It is truly an honor that our page has become one of the most comprehensive resources for new and established medical professionals in search of banks offering a Doctor Loan Program. We display lenders based on their location, customer reviews, and other data supplied by users. NerdWallet strives to keep its information accurate and up to date. margin: 2px 0px;
Our partners compensate us. height: 26px;
Power 2010-2020 (tied in 2017), and 2022 Mortgage Origination Satisfaction Studies of customers satisfaction with their mortgage origination process. Physician loans are special home loan options for doctors that can help them buy a house before they would otherwise be able to. }.form20
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Some programs will lend to borrowers with less than two years of self-employment or work as an independent contractor. }.form20
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This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. SunTrust's Doctor Loan Program features a range of fixed and adjustable-rate physician mortgages with up to 100 percent financing and no monthly mortgage insurance payments. We make solar possible. Refinancing can minimize interest, which will maximize the amount of principal that will be forgiven. When evaluating offers, please review the financial institutions Terms and Conditions. Keep in mind these types of loans usually dont offer a fixed interest rate. When do student loan payments resume? A physician loan or doctor loan is a mortgage specifically for medical professionals that usually doesnt require a down payment. We use selection factors and funding priorities to evaluate you and determine who receives awards. input[type=password]{
(We ask you to e-sign this if you receive, and accept, an award. In such a case, it makes sense to skip the physician loan and instead get a conventional mortgage or, if the loan amount is larger, a jumbo loan. These loans, since they are lender portfolio products, do not have the same characteristics or qualifying criteria. border:none !important;
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New Physician Loan Program- Intern/ Resident/ Fellow OR Practicing/ Attending Physician for less than 1 year. textarea{
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Full-time service: Up to $50,000 for a two-year initial term, Half-time service: Up to $25,000 for a two-year initial term. margin-top: 15px;
If you opt out, though, you may still receive generic advertising. If private loans also qualify. // background-color:#e0e0e0;
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These limits can pose problems for some high-income professionals. min-height: 35px;
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Referrals Physicians (including doctors, dentists and veterinarians) are a group of professionals who typically would recommend their bank to their colleagues. Since borrowers arent always prepared for higher rates, ARMs carry more risk than fixed-rate mortgages. Made only to their target group (doctors, dentists and veterinarians). Getting ready to buy or refinance a home? padding: 0px;
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ZGMI does not recommend or endorse any lender. padding: 0px 0px 0px 2px;
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Physician & Optometry Practice Loans Practice Solutions: Loans [1] for Physicians & Optometrists Loan amount up to $5 million Call to get started 800.497.6076 Save on financing to help your practice grow Features and benefits An Interest-only payment option is available on Medical start-up loans. Many states have programs that repay some or all of doctors student loans if they work in a rural or underserved area for a certain period of time typically at least two years. Accept requests after the deadline to update a submitted application or to submit additional materials. Munich, Bavaria, Germany. These ads are based on your specific account relationships with us. }.form20
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Residents and fellows with a job lined up can close on a home 90 days before they start, We can often exclude your student debt from your total debt when you apply for a mortgage, 3% on mortgages up to $850,000, 5% on mortgages up to $1 million, 10% on mortgage up to $1.5 million and 15% on mortgages to $2 million. They're not available for buying second or vacation homes. 2023 Bank of America Corporation. Terms and conditions apply. position: absolute;
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Double-check with the forgiveness program to make sure that refinancing wont disqualify you. or D.O. Click on "Army Physician . This program is ideal for physicians with a high debt-to-income ratio and limited down payment cash. 5% down to $1.00MM loan amount; 10% down to $1.5MM; 15% down to $2MM; 25% down to $2.5MM; 3, 6, or 12 months reserves required based on loan amount; No PMI; Single family, condominiums, and townhomes; 30 yr fixed, 10/1 ARM, and 7/1 ARM options Heres Who Gets It, The New Income-Driven Repayment Plan: How It Works. You're about to leave huntington.com and go to a site Huntington doesn't control. .mini_label {
Lets break down the details of how exactly everything works. Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC (doing business as Rocket Loans), Rocket Auto LLC and Rocket Money, Inc.are separate operating subsidiaries of Rocket Companies, Inc. (NYSE: RKT). color: #fff;
However, residents, fellows, and doctors with other designations may also be accepted into the physician loan program at the discretion of the bank. display: inline-block;
Relationship-based ads and online behavioral advertising help us do that. You have an opportunity to increase access to primary care services to communities in need. Did you know there are loan programs designed specifically with doctors in mind? font-size: 18px;
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Lending services provided by Rocket Mortgage, LLC, a subsidiary of Rocket Companies, Inc. (NYSE: RKT). color: #A2A2A2;
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- The ability to finance more than 80% of the purchase price with no PMI.
