Medical professionals may be eligible for a mortgage up to $750,000 without a down payment or private mortgage insurance needed. PhysicianLoans, an Ohio-based mortgage lender, says its “Doctor Loan” is available to medical doctors, dentists, and veterinarians.
The company lends in 18 states, including Georgia, Michigan, Minnesota, Pennsylvania, Ohio, Texas, and Wisconsin, among others.
PhysicianLoans has offered zero-down loans for doctors previously, but the lender has now increased the loan amount they’ll approve to $750,000 due to rising home prices.
“Today’s young doctors would like to both pay down their debt and buy a home,” says Tal Frank, PhysicianLoans president. “While a post-residency doctor making six figures has the cash flow for both, they do not yet have the down payment required by a traditional bank.”
The increase in maximum loan amount was needed due to accelerating home prices, Frank says.
“Doctors completing their training now have to pay more for a home than they did five years ago, which would translate to an even higher down payment with traditional banks,” Frank added. “The increase to $750,000 for zero down keeps more homes in reach for new doctors who recently completed training.”
Despite the zero-down offering, Frank says the lender isn’t worried about defaults. Frank says the Doctor Loan maintains a “near zero” delinquency rate.
Source: “PhysicianLoans Rolls Out $750,000 Mortgages With no Down Payment, for Doctors Only,” HousingWire (Sept. 1, 2017)
