With a doctor mortgage, you pay $0 down with a $300,000 balance on a 30-year fixed rate loan at an estimated 4.5%. Your monthly mortgage payment is $1,520.06. Over the life of the loan, you will pay $247,220 in interest.
Getting a doctor mortgage loan provides a quick path to homeownership for physicians by providing a mortgage with competitive terms that wouldn’t be typically available to nondoctors in similar circumstances. Like Inman’s wife, Crouse’s wife is a physician and the Crouses have taken advantage of physician home loan programs.
This restriction does not apply to SunTrust Mortgage to SunTrust Mortgage Doctor loan refinances. What you’ll need to consider: In some states, the Doctor Loan product requires a pre-existing depository relationship and is not available for properties located in Alaska, Arizona, Hawaii and Oregon, please consult your loan officer for details.
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Physician Mortgage Loans – Their Pluses and Minuses. The main feature of a physician mortgage loan is that a doctor can put less than 20% down and still avoid private mortgage insurance (pmi), that wonderful product the borrower pays for to protect the lender from the borrower defaulting.
Also known as physician loans and doctor home loans, they are often considered jumbo mortgages because they allow higher loan balances than conventional and FHA loans. Physician mortgage loans do not require private mortgage insurance (pmi), and are more accommodating of borrowers with high student loan debt and minimal income history.
What Makes Mortgage Rates at Credit Unions so Interesting – Is It Vivid At NerdWallet, we strive to help you make. mortgage, that lower rate would translate into more than $400 in interest savings in the loan’s first 12 months. And consider applying with different.
Todd Bradley is a mortgage loan officer that works with a full spectrum of home buyers and specializes in assisting physicians, dentists and podiatrists with their unique home financing needs. Todd has won consecutive top producer awards since 2015 and has become the loan officer of choice for many home buyers in the medical profession.
Jack M.Guttentag is Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania and author of The Mortgage Encyclopedia.Throughout his career, Professor Guttentag has been concerned with the difficulties faced by consumers in the home loan market.
The Doctor Loan: My Experiences Buying and Building with Physician Mortgage Loans Having taken out all the subsidized loans I qualified for as a medical student, I ended up with a little bit of money leftover, knowing I might need some down payment money, eventually.
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