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Higher income and career stability doesnt always mean a large down payment toward a home. }.form20
Find out about specific guidelines and requirements for military reservists. // before form submit
We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. margin: 0px;
If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. }.form20
Sidney Richardson is a professional writer for Rocket Companies in Detroit, Michigan who specializes in real estate, homeownership and personal finance content. .input_deactive {
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Yes. We believe everyone should be able to make financial decisions with confidence. vertical-align: top;
Often does not include student loan payments in. textarea:focus{
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Credit card debt, car loans and other expenses are still examined, but lenders expect recent medical school graduates to have debt, so a higher DTI is not always a dealbreaker. padding: 0px;
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Switch to a federal income-driven repayment plan. height: 27px;
DOCTOR LOAN PROGRAM FEATURES: Program Details. Physician loans also have high limits, typically $1 million or more depending on the mortgage lender. padding-right: 50px !important;
Holden Lewis is a mortgage reporter and spokesperson who joined NerdWallet in 2017. text-align: left;
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Used under license. Note: You must respond by the deadline we provide in the Confirmation of Interest email. We want you to have a great experience while you're here. border-radius: 0px;
Sign up for our emails, well notify you when next years application cycle opens. We closed the 2023 NHSC LRP application cycle. Credit and collateral are subject to approval.
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or D.M.D. When you dont put a down payment on your house, you start with 0% equity. border:1px solid #B7B7B7;
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Holden Lewis is NerdWallet's authority on mortgages and real estate. }.form20
Pre-qualified offers are not binding. .captcha_img {
We have special home loan solutions for licensed and practicing doctors and dentists, medical residents and fellows, and other eligible medical professionals. {
Student loans were not forgiven as part of the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. display: none;
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*What's your email address? Legislation has been proposed to forgive the student loans of doctors and other frontline health care workers responding to the COVID-19 pandemic. background:url(https://www.doctorloanprograms.com/wp-content/plugins/form-maker/images/09/previous.png) no-repeat left #F1F1F1;
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Program is limited to the purchase or refinance of a primary residence. margin: 1px;
OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, 8 Medical School Loan Forgiveness Programs for Doctors. background: #000;
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qualify take steps to maximize the amount of loan forgiveness you can get: . overflow-x: hidden;
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For example, the Navy Health Professions Loan Repayment Program offers up to $40,000 a year in loan. padding: 0px;
The Student Loan Forgiveness for Frontline Health Workers Act would forgive the total outstanding balance on medical professionals' federal and private loans, but it has not been passed. Pre-qualified offers are not binding. }.form20
Depending on the program especially whether federal or private medical school loans qualify take steps to maximize the amount of loan forgiveness you can get: If only federal loans are eligible. The site(s) must complete the electronic EV before you can submit your application. Interest rate will be slightly higher than conventional rates, but there normally would be no difference in rates even if loan amount is a jumbo size (>$417,000). height: 20px;
See whats available. height: 6px;
Based on the information you have provided, you are eligible to continue your home loan process online with Rocket Mortgage. position: relative;
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You also dont need the typical proof of employment and income required for most conventional mortgages; an employment contract will suffice. display: inline-block;
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Log into the Bureau of Health Workforce (BHW) Customer Service Portal to view your application status. Your direct deposit banking information. .wdform-matrix-cell {
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Get started online or call us today at (877) 593-9313. overflow-y: auto;
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We believe everyone should be able to make financial decisions with confidence. While FHA loans can be a great option, there are restrictions on how you may use them. display: table-cell;
Buy a home, refinance or manage your mortgage online with America's largest mortgage lender, Get a personal loan to consolidate debt, renovate your home and more, Get a real estate agent handpicked for you and search the latest home listings, A hassle and stress-free, single experience that gives you confidence and makes car buying easier.