When it comes to buying a home, many doctors don’t know where to start, says Jan Kimbrough Miller, a realtor in Grand Junction, Colorado. “There’s so much information out there, and a lot of it is filled with hype, strong sales pitches, or generalized info that may not apply to their unique situation,” she says.
Fortunately, Property Buyers Agents Melbourne for Doctors and Medical Professionals in Melbourne Here have started to offer more flexible loan options for physicians, including physician loans, which are similar to conventional mortgages but often offer better terms because of the special allowances they make for doctors’ career trajectories and income potential. These doctor mortgages have lower debt-to-income ratio (DTI) requirements and more lenient credit score minimums than standard loans, as well as no upfront funding fees or PMI.
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Another option for medical professionals is a down payment assistance program. These programs offer grants or low-interest loans to help with the down payment on a home. They can also help with closing costs. However, most of these programs are geared toward helping low-income or disadvantaged buyers, so high-earning doctors are typically not eligible for them.
KeyBank’s Medical Professional Mortgage is designed specifically for interns, residents, fellows, doctors, dentists, nurses, and physician assistants who have a degree of Doctor of Medicine (MD), Doctor of Osteopathy (DO), Doctor of Dental Surgery (DDS) or Doctor of Podiatric Medicine (DPM). Like the physician loan, it does not require that the borrower provide two years of employment history, but in some cases, TD Bank will accept contracts or offers of new work to demonstrate income.