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Three Reasons to Consider a Physician Loan for Your Home – Larson Financial

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Physician loan vs FHA and Conventional. A Doctor Loan is a specialized home loan financing program for medical doctors, including residents and fellows, looking to purchase a primary residence. In most cases, only a minimal down payment is necessary (if at all), private mortgage insurance (PMI) is not required, and a range of fixed and adjustable rate loans are available.

If you’re in search of financial help for higher education. However, if you don’t have all your expenses covered through scholarships and grants, you might need to consider student loans to fill in.

Here’s what to consider before your trade in your mortgage for a new one. It’s a question homeowners ask when interest rates tumble: Should I refinance my home mortgage or stick with the loan.

Since most doctors have student loans that are well over six figures, their DTI would render them ineligible for homeownership. That’s not the case with doctor home loans. Other types of loans still count toward DTI, including auto loans, credit card debt and personal loans. That’s the best reason for pursuing a physician mortgage loan, Doug says.

The bank will distribute the funds covering your home loan amount to the closing agent. Depending on your loan terms, you may also be required to set up a new escrow (or impound) account with the bank, so you can pay your property taxes and homeowners insurance along with your monthly mortgage payment.

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Yet that doesn’t mean a loan is always a good idea. Here are three generally bad reasons to take out. A loan might also make financial sense if you’re planning to update your kitchen or other area.

Home Mortgage Loans for Doctors: Dentists (DDS and DMD), Physicians (MD, DO and DPM), Licensed Residents, Fellows in MD, DO and DPM programs. You’ve worked hard to become a doctor and now it’s time to receive the benefits of all that work. At SunTrust Mortgage, your doctor privileges include flexible rate and financing options, even if you have student loans.

These silver linings actually do exist, especially for federal loans. So, in honor of the upcoming Thanksgiving holiday, let’s dig into three things about. paid for fulfilling one of your dreams.

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