Medical Professionals Buying Property

Medical Professionals Buying Property

Whether you’re a new doctor or an experienced healthcare worker, buying a home can feel daunting. Student loans, a lack of steady income, and the prospect of moving across the country can make saving for a down payment difficult. However, some lenders offer mortgage programs for healthcare workers that are more flexible than standard loans. These programs can include a lower down payment and no PMI (private mortgage insurance) for borrowers in some cases.

Medical Professionals Buying Property Using an Expert Buyer’s Agent in Melbourne typically require a down payment of 20% or higher and may require PMI, which protects the lender in case you stop paying back your loan. Physician home loans allow for a lower down payment of 0% to 10% and are more flexible with credit requirements, DTI restrictions and employment verification.

Prescribing Real Estate: Tips for Doctors and Healthcare Workers in the Property Market

These mortgage programs for doctors and other healthcare professionals often feature adjustable-rate loans that start out low and can save you thousands a year in interest. They also can allow you to buy a home more quickly and easily if you plan to move or switch jobs shortly.

Purchasing a new home is one of the biggest financial decisions you will make. A home loan expert can help you understand your options and guide you through the mortgage process. Whether you are a first-time buyer or relocating to New York for your residency program, an experienced home loan specialist can help.

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