Doctoring Single family homes!
If you are a physician that is within 10 years of having graduated residency, and have not heard of or tried out the physician loan program, PLEASE KEEP READING!
Keeping all the theatrics aside, I have no personal investment or gains from promoting the physicians loan program. I just hope that you can benefit from it just as I have now, twice and possible on my way to a third time.
The program allows any physician with good to great credit to qualify for a NO money down mortgage on a owner occupied single family residence and typically at market rates/lower rates for interest.
Its cant be a condo. And your income will determine how much you qualify for. They are banking on the security of your ( modest) paycheck to back this purchase.
I have used it to purchase a $500,000 in arlington D.C with only closing costs to pay for ( which I happen to have a real estate agent credit for to help cover) .
Once you have at least lived there for a year, you can move on to the next.
I have used both Bancorp and Suntrust in the past. There is a lengthy and tedious document process much like most conventional loan programs. I personally preferred Suntrust over Bancorp in terms of customer service but that is my opinion.
Programs like this allow for physicians to invest in homes when they dont really have any savings to do so otherwise ( read: student loans suck!). Furthermore, the tax benefits that they allow for help offset the sudden hefty income taxes that will come your way now that you are finally earning a real paycheck.
Questions/Comments? feel free to shoot me a message or respond to this post!