Doctor Loans The Best Home Loan for Doctors…

Benefits of a Doctor Mortgage Loan

1. Low to No Down Payment Required

One of the biggest advantages of a physician loan is the low down payment requirement. With our program, you can finance up to 100% of the home’s value with no money down for loan amounts up to $1 million.

For higher loan amounts between $1,000,001 and $1,250,000, only a 5% down payment is required. And for loans from $1,250,001 to $2,000,000, the down payment is 10%.

2. No Private Mortgage Insurance (PMI)

Unlike conventional mortgages or FHA loans with low down payments, physician loans do not require private mortgage insurance (PMI). This can save you hundreds of dollars every month, making homeownership more affordable.

3. Use Future Employment Income to Qualify

As a recent medical graduate or physician starting a new job, you can qualify for our Doctor Loan using your future employment income. All you need is a non-contingent employment contract or offer letter, and sufficient reserves to cover mortgage payments until you start your new position.

4. Flexible Underwriting Guidelines

Our underwriting process is designed to accommodate the unique financial situation of medical professionals. We consider your strong earning potential, even if you have student loan debt or limited credit history.

Eligible Property Types

Our Physician Loan program is available for the purchase of primary residences only, including:

• Single-family homes
• Multi-unit properties (up to 2 units)
• Warrantable condominiums
• Non-warrantable condominiums (with 10% down payment)
• Planned Unit Developments (PUDs)
• Townhomes
• Modular homes

Ineligible Property Types

The following property types are not eligible for our Doctor Loan program:

• Investment properties
• Second homes
• Manufactured housing
• Illinois land trusts & irrevocable trusts
• Leaseholds
• Co-ops