The third Friday in March has the nation’s 17,000 medical school graduates on pins and needles. It’s Match Day – the day they’ll either walk away with a residency slot or end up in the “scramble.” If you are among them, read on for information on a special loan program for physicians.
As a new doctor you are saddled with a lot of debt, and, since you’ve spent the past almost half decade learning your profession, you have no earnings to show a lender. You most likely have no credit history and lack a down payment for a house.
As a new physician, however, you have significant earning potential. In addition, a physician’s risk of defaulting on a home loan is just 0.2 percent, much lower than most borrowers. Lenders know these statistics and consider new doctors excellent credit risks. Thus, the reason for the “doctor loan.” Take a look at the following features of this loan:
- Finance up to 90 percent of the home’s purchase price.
- Obtain a loan up to $2 million.
- No PMI requirement.
Minimum credit score requirement is only 700.
Whether you are an established physician or you’re fresh out of your residency, if you are planning on purchasing a Saint Paul home, you owe it to yourself to check out the physician loan program.
By the way, these loans are for dentists and veterinarians too!
Feel free to contact Team Lindahl if you would like more information on how to apply for this loan.