Lenders love physicians! Qualified physician buyers are extremely profitable customers for lenders. A “qualified borrower” is normally a medical resident, fellow or attending physician with a signed contract for employment. Some lenders also include dentists, veterinarians, and other doctors. They take out big loans early in their careers and almost always pay them off. Lenders use physician mortgage loans to lock in early-career doctors by lending them more money with fewer stipulations than their competitors. Many lenders are willing to lower their fees, especially when they know they’re talking to multiple lenders.
Common features of a physician mortgage include:
- Zero (or very low) down payment required
- No private mortgage insurance “PMI”
- No rate increases on jumbo loans (typically, loans larger than $417K)
- Lending based on a physician’s signed employment contract
- Less critical of student loan debt
Some local lenders that cater to physician include:
- Billy Redd PriorityOne bredd@priorityonebank.com (601) 540 5376 or (601) 345 3010
- Janice Shumaker BancorpSouth Mortgage Janice.shumaker@bxs.com (601) 832 8227
- Nason Williams IberiaBank Mortgage nason.williams@iberiabank.com (601) 201 8777
- Ben Walker First Liberty Financial (601) 850 2379 ben.walker@firstliberty.net
- Jason Sykes IberiaBank (601) 988 6624 jason.sykes@iberiabank.com
If you or anyone you know is looking to purchase a new home, feel free to contact me or share my information.
References:
Wrenne, D. (Sept 19, 2017). The Complete Guide to Physician Mortgage Loans. Retrieved from: https://wrennefinancial.com/physician-mortgage-loans/