We are strongly aware of the importance of having our private houses. Unfortunately, this possibility is available not for everybody. This issue is of extremely great importance for doctors as many of them are already in debts having taken bank loans for their studies. Many doctors with their families are forced to rent their lodging saving up the money for their own property purchase. Unfortunately, this process may be dragged out for years.
Luckily for them, this problem has already been solved and mortgage loans are available for doctors nowadays. They constitute a privileged category of bank mortgage borrowers. There exist plenty of programs providing unique mortgages for doctors on special terms. No matter whether you are a young doctor or a doctor with long-term work experience – everybody is eligible for getting mortgage loans. There can be differentiated separate loan programs for doctors, dentists, neurologists, pediatricians, and other medical specializations. Besides, there are presupposed special conditions for doctors with MD, DO, DDS, DMD, DPM and some other degrees.
A great benefit received by such loan programs is either very low (up to 5%) or no down payment at all. This issue is utterly important as taking the loan from the bank one is obliged to pay 20 – 25% down payment. Realizing the necessity of repaying other possible loans, including those for education, doctors are offered lower monthly payment. So, in this case, no PMI is required. Besides, student debt loans (if they exist in your bank history) are not taken into consideration while issuing a loan to a doctor. Some doctors are allowed to move in before they start their medical practice.
The types of doctor mortgages are various as well. The loans can be calculated for the term from 15 to 40 years, giving doctors the possibility to enjoy their life without feeling financial discomfort.
Moreover, one can easily find the organizations that can learn your situation, analyze it and put you in contact with the lenders. The programs of mortgage loans for doctors have been in action for a couple of decades giving doctors a great possibility to obtain their own homes. Various lending institutions will provide them with the possibility to get the houses of their dreams.