What is a Doctor Loan Program
Doctor loans are mortgages that are targeted specifically toward doctors. They are special programs that can allow doctors to receive the benefit of their profession to qualify for a mortgage that is very attractive in regard to eliminating cash requirements and making allowances for subsidized interest rates. The doctor loan program has some specific qualifications that need to be met in order to obtain one.
The doctor loan program has been established to provide doctors with the very best in terms of mortgage solutions and customer service. They can be awarded to doctors who are looking to purchase their first or second home, or who are looking to refinance their current home carrying an outstanding loan.
Which States Qualify for the Program
Not every State is currently eligible for the doctor loan program. This exclusive mortgage offering is presently available in 19 States with 100% financing within Alabama, Arkansas, Colorado, California, Delaware, Florida, Georgia, Illinois, Indiana, Texas, Tennessee, Mississippi, South Carolina, North Carolina, West Virginia, Virginia, D.C., Maryland, and Pennsylvania.
What Do I Need to Have to Qualify
You have to meet the requirements that the program lays out in order to be able to even apply for one of the loans. The first requirement for the doctor loan program is the overall profession. First and foremost, you must be either a resident (MD) or a medical school graduate. If you are neither of those, including being currently enrolled in medical school, being a physician or doctor will also allow you to qualify. Others who are going to qualify for the doctor loan program are doctors in specific fields of medicine. These include doctors of podiatry medicine, osteopathy, and ophthalmology. A doctor of dental science or dental medicine is also eligible for one of these mortgages.
Medical students must be at the point of nearing graduation and obtaining the Match Letter for their respective Residency program. The Match Letter along with ultimately a letter of employment will be required before a complete loan approval will be granted.
What else is required
Another requirement for you to be able to obtain a mortgage from the doctor loan program is that you need to be either a valid U.S. citizen or a permanent resident. A copy of your passport, work visa, or green card is going to be needed in order to get approved.
The doctor loan program is all about helping doctors get preferred rates for some of the best mortgage options available. This can help a doctor get a first home with a great rate and loan opportunity. Refinancing options and mortgage options for your second home can also be made available to those who qualify. Making sure you qualify for the doctor loan program can help you determine whether or not your application will be accepted once you have all of the appropriate documentation in order.
Thank you for considering Doctor Mortgage Alliance!