A physician mortgage loan is a low down payment mortgage available to physicians, dentists and other eligible medical professionals. They have fewer restrictions for borrowers than conventional loans because lenders generally trust doctors to be responsible borrowers.
Doctors often apply for these mortgages when they’re in residency or shortly after graduating med school. Lenders will accept an offer letter as proof of income, and some will let you take out a mortgage months before your residency officially starts.
Physician mortgage loans also don’t charge private mortgage insurance (PMI) when a borrower puts down less than 20%. Some offer 0% downpayment programs as well, allowing doctors to get the most house for their investment.
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