Every year, 30,000 new doctors graduate from medical school or graduate from residency. They will have little money, are financially naive, have vast sums of future earnings potential, and, almost all of them will purchase a mortgage. By standard criteria, they will have a hard time securing a mortgage. Until they have gotten started with their careers, they won’t have any money to put down, they have a ton of debt from medical school, and they have no proven earnings. They usually haven’t even started their job yet when they buy a home. Doctor's loans are designed to help offset personal expenses while you are beginning your medical or dental career.
Advantages of Doctor Loans:
- Fixed and adjustable-rate options
- Maximum: $850,000 | Minimum: $20,000
- Favorable repayment terms provide flexibility
At least one borrower must hold one of the following valid license types:
• Medical Resident (Educational License)
• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Optometry (OD)
• Doctor of Ophthalmology (MD)
• Doctor of Podiatric Medicine (DPM)
• Doctor of Osteopathy (DO)
• At least one occupying borrower must hold a valid license and be employed in one of the previous professions
For full details call Mid America Mortgage Southwest today!