.
How are interest rates determined for doctor home loans?
Interest rates for doctor loans are determined based on factors such as current market conditions, the borrower’s credit score, loan amount, and down payment. Lenders may also consider the borrower’s professional status and income stability when setting rates.
Can doctor loans be used for refinancing?
Yes, doctor home loans can be used for refinancing. They allow medical professionals to replace an existing mortgage with a new one, often offering favorable terms like no private mortgage insurance (PMI) and potentially better rates.
Apply for a Doctor Loan today.
We offer online loan applications, making it easier than ever for physicians to apply for a loan. Once your application has been received, you will be contacted by a local mortgage specialist. Our local mortgage specialists live and work in the Midwest, which means that they are highly tuned in to the local housing market and are prepared to offer advice based on your unique needs.