Physician Financing Designed for a Different Financial Path

Physicians can find themselves in an unusual financial position.

You may have spent years completing medical school, residency or fellowship and be entering a career with significant earning potential, but your finances may not look like those of someone who has already been established in their career for ten or twenty years.

You may have substantial student loan debt, limited savings after years of training, or be relocating as you begin the next stage of your career.

Traditional mortgage guidelines don't always tell the whole story.

Specialized physician financing is designed to recognize that.

You May Not Need a Large Down Payment

Depending on qualifications and the specific program, physician financing may offer very low, and in some cases no, down payment options, even at loan amounts considerably higher than those typically associated with low-down-payment financing.

That can be particularly valuable for a physician who has strong income or earning potential but hasn't yet had years to accumulate a large down payment.

But having the ability to finance most or all of the purchase doesn't necessarily mean you should.

We'll still ask: How much should you put down based on your payment, savings and overall financial goals?

Sometimes preserving cash as you relocate, begin a new position or establish your household may be more valuable than putting every available dollar into the home.

Student Loans Don't Necessarily Tell the Whole Story

Medical education can result in substantial student loan debt before your career has really begun.

Certain physician loan programs may provide more favorable treatment of student loan obligations, particularly for qualifying residents and fellows whose loans are in an eligible deferment, forbearance or income-driven repayment arrangement.

That can make an important difference when calculating how much mortgage you qualify for.

Rather than looking at the student debt in isolation, we'll determine how the available physician programs treat it and whether that creates an advantage for you.

One Physician Loan Doesn't Fit Every Physician

Physician financing isn't one single mortgage with one set of rules.

Programs can vary considerably in down payment, credit requirements, debt-to-income flexibility, maximum loan amount, student-loan treatment and other underwriting guidelines.

But you shouldn't have to sort through all of that yourself. That's my job.

We'll look at your income, credit, student loans, available cash, career stage, property and long-term goals and determine which financing fits, or whether a completely different mortgage program is actually better.

The Advocate Difference

You went to medical school. You shouldn't also have to go to mortgage school.

My job is to understand the programs, guidelines and differences behind the scenes so you don't have to.

We'll talk about where you are in your career, what you're trying to accomplish and how much you comfortably want to invest in the home. Then I'll compare the available physician financing with conventional, VA or other appropriate options and explain the differences in plain language.

If specialized physician financing gives you an advantage, we'll use it. If another mortgage makes more sense, I'll tell you that too. Because ultimately, this isn't about putting you into a physician loan. It's about putting you into the right loan.