With extensive education and student loan debt, many doctors face financial hurdles that can make it difficult to secure a traditional mortgage. This is where physician mortgage loans come in. Physician mortgages allow doctors favorable terms and little to no money down.
For physicians who are looking to buy a home in Georgia, the process can be particularly challenging due to their unique financial circumstances. According to Zillow, the median home value in Georgia is approximately $318,919 as of April 2023.
To facilitate your journey toward purchasing a home, we have a list of the top physician home lenders catering to doctors in Georgia.
Best Doctor Mortgage Loans in Georgia
Buying a home can be a daunting task, especially for physicians who have just completed their residency and are burdened with student loan debt. In Georgia, where the housing market can be competitive, it can be even more challenging for doctors to secure a mortgage that meets their unique financial needs.
Physician mortgage loans have emerged as a popular option for medical professionals who are looking to purchase a home.
Doctor mortgages offer favorable terms, such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios, making homeownership more accessible to physicians in Georgia.
Here are the best physician mortgage loans available to medical professionals in Georgia.
BCU *
- Variety of portfolio products available.
- Student loans may be excluded from your debt ratio.
- Up to 100% financing – no mortgage insurance required.
- Home equity, bridge loans, and construction loans also available.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, OD, Pharmacist
Phone: OFFICE - 224-207-2603/ CELL– 916-601-8782
Disclaimer:
Federally insured by NCUA. We Do Business in Accordance with the Federal Fair
Housing Law and the Equal Credit Opportunity Act
Atlantic Union Bank *
At Atlantic Union Bank, we recognize the hard work you put into getting where you are today as a medical professional. Whether you have years of experience as a doctor or are a recent grad with a contract for employment, we have a home loan program designed to fit your needs.
0% down for loans up to $1M; 5% down from $1M to $1.5M; 10% down from $1.5M to $2M
No mortgage insurance
No limit on the length of time out of residency
Student loans deferred for at least one year may be excluded from debt-to-income qualifications
Qualify using future income with an employment contract and a start date within 90 days of closing
Eligible for interest rate discount with an automatic payment from an Atlantic Union Bank deposit account
Fixed and adjustable-rate options
MD, DO, DDS, DMD, Resident, Fellows, DVM, DC, OD, DPM, Pharmacist
Combine our Medical Professionals Home Loan with our Certified Buyer Pre-Approval Program, which isn’t your standard pre-qualification. We’ll fully underwrite your loan to determine how much you could be approved for by verifying your information and documentation. This can make you as attractive as a cash buyer when negotiating for your home and may even make the difference between your offer being accepted over another!
Close your loan in as little as 10 business days after pre-approval. Compete directly with cash buyers and remove the need for a financing contingency.
Phone: 615-484-6690
*Maximum loan amount for licensed medical residents and interns is $750,000.
Atlantic Union Bank NMLS #551889. This is not a commitment to lend or extend credit. All loans, credit and collateral are subject to approvals. Terms, rates, data, programs, information and conditions are subject to change without notice. Specific program restrictions may apply so please consult your dedicated Mortgage Loan Officer for complete details. Owner-occupied residences only (single family homes, Fannie/Freddie warrantable condos and townhomes). Borrower(s) may only have one (1) Medical Professionals Program serviced by Atlantic Union Bank at any time. Not all loans or products are available in all states.
United Bankshares – Mortgage *
United Bank is doing business as United Bankshares in Georgia. United Bank understands that as a medical professional, you may be in a unique financial situation that may make this program a good option for you. We combine personal care with a seamless digital homebuying experience designed to provide you with a customized, secure, and transparent mortgage solution. You will know where you are in the process and you can easily upload, sign, and submit required documents all in one place using our secure interface. We are with you every step of the way. Our intuitive technology allows you to connect with our trusted mortgage professionals from any location, on any device, anytime.
Professional Program1
- No down payment options available depending on loan amount and product
- Primary Residence Only
- No Private Mortgage Insurance Required
- Adjustable Rate or Fixed options available
1Loan program is available in the following lending territory: VA, MD, DC, DE, GA, NC, SC, WV , KY**, OH**, and PA** **Property must be located within 90 miles of a United Bank branch
Qualified doctors include PharmD, MD, DD, DMD/DDS, psychiatrists licensed as MDs and veterinarians (DVM or VDM). This program is also available to applicants still in residency, internship or fellowship (with certain restrictions).
MD, DO, DDS, DMD, Resident, Fellows, DVM, Pharmacist
Low Down Payment Options
No Private Mortgage Insurance Required
Purchases or No Cash-Out Refinances
Adjustable Rate or Fixed options available
Phone: 919-480-2075
United Bank DBA United Bankshares. United Bank | NMLS# 522399 (www.nmlsconsumeraccess.org) | Equal Housing Lender | Member FDIC. ADVERTISING NOTICE – NOT A COMMITMENT TO LEND – SUBJECT TO PROGRAM AVAILABILITY. This is not a commitment to lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting, and program guidelines.
