There are a lot of advantages to Physician loans and can therefore be a very suitable loan option for a lot of medical professional with their own unique situations. Advantages such as:
- Low required down payments, can be as low as 5%
- No mortgage insurance even with less than 20% down
- Special treatment for student loans
- Higher chance of approval
- Higher loan limits
- Home ownership prior to starting the job
So with all these benefits, what could go wrong and how do I choose a lender?
There are a lot of things that can go wrong with a loan, and with physicians there are some additional challenging parts that can complicate the loan process even more, and potentially result in a decline, or a delay. Challenges such as:
- Transitional periods (Medical school to Residency, Residency or fellowship to attending physician, or attending physician going into private practice – resulting in for example:
- Changes in student loan repayment status (for example; deferred loans switching to Income-based payments)
- Brand new employment contracts
- Relocations prior to receiving any paystubs,
- Lack of history of filing taxes
- Student loans (high amounts, changing repayment statuses)
- Complicated employment contracts
- Down payment – amounts and sources (No or very little down payment, gifted down payment, or down payment coming from relocation or sign-on bonuses)
You want to make sure you use a lender with the expertise that can handle your transaction from the beginning to the end. Most physician’s situations just don’t fit into the normal guidelines. With a physician loan all the challenges can be detrimental if not handled correctly. Most loan officers have only had experience with any of these types of challenges and unique situations once in a while and your loan might be part of their learning experience.
An experienced lender asks the right questions and does not give you a simple prequalification, but rather does a full income and credit underwritten approval to ensure you will be successful and that the loan will close and close on time. An experienced lender also knows how to navigate around all the potential pit falls.
Some testimonials from our clients
I just worked with one of the real estate agents that Marie recommends, and am so thrilled. I found the home I wanted but it sold before I could make an offer. A few weeks later that same property came back on the market. My real estate agent (along with Marie) helped me jump on it before others put in offers. I was the first in line with an offer this time and we closed the loan yesterday! (30 days from start to finish) Also, who would have known there are so many choices and ways to do a loan … I didn’t, even though I have worked for Marie in the past.
We are eternally grateful for Marie and her team. They far surpassed our expectations and made our dream home a reality. Marie takes a personal interest in each client’s scenario, and really makes some magic happen! Thanks, you guys! You’re awesome!
I want to let you know that I was very impressed with your thoughtfulness and your ability to offer different options based on our goals. I have been getting home loans for 43 years and I’ve never been presented with the information like you presented yesterday. You know you are my #1 pick, but this was really amazing. Thanks so much for persisting when I thought it was just option 1, 2 or 3. Option four was perfect.
I just closed on a difficult transaction with Marie as the lender and myself as the Seller and Buyer representative. Marie was very creative through the whole process and communicated extraordinaire. I could tell she really cared about the outcome for the client. We closed the transaction and both Seller and Buyer are more than pleased. I would recommend Marie for any financial needs, especially home purchasing.
My wife Becky and I have now purchased 11 homes in the past 43 years. This was the Least painful purchase we have ever experienced. We really like the way Marie anticipated issues and got ahead of the game regarding needed documentation. The result was a very smooth closing and two very happy customers.Thank you, Marie.
What can we say about Marie? We had no Realtor and no prior experience buying a house. We needed some “hand-holding” (understatement). Marie and her team took GREAT care of us! She worked TIRELESSLY to get us a great rate and saw us through the process from beginning to end. Do not hesitate to call her, she is a GEM!! Thank you Marie!