How to borrow $ 1 million
Best doctor mortgage loan of 2021
If you are a doctor looking to buy a home, there are a number of options available to you, even if you have student loan payments, bad credit, or a small down payment. The KeyBank is our pick as the best overall as it offers the highest credit limits we have ever met with flexible down payment options, fixed and variable interest rates, and no mortgage insurance requirements.
Flagstar Bank wins the best for good credit as medical professionals with a credit score of 720 can borrow up to $ 850,000 without losing money on low down payments for larger amounts. Borrowers with a credit score of 640 or slightly less can qualify for a no-deposit mortgage of up to $ 400,000 from Simmons Bank, making them the best for bad credit.
SunTrust's easy online application for both practicing health professionals and those still in training ensures their place as the best for ease of application, while the university's Federal Credit Union has the fastest turnaround with loan approval and funding wins in just 30 days.
Finally, we selected Fulton Bank as the best low down payment bank as it allows healthcare professionals to borrow up to $ 1 million with no loss of money and offer low down payments on mortgage loans up to $ 2 million.
frequently asked Questions
What's Different About A Mortgage Loan For Doctors?
A physician mortgage loan allows medical professionals to borrow up to a certain amount on a home without the down payment and personal mortgage insurance that banks typically require for mortgages less than 20%. Low.
Because medical professionals have a significant amount of student loan debt compared to other borrowers, they often find it difficult to qualify for conventional mortgages. Doctor mortgage lenders examine a doctor's earnings potential rather than their debts to determine eligibility. A contract stating that a doctor will start a job within the next two to three months is also enough to qualify a borrower for a loan.
What is the Average Current Interest Rate on a Mortgage Loan for Doctors?
Because doctor mortgages do not require private mortgage insurance, lenders often offer interest rates that are 0.125% to 0.25% higher than a traditional mortgage. On February 10, 2021, the average 30-year fixed mortgage rate averaged 2.82%, so the same mortgage that is often given to a doctor would average between 2.94% and 3.07%.
How do I qualify for a physician mortgage loan?
Physician mortgage loans are typically offered to medical professionals with MD, DO, DPM, DDS, and DMD degrees. Professionals can either be practicing or still in training (intern, resident, or fellow), although practicing professionals have higher credit limits.
Lenders also check a doctor's creditworthiness to determine eligibility. While a score above 700 results in a more competitive rate, a score of just 640 or less can still qualify you for a physician mortgage loan.
What Does a Doctor Mortgage Loan Cost?
The cost of a mortgage loan for doctors varies depending on the lender. While most will save you money by not having to pay for personal mortgage insurance, you will typically have to pay for closing and title costs. As mentioned earlier, doctor mortgage loans also have a slightly higher interest rate, which can increase your monthly payment.
How we picked the best mortgage loans for doctors
We looked at over two dozen physician mortgage loans for this review. We have taken care to select lenders who offer no down payment and low payment loans and no private mortgage insurance requirements to help medical professionals with heavy debt loads purchase their first home.
We also looked at lenders who offer the best credit limits and flexible down payments for borrowers with high and bad credit. Finally, we made sure to include lenders who offer easy application and quick funding so doctors can compete with other home buyers.
All of the lenders we select have competitive rates, require little or no down payment, are available on a range of credit scores, and have high credit limits.
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