As a physician, you’ve dedicated years of hard work to build your career. Now that you’re entering the next phase of life, whether it’s purchasing your first home or refinancing an existing one, you deserve a loan that works for you. A physician loan is specifically designed to meet the unique needs of medical professionals, offering you financial flexibility and advantages that other loan programs simply don’t.

What is a Physician Loan?

A physician loan, often called a doctor loan, is a specialized mortgage product tailored to the needs of physicians, dentists, and other medical professionals. These loans are structured to address the financial situation unique to healthcare workers, particularly those who are just starting their careers and may not have large savings.

Key Features and Benefits of Physician Loans:

1. Low or No Down Payment Physician loans typically offer low or zero down payment options, making homeownership more accessible, especially for those in residency with significant student loan debt.
2. No Private Mortgage Insurance (PMI) Unlike conventional loans where borrowers with less than 20% down payment are required to pay PMI, physician loans generally waive this requirement, helping you save on monthly payments.
3. Student Loans Treated Differently Many doctors carry substantial student loan debt. Physician loans account for this by adjusting the way lenders calculate your debt-to-income ratio, allowing you to potentially qualify for a higher loan amount.

Who Qualifies for a Physician Loan?

Physician loans are available to:

• Medical Doctors (MDs)
• Doctors of Osteopathy (DOs)
• Dentists (DDS and DMDs)
• Veterinarians (DVMs)
• Podiatrists
• Ophthalmologists

How to Apply for a Physician Loan

Applying for a physician loan is a simple process:

1. Gather Documentation: You’ll need to provide proof of employment or a contract, medical degree, credit history, and any additional financial information needed.
2. Pre-Approved: Get pre-approved to determine how much you can borrow and start your home search with confidence.
3. Finalize the Loan: Work with us to lock in terms, review offers and secure your dream home with a tailored mortgage solution.

Why Choose Us for Your Physician Loan?

At Reside Home Loans we specialize in helping medical professionals like you navigate the mortgage process with ease. Our team understands your unique financial situation and is dedicated to offering personalized service, competitive rates, and flexible loan options. Whether you’re just starting out or looking to expand your property portfolio, we’re here to help you achieve your homeownership goals.