Physician Loans: An Excellent Way for Doctors to Save Money on Borrowing

Physician loans, commonly called doctor loans, are loan programs developed by lenders to specifically target doctors only. They offer a great number of advantages to those who spent a significant amount of time and money to serve the society as a doctor. Very often such loans are the only option available to physicians to finance large purchases, such as a house or a car. While physician loans are mostly available to medical doctors, such as Doctor of Optometry, Doctor of Podiatric Medicine, Doctor of Ophthalmology, Doctor of Dental Science, Doctor of Osteopathy, some of them are also geared towards students and residents in these programs as well.Doctor Loans Are Great When It Comes To Terms and RatesDoctor loans have advantageous features when compared to generic loans, such as:• 100% financing - no need for down payment• Waved loan insurance for qualified candidates• Flexible credit score requirements• Option for adjustable rates• Low EMIWhile loan features differ, depending on state of residency, lender, and credit score of the borrower, they have a lot in common and are most widely used to finance home purchases. Doctor home loans feature amounts as high as $750,000 with some requiring no down payment. Mortgage loans with 100% financing also feature no mortgage insurance and low EMI, making monthly payments affordable.Qualification Criteria Are Basic and the Benefits Are ExcellentOnce again, physician loans are only available to doctors, and also have some other requirements. Loan applicants need to be U.S. citizens or resident aliens, and general credit score requirement is 720 on FICO scale, even though some lower credit scores may qualify. Apart from excellent loan terms, physician loans offer additional benefits to doctors, such as free checking accounts, debt consolidation services, and free loan consultations.Doctor loans come with fixed rates as well as in adjustable rate packages. Fixed rate physician loans feature repayment periods from 15 to 30 years. Adjustable rate packages come in form of 3/1, 5/1, and 7/1 loans with 30 year repayment. Special underwriting services are provided and no PMI is required.Finding Physician Loans Is a Matter of Simple Google SearchInternet is the best place to start your search for doctor loans. There is a number of well-know lenders, such as Physician Loans, Carteret mortgage, and Doctor Loan USA. The first two offer loans to students and residents as well as to full pledged doctors. Doctor Loan USA has stricter requirements and only offers financing to doctors with a minimum credit score of 720 with no refinancing options. They do, however, have an excellent reputation and offer great deals on physician loans.