As we flip the calendar to 2026, Central Ohio’s real estate scene looks like a steady cruise rather than a wild ride — which is great news for all of us who love talking market trends
The Doctor Mortgage Loan
Dated: May 3 2019
Views: 117
When training to be a physician, it can feel like you’re stuck in a state of arrested development. In your early 20s, everyone else is starting a career while you’re still going to school. In your mid-20s, everyone is getting married and starting a family while you’re a busy resident with no social life. By the time you begin your career in earnest during your late 20s or early 30s, everyone else seems to be settled down. But while some of that is unavoidable, there’s no reason why physicians have to stand on the sidelines while everyone else buys a home.
Physician mortgage loans are a special mortgage product available to doctors. Doctor home loans have fewer restrictions for borrowers than conventional loans because lenders generally trust doctors to be responsible borrowers. Doctors often apply for these mortgages when they’re in residency or shortly after graduating med school. Lenders will accept an offer letter as proof of income, which is an extremely rare scenario. Most banks want to see a stable history with a current employer. In fact, some will let you take out a mortgage months before your residency officially starts.
Physician mortgage loans also don’t charge private mortgage insurance (PMI) when a borrower puts down less than 20%. Almost every other kind of mortgage lender requires PMI when the borrower has less than 20% equity in the home.
Lenders who provide physician home loans often extend the same interest rates to jumbo loans, which can also be offered to veterinarians, optometrists, podiatrists, and even attorneys and many lenders will lend to a doctor at any stage of his career, or even for a second home.
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