Know Your Doctors Loan:

A doctor’s loan is a specialized financial product designed to meet the unique financing needs of medical professionals, including physicians, dentists, and healthcare practitioners. This type of loan offers tailored features such as higher loan amounts, flexible repayment terms, and competitive interest rates. Medical practitioners can use these funds for various purposes, including setting up or expanding their practice, purchasing medical equipment, covering education expenses, or meeting personal financial needs. Lenders often consider the stable income and professional credibility of doctors, making the application process smoother. Doctor’s loans aim to support healthcare professionals in managing their financial requirements efficiently.


FAQs

What are the benefits of a “Doctor’s Loan?”

Doctor Loans typically require Little to No Down Payment with No Mortgage Insurance, although each bank’s program is different. In addition, most of the programs won’t count deferred student loans in their debt-to-income ratio and will allow you to close on your home often 30-90 days in advance of the start of your job.

Are there any fees associated with using Insure BorrowSage?

The client pays no fees to Insure BorrowSafe. If there are any fees, then the fees will be paid by the bank, real estate company, etc.

Can I refinance with a Doctor loan program?

Some doctor loan programs allow refinancing, and some are also available for construction.

If I am still a Medical Student and not near graduation, can I qualify for the doctor loan?

You are eligible upon Medical School graduation. You will need to provide your “Match Day” letter assigning you to your Resident program. This letter should include position, start date, and salary. Many banks will allow you to close on your new home up to 90 days (and sometimes even more) prior to starting your new Residency assignment.