Physical Mortgage Loans
Physicians have unique mortgage loans available to them that match their individual needs and circumstances. The experts at Focus Group Florida will make your home buying and selling experience a seamless one as you work hand in hand with excellent lenders that are well versed in all types of physician mortgage loans. So, what might you be able to expect when applying for an using a mortgage to purchase a home in Florida? Apply now.
Who is eligible?
Here is a summary list of those that are typically eligible for a physician mortgage. Actual eligibility will be confirmed when you request a home loan application.
- MD – Doctor of Medicine
- DO – Doctor of Osteopathy
- DDS – Doctor of Dental Surgery
- DMD – Doctor of Medicine in Dentistry
- OD – Doctor of Optometry
- DC – Doctors of Chiropractic
- PharmD – Doctor of Pharmacy
- PHD – Doctorate
- DVM – Doctor of Veterinarian Medicine
- JD Doctor of Juris Prudence (Attorney)
Down payment and maximum loan to value (LTV)
There are a range of program available. Here are some typical down payments and maximum loan to value amounts:
- 0% down, 100 LTV
- 5% down, 95 LTV
- 10% down, 90 LTV
- 15% down, 85 LTV
- 20% down, 90 LTV
How does the loan amount affect the down payment and LTV?
It is common for the required down payment amounts to increase, and the LTV to decrease, as the purchase price and loan amount increase. When you apply for a home loan the details of your specific purchase will determine your ultimate down payment and loan LTV.
What about private mortgage insurance (PMI)?
One of the most significant benefits of a physician loan is that typically there is no PMI required. Non-physician mortgages typically require PMI when the down payment is less than 20% and the LTV is great than 80%. With a physician loan this PMI is often waived saving you thousands of dollars over the life of the loan.
Will my mortgage have a fixed rate or will it have an adjustable rate?
As you speak with a loan officer about your individual physician loan you will typically have the ability to choose between a fixed rate or adjustable rate mortgage program, whichever is best suited for your needs.
When can I close on my new home mortgage?
In some circumstance you will be able purchase a home, have your physician mortgage loan approved and closed prior to your start date. Some programs allow a closing to occur up to 60-90 days prior to your start date with an employment contract.
Are construction loans also available with a physician mortgage?
There are some construction to perm loans available for physicians and typically require some type of down payment, 5-10% and in some cases PMI is also required.
What types of properties can I purchase with a physician mortgage?
Depending on the specific program physician mortgages typically allow borrowers to purchase single family home, townhouse, condominiums and second homes. Multi-family properties (where you purchase a building for example) typically do not fall under the same lending guidelines as the physician mortgage.
You are not alone. You don't need to know everything about the physician mortgage programs before making a move. We and our lending partners are here to help. You be the expert in your field, and we will be the expert in ours. Together we can help you buy and sell real estate now and for many years to come. Apply for a physician mortgage now.
Would you like to speak more about physician loans? Contact the experts at Focus Group Florida, Keller Williams Realty today. Call or text 863-640-2246.