Doctor loans are available for medical practitioners and specialists in the field of healthcare. These unique loan programs are specifically designed to assist doctors meet their financial obligations as they go about performing their functions and duties in society. These loans are easily available for doctors who wanted the needed capitalization when going into private practice, or if they need extra funds when buying a home.
There are some doctors who turn to the bank to try to secure their needed capitalization or funds. However, there are relatively few commercial banks that offer this type of loan program. Furthermore, the banks that offer them oftentimes have requirements similar to that of a regular commercial loan. This means that doctors can expect to be required to furnish the bank comprehensive financial documents, as well as considerable collateral to secure the loan and personal guarantees. Additionally, since banks process many loans, the applicant can expect to wait for several weeks or even a couple of months for them to know the result of their application. And results may turn out to be unfavorable for the applicant.
This is why if you are a doctor planning to go into private practice or considering buying a home, you might want to check out the doctor loan program to see if it will fit your needs. There are many doctor loans providers in America today and information on most of them can be found in the Internet.
What are doctor loans?
Simply put, doctor loans are special loan programs designed for those in the medical profession. The doctor loan program feature easy enough terms and conditions for doctors who needed additional funds. This loan program helps doctors trounce financial barriers when they are trying to brighten up their professional prospects by going into private practice or when they are considering buying a home for their family.
All specialists in the field of healthcare can avail of this special loan program for doctors. These include:
- Doctors of Obstetrics and Gynecology
- Doctors of Optometry
- Doctors of Osteopathy
- Doctors of Pediatric Medicine
- Ear, Nose and Throat (ENT) Specialists
- Orthopedic Surgeons
What are the features of doctor loans?
- This type of loan program does not require a Private Mortgage Insurance or PMI
- Doctor loans offer 100% financing and requires no down payment when buying a home or establishing a clinic
- The doctor loan program offers flexible Debt-to-Income ratios which do not take into account any deferred student loan debt against the applicant
- Have competitive interest rates which do not penalize the applicant for increased risk indicators
How do you apply for doctor loans?
You can start by searching the Internet for providers or commercial lenders that offer doctor loans in your area or the city where you live. Many of the doctor loan providers are within a certain geographic area so as much as possible, try to be specific in your search.
Also bear in mind that doctor loan programs vary from city to city or state to state. Some providers of doctor loans may offer extra features that may not be offered by commercial lenders in your area. So try to check all the available providers of doctor loans in your area before signing up with the first one that you encounter.