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Medical Professionals Buying Property

Medical Professionals Buying Property in Melbourne Using an Expert Buyer’s Agent in Melbourne works some of the longest, most emotionally and physically draining shifts. At the end of a long day, they deserve to escape to a home that’s their own. But conventional mortgage lenders often box healthcare workers out of the American dream due to strict debt-to-income (DTI) requirements and large down payment minimums.

Fortunately, some lenders offer mortgage programs tailored to the needs of healthcare workers and physicians in particular. These physician loans allow healthcare professionals to purchase a home without being penalized for the heavy student loan payments that they incur while going through medical school, residency and fellowship. In addition, physician mortgages typically allow borrowers to choose an adjustable- or fixed-rate mortgage, and the financing is available to doctors in all fields of practice, including PAs, nurses, dentists, veterinarians and OB/GYNs.

The Healing Home: Navigating the Real Estate Landscape for Medical Professionals

Conventional mortgages require a DTI of under 50%, which is difficult for new doctors to achieve given their accumulated debt from medical school. Physician mortgages recognize this and are more flexible with DTI restrictions, which can help healthcare workers to qualify for a mortgage faster. In addition, many physician mortgages do not require a down payment, and some do not require PMI like other types of mortgages.

Scores of banks and credit unions across the country offer mortgage programs for healthcare workers and physicians in particular. We have highlighted a few examples of these lender programs below, though we encourage you to do your own research and speak with several lenders to find the best mortgage for your unique situation.

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