Doctor Loans in North Oaks, MN
Don’t let the name of these loans fool you – they aren’t just for medical doctors. Most doctor loan programs are also available to dentists and veterinarians as well. They are not just for residents, either, as even established medical practitioners can qualify for physicians loans.
They are ideal, however, for new residents – almost 300 of which choose to practice in Minnesota every year, according to the Henry J. Kaiser Family Foundation. Those graduates who go on to complete their residencies are eligible for physician loan programs, regardless of their debt, their lack of a down payment, their skimpy credit reports and the lack of proven earnings.
Are lenders crazy? On the contrary – they understand that new physicians have significant earning potential and that the risk of a medical practitioner defaulting on a home loan is only 0.2 percent. Folks in the medical field are excellent risks when it comes to lending them money.
So, along comes “the doctor loan,” a home financing program for physicians.
What are Some of the Benefits of Doctor Loans?
Let’s take a look at what these programs have to offer, regardless of medical tenure:
- The ability to finance up to 90 percent of the purchase price. This means you’ll only need a 10 percent down payment. Occasionally we’ll see a program with no down required.
- No private mortgage insurance (PMI) requirement, even when financing over 80 percent of the purchase price.
- Loan amounts up to $2 million.
- Minimum credit score of 700.
Program offerings vary and if we know the details of your situation we can certainly point you to the appropriate lender.
Whether you’ve just completed your residency or you are an established veterinarian, dentist or physician, if you are planning on purchasing a North Oaks home you owe it to yourself to check out these loan programs.
Feel free to contact Team Lindahl if you would like more information or fill out the form below to get started.