Do you know the common medical professional mortgage loan programs?
There are mortgage loan programs that are outline to serve medical professionals in the U.S. The duties of medical professionals are very important which makes this initiative a good. You can become homeowners as a new medical professional. This form of mortgage loan is planned to support fresh medical professionals such as doctors, dentists, physicians and others purchase a home.
The medical professional mortgage loan programs are designed for eligible doctors, nurse, dentist, surgeons and others who fall in the category of being a professional and resident.
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What is a medical professional mortgage loan program?
These are forms of home loan programs that give new medical professionals the opportunity to own a house as they start their profession fresh out of school. Medical professionals such as doctors, nurse, physicians, residents, surgeons and others benefit from purchasing a home.
This mortgage loan program for medical professional doesn’t necessarily making down payment for your home. This means professional who are at the start of their career can purchase a home at an early stage rather than waiting for so many years before.
Medical professional mortgage loan program requirements
- There is no or low down payment and PMI.
- Requires a good credit score of 680 and above.
- It’s 100% financing. For purchasing, refinancing and construction of a home.
- For medical professionals such as dentists, medical residents, doctors, fellow with less than 10 years residency.
- You can get up to $750,000 maximum.
- Providing of Escrow on your tax and insurance.
- Closing allowed within 60 days before start of employment
- Medical Doctorate Degree Required including: MD; DO; DDS; DMD; DVM, etc.
- Be a licensed medical professional.
Common medical professional mortgage loan programs
- FHA Loans
- USDA Mortgages
- Conventional Loans
- 203K Loans
- Jumbo Loans
- New doctor loans
Conclusion
Medical professional mortgage loan programs take out student debt from your total debt when you apply. Residents or fellow with a job in a pipeline can close on a home 90 days before they start.
Get information on how much you can borrow through prequalification and preapproval before you look for a home.