Novus Home Mortgage *
Our home loan for Medical Professionals or Physicians was designed to help those in the medical profession achieve their dreams of homeownership. At Novus Home Mortgage, we are committed to finding the right mortgage for our customers, including those who are committed to save lives. We understand your unique needs. You might have accumulated debt to become a healthcare professional, but we are here to help you! Our offering will help you buy a home early in your career, and sometimes even before you start your new job!
We are a nationwide portfolio and correspondent lender with in-house underwriting providing quicker closings.
We offer services for:
- Purchase
- Refinance
- Construction
For:
- Primary residence
- Second Home/Vacation Home
- Investment (LTR)
- Short Term Rental (STR)
- Multi-family and Mixed-use properties up to 8 units
Other products offered:
- Fannie Mae & Freddie Mac – Conventional, and High Balance
- Community Reinvestment Act (CRA)
- VA – No Loan Limit, No DTI Limit
- Jumbo – as low as 10% down
- FHA
- USDA
- ITIN – as low as 10.01% down
- Construction loans – Conventional & FHA (min 5% down), VA (min 0% down), Jumbo (min 20% down)
- DPA for qualified borrowers
- Non-QM – DSCR (LTR & STR), Business and Personal Bank Statement, 1099, Asset Depletion, etc
It’s attention to the “details” that sets apart the finest Loan Officers. Please reach out 24×7. My team and I are here to understand your mortgage and financial needs and find the best financing solution for you.
0% down up to $1 MM loan amount
5% down up to $1.75 MM loan amount
10.01% down up to $2.5 MM loan amount
Min 720 FICO to qualify for above min down payment
Can go as low as 680 FICO – with higher down payment
Owner occupied Primary Residence
1-2 unit residential property – Single Family, Townhome, PUD, Condo, Duplex
Non-Warrantable Condos are covered – min 10.01% down
Modular Homes
Rental income can be used to meet DTI requirement
50% Max DTI
No MI
No Prepayment Penalty
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
We say YES!
Yes to 1099 income without 2 yr history (conditions apply)
Yes to using future income to qualify – don’t have to wait to be within 90 days of start of new job (additional reserve requirements will apply)
Yes to all covered professionals – No limit on the number of years out of residency/fellowship
Yes to US residents including work Visa holders – Permanent Residents Aliens, H-1B, J-1, TN NAFTA and others
Yes to acreage (normal for the area)
Yes to you owning multiple properties (additional reserve requirements will apply)
Yes to significant other and/or family to be co-borrower/co-signer to help you qualify, even if they will not occupy the property
Yes to gift funds from family members
Yes to DPA funds if you qualify (hint hint residents!!!)
Yes to Bridge loan if you have equity in the current house and need to access it to purchase new home
Yes to a Construction loan to build your dream home
Phone: 571-331-5161
Subject to credit approval. Terms and conditions may apply. VA is subject to VA eligibility requirement. Property insurance is required for all loans secured by property.
Novus Home Mortgage is a division of Ixonia Bank, NMLS #423065 | All Rights Reserved | novushomemortgage.com
Member FDIC | Equal Housing Lender
Genisys Credit Union *
Genisys Credit Union Offers a Custom Tailored Physician Mortgages with loan amounts up to $5,000,000. Common sense approach based on demonstrating (ATR) ability to repay. We offer the lowest rates with highest LTV in the industry to qualified Physicians. We are full service financial institution offering all services from deposit to car loan. Our Specialty is high end Mortgages.
0% down to $1,500,000, 10% down to $2,000,000, 15% Down to $2,500,000, 20% to $4,000,000+ No Adjustments for Condos or New Construction Loans
5/6 ARM
7/6 ARM
10/6 ARM
10 Year Fixed
15 Year Fixed
20 Year Fixed
30 Year Fixed
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DNAP, DPM, Pharmacist, PhD
Common sense approach to underwriting.
Ability to offer bridge financing when trying to sell a current home and buying a new one.
Genisys Credit Union offers Physician Construction Loans under the same terms as purchase.
No reserves required on most products.
GREAT RATES
Phone: 248-705-0982
Federally insured by NCUA We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act
Oak Leaf Community Mortgage ∑
Powered by North Shore Trust and Savings 100+ years in banking, we are excited to guide you along your home financing journey. We are committed to understanding your unique scenario to uncover the optimal solution for you and your family. Expanded access to a plethora of mortgage options ensures if there is a solution, we will find it to get you home. Client satisfaction is paramount, and my team will strive to exceed your expectations with our knowledge, communication, and on-time execution.
