Physicians, dentists and other medical professionals often face unique financial challenges, such as high student loan debt and delayed entry into the workforce. A Meridian Mortgage Loan Officer can provide access to special Medical Professional Mortgage Loans, designed with these conditions in mind.
Understanding Medical Professional Loans
Medical professional loans offer flexible terms and are tailored to suit the financial realities of medical professionals. They often allow for low to no down payments and do not require private mortgage insurance (PMI), despite the lower down payment. Student loan debt may also be excluded from your debt-to-income (DTI) calculations, making it easier to qualify.
Eligibility for Medical Professional Loans
Eligibility for these loans is usually based on your status as a medical professional. This can include:
- Medical residents
- Attending physicians
- Other select medical professionals
Benefits of Medical Professional Loans
- High Loan Limits: These loans often have higher loan limits, accommodating the needs of medical professionals seeking homes in higher price ranges.
- Low to No Down Payment: Medical professional loans can often be obtained with a low down payment or, in some cases, no down payment at all.
- No PMI: Despite lower down payments, these loans usually do not require PMI, reducing your monthly payment.
- Student Loan Deferment: Some lenders may exclude deferred student loan payments when calculating your debt-to-income ratio, making it easier for you to qualify.
We Have Your Home Buying Rx
If you’re a medical professional ready to step into homeownership, consider the unique advantages of a Meridian Mortgage Medical Professional Loan. We invite you to contact us to learn more about this option and take the first step toward purchasing your new home.