Doctor Loans in Bloomington, MN
If you’re a medical professional, considering buying a home in Bloomington, we’d like to introduce you to a loan program that may just be ideal for you. The program is typically called the “Doctor Loan,” or “Physician Loan,” program, although veterinarians and dentists may qualify as well as physicians.
Whatever you choose to call it, you owe it to yourself to check it out.
Doctors are Good Credit Risks
Let’s face it; medical professionals are a different breed. Even right out of medical school, lenders consider you to be good credit risks. Why?
Because of your potential to earn, that’s why. Whether you are hundreds of thousands of dollars in student loan debt or you are fresh out of your residency with no credit whatsoever, the fact that you have amazing future earning potential makes you an ideal candidate for this special loan program.
The Benefits of Doctor Loans
Although benefits and qualifications vary by lender, here are a few commonalities that you’ll find in many offerings:
- Some lenders offer no-down payment loans. Most offer very low down payment programs.
- The borrower’s student loan debt is not considered when calculating the debt-to-income ratio. This is a huge plus.
- Doctor loans typically don’t require the purchase of private mortgage insurance, regardless of how low the down payment is.
- Loan limits up to $2 million.
- Minimum credit score of 700.
- Many lenders offer borrowers the opportunity to close on the new home up to 30 days before their first day on a new job.
- You may be able to delay paying your first mortgage payment for up to 75 days after closing.
Loans for docs carry either adjustable or fixed rates – you choose.
Whether you just landed your Match Day residency or internship or you’ve been a medical professional for decades, the doctor loan is one of the best ways to purchase a Bloomington home for sale.
Feel free to contact the Kris Lindahl Team if you would like more information, or fill out the form below and we’ll get back to you soon.