Lender aims to relieve financial burden from medical professionals
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by Duffie Osental
Specialist mortgage company PhysicianLoans announced new programs aimed at providing medical professionals with quality loan options.
PhysicianLoans will continue its “no money down, no private mortgage insurance (PMI)” home loans for doctors on purchases of up to $750,000. This year, however, physicians practicing in locations that require larger home loans can now borrow up to $2 million with a 10% down payment or less. In all cases, no PMI is needed. PhysicianLoans also makes exceptions for doctors with lower credit scores between 680 and 700.
“This enables doctors to get into a home, without a sizable down payment that would otherwise strap a newly practicing physician or one in residency training,” said Tal Frank, president of PhysicianLoans.
PhysicianLoans structured these loan options around the exceptional financial circumstances of doctors. According to the Association of American Medical Colleges, the average educational school debt for doctors in 2018 soared to $196,520 from $190,694 in 2017. Combining this average medical school debt with undergraduate debt leaves a heavy liability load that often puts physicians in a precarious position when seeking home financing.
The company became the first lender to focus on home mortgages specifically designed for physicians when it was founded 25 years ago, and it is known for its unique, flagship product called The Doctor Loan, which is offered to medical doctors, dentists, and veterinarians.
