Becoming a doctor is an honorable pursuit, but it also comes with a significant amount of student loan debt. Your payments might be perfectly manageable, but they also throw a wrench into your ability to qualify for a mortgage. If you’re a doctor who wants to put down roots, how do you qualify for a mortgage with tons of student loan debt?

With a physician house loan! Read on to learn all about the benefits that come with this awesome loan product.

1. Little to No Down Payment

When you opt to finance a home with a physician loan, you’re signing up for a product that allows you to finance a home without a down payment.

Typically, you need to have 10-20 percent of the total asking price to qualify for a loan. In today’s housing market, that means coming up with tens of thousands of dollars just to qualify for the loan. That’s a steep price to pay, especially when you’re already making student loan payments.

You are not restricted from putting money down on a home if you would like to. In addition, you aren’t required to pay private mortgage insurance (PMI) if you don’t have any money to put down on a house.

2. Favorable Interest Rates

If you’ve been watching the news, then you know that mortgage rates are reaching new heights. This is especially true for people who purchase homes with jumbo loans — loans in excess of $417,000. Traditional mortgages charge additional interest on jumbo loans, making them a more expensive product.

One thing to note is that physician house loans typically have adjustable mortgage rates instead of fixed rates. This means that your interest rate may change over the term of your loan. If you want a fixed-rate loan, be sure to do your research on potential lenders to see if they offer it.

3. Based on Your Employment Contract

Typical mortgages are based on your creditworthiness. A doctor loan, on the other hand, is based on your employment status, to some extent, your creditworthiness. Your debt-to-income ratio plays a lesser role in the approval, which means your student loans don’t hurt your approval chances.

In order to qualify, you must be a medical doctor, DO, veterinarian, dentist, or orthodontist. You must still be in a fellowship or completing a residency. The loan officer requires that submit signed proof of employment as a final approval step.

If you think this product might work for you, be sure to read about doctor morgages see if might qualify.

Is a Physician House Loan Right for You?

Student loan debt from medical school might make getting a traditional house loan difficult to obtain, but a physician house loan solves that problem. As long as you meet the requirements, you’ll be well on your way to homeownership without having to worry about down payments or PMI. Time to start house hunting!

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