100% Financing up to $1 Million
95% Financing to $1.75 Million
89.99% to $2.5 Million
30 Fixed, 15 Fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM, 3/6 ARM and 1/6 ARM
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Available in 46 of 50 States (Excludes AK,CA,HI,NV, DC)
No Points (unless quoted), No PMI, No Prepayment Penalty
680+ credit score solutions available
No Limitations on Time in Practice
W2 employees close up to 90 days in advance of start date * Conditions Apply
1099 employees close up to 60 days in advance of start date * Conditions Apply
Gift Funds OK for down payment, reserves or closing costs
Up to 50% DTI
Cash Out Refinance Financing Available
1-2 Unit Primary Residence including Townhomes, Warrantable Condos and Non-Warrantable Condos *
Conditions Apply
Phone: 708-250-9627
Oak Leaf Community Mortgage – Powered by North Shore Trust and Savings
Company NMLS# 438265, Equal Housing Lender, Member FDIC
Additional Information available at www.myoakleaf.com
All Loans Subject to Credit Approval. Terms and Conditions Apply, Program Terms and Availability Subject to Change
Alliant Credit Union ∅
Alliant Credit Union has created an industry leading Medical Professional Loan Program available in all states except Maryland.
No PMI. Closing available 90 days before employment starts. Minimum FICO score of 700 to qualify. Maximum debt to income ratio 45%. Medical Professionals may borrow 100% up to $1,250,000, 95% financing up to $1,500,000, and 90% financing up to $2,000,000. Most lenders require that you have completed training within the last 10 years, Alliant Credit Union has no such limit.
Conforming & Non-Conforming
Fixed & Adjustable Rate
30- & 15- Year Fixed, 5/6, 7/6, 10/6 ARMs
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Student Loan Debt omitted in qualifying ratios if deferred at least 12 months
Ability to use income based repayment schedule if not deferred for 12 months
No limit on time elapsed since the completion of training
Financing available for single family, condos, and two family owner occupied residences
Warrantable and non-warrantable condos allowed
Available to US Citizens, Permanent Resident Aliens, Non Permanent Resident Aliens, and Foreign Nationals
For other professionals we have Our First Time Homebuyers program with up to 100% financing available with no PMI.
Second Home Financing available up to 90% financing.
Construction Financing available up to 90% financing (AZ, CO, IL, IN, MI, NC, SC, and WI)
Please contact the Mortgage Loan Officer listed above covering the state in which you are purchasing.
Phone: 630-240-2203
Alliant Credit Union NMLS#: 197185.
Rates, terms, and conditions are subject to change. The 5/6, 7/6 and 10/6 ARMs offer a fixed rate for the initial period of the loan and adjust to a 6 month ARM after that period. The interest rate and monthly payment may adjust bi-annually based on the 30 day average Secured Overnight Funding Rate (SOFR), plus a margin of 2.75 percentage points with a 5% life time cap.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Mortgages available in all states except Maryland. Loan approval, interest rate, and downpayment required based on creditworthiness, amount financed, and ability to repay. Rates, terms, and conditions are subject to change and are subject to credit and collateral approval.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Liberty Federal Credit Union ∀
Liberty Federal Credit Union is a member-owned financial institution focused on returning value through innovative products and services. Liberty has been recognized on a state level by Forbes as one of Indiana’s best financial institutions. In recent years, the credit union has also received acclaim on a national level, including being named the nation’s Best Credit Union for Checking by Investopedia in 2021 and appearing on Newsweek’s list of America’s Best Banks in 2022.
Liberty Federal Credit Union excels in providing value through better loan options for borrowers. For instance, the credit union offers an uncommonly wide variety of mortgage options to ensure the best fit for its members. According to the American Credit Union Mortgage Association, Liberty FCU was the Midwest’s top credit union in 2021 total first mortgage originations.
Program features:
- No Private Mortgage Insurance (PMI)
- 100% financing up to $970,800 loan amounts
- 95% financing for $970,801 to $1,500,000 loan amounts
- 90% financing for $1,500,001 to $2,000,000 loan amounts
- Purchases and rate/term refinances are eligible
- Low credit score requirement of 680, plus free in-house credit repair
- We are committed to offering your lowest rate. If you find a lower rate, we’ll match it.1
Receive a gift card worth up to $500 on closing! 2 Plus, pair your mortgage with your Liberty FCU checking account and debit card to receive a 1/8% APR interest rate discount. 3
MD, DO, DDS, DMD, Resident, Fellows, OD, DPM, Pharmacist
Whether you just began your residency or you are an established physician, Liberty FCU is dedicated to helping you secure the home of your dreams.
This program is available to residents, fellows, new, and established physicians alike. 4 We will gladly work with you and your busy schedule. Pre-qualification can be done easily online or through email.
Phone: 502-767-7867
Loans are subject to credit review and approval. Closing costs may apply. Liberty FCU mortgage lending product availability may vary based on property location. A sample principal and interest payment on a (7)-year $500,000 adjustable-rate loan amount with a 3.500% interest rate (3.575% APR) is $6,719.93. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Actual interest rate may vary based on credit history. Additional rates and programs available. Visit us online for current rate information. Contact a Liberty FCU mortgage loan officer for more details.
1 Rate Match Guarantee available for new purchases and refinanced first mortgage loans of primary residences with conventional conforming financing. Certain product exclusions may apply. Loan Estimate from competing lender must be dated and received within three calendar days prior to locking your interest rate at Liberty FCU. The terms of the competing loan must be identical to Liberty FCU’s loan. If the loan does not close within the commitment period, the rate match may be voided. This offer is subject to credit approval and may change or terminate without notice. Offer is not applicable to government loans, including FHA, USDA, and VA financing. Not valid in combination with 1/8% rate discount. Product offerings may vary by state or region.
2 Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 gift card. Not valid in combination with any other offer.
3 Discount available on conventional conforming financing of purchases for primary residences only. Offer available for new primary mortgage loans and mortgage loans already established at Liberty FCU when refinanced with at least $10,000 new money. Closing costs may apply. Liberty FCU verifies the past checking history of applicants with ChexSystems, a national consumer reporting network. Information obtained from the report could result in checking account denial. Certain product exclusions may apply.
4 Available to residents, fellowship, newly established, or established physicians with MD, DO, DDS, DMD, OD, or DP credentials. Rates listed are specific to the Physician Loan mortgage program. Standard mortgage rates may vary.
Fifth Third ∏
Fifth Third offers competitive programs and will look at all available options for the client that will be more beneficial to their scenario, as each client's scenario is different. With over 20 plus years of experience working with Physician's and these loans officers offer top notch professional “white glove” service.
- 0% down payment up to $1.25 Million Loan Amount
- 5% down payment up to $1.75 Million Loan Amount
- 10% down payment up to $2.5 Million Loan Amount
- 30 Yr Fixed, 15 Yr Fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM, 5/3 ARM
MD, DO, DDS, DMD, Resident, Fellows, DVM, OD, DPM
- Close up to 150 days before employment start date
- 1099 Income with less than 2 years of self-employed income or new 1099 contract (with proof of minimum guaranteed hours and hourly rate)
- Minimum 680 Credit Score with 5% down and 700 credit score with 0% down
- No Private Mortgage Insurance
- Up to 50% debt to income ratio
- Gift Funds can be acceptable for down payment, closing costs, and asset reserves in many circumstances
- Student Loan Payments can be excluded if deferred during training or we can use income based repayment monthly payment to qualify
- No restrictions on length of time post residency to qualify for loan
- Can own multiple properties or have multiple physician loans
- Helped thousands of physicians buy their homes with confidence
- Refinance and Purchase options
- Self Employed Income borrower options
- Additional Discounts Available With $25k Or More of Assets With Fifth Third Bank
Phone: 312-257-2440
Member FDIC/Equal Opportunity Lender
U.S. Bank ††
Phone: Office- 916-498-3402 / Cell- 916-837-4531
Equal Housing Lender. Member FDIC.
First Horizon
Currently we offer several physician programs. Our most popular product will allow the following:
- 100% financing up to a $1.5 million loan amount
- No PMI
- No restrictions for time out of residency
- Very low reserve requirements
- Minimum credit score of 680
- Can close up to 6 months prior to employment start date
MD, DO, DPM, OMS
Clearly a strength is our product is more flexible than most of our peers. We have been able to help several physicians who were turned down elsewhere for the product recently. Allowing physicians to be greater than 10 yrs out of residency and still qualify has been helpful to many. The opportunity to provide 100% financing up to $1.5 million, and 95% financing up to $2 million, and 90% financing up to $2.5 million has been strong compared to competitors. Condos are allowable under the product.
Phone: 813-603-4255
Truist
Phone: 866-810-4404
Physician Group at Neo Home Loans
We Close the Impossible Loans!
Move your family into your dream home quickly (we close in as little as 14 days), confidently, and without the stress that typically accompanies a new home purchase. Even if you are newly self-employed, 1099'd, or have been declined by another lender.
“NEO Home Loans was a game-changer for us. Despite the challenges common for 1099 professionals, they navigated the process seamlessly and made success achievable.” – Dr. Lance ⭐⭐⭐⭐⭐
At NEO Home Loans, we specialize in turning the impossible into possible for physicians and other medical professionals seeking home financing. We recognize your unique financial situations and are dedicated to simplifying the home loan process. Our tailored programs offer not just competitive rates and lower down payments but also waive mortgage insurance premiums, offering substantial long-term savings.
Understanding the diverse employment circumstances typical among medical professionals, such