While physician loans features fluctuate, determined by state of residency, lender, as well as credit rating of the customer, they have a lot in common and are most widely used to finance property acquisitions. Medical professional home loans feature amounts as large as $950,000 with some requiring no down payment. Physician mortgage loans with 100% financing also feature no mortgage insurance making monthly payments affordable.
Qualification Criteria Are usually Basic and the Advantages Are Superb
Once again, physician loans are generally only available to physicians, and also have some other requirements. Loan applicants need to be U.S. citizens or resident aliens, in addition to general credit rating requirement is 720 on FICO scale, even though some lower credit scores may qualify. Apart from great loan terms, physician loans offer additional benefits to be able to medical doctors, such as relocation services, free checking accounts, debt consolidation services, plus free loan consultations.
physician loans come with fixed rates as well as in variable rate packages. Fixed rate physician loans feature repayment periods from FIFTEEN to be able to 30 years. Variable rate packages come in form of 3/1, 5/1, plus 7/1 financial loans with THIRTY year repayment. Special underwriting services are generally provided for physician loans and no PMI is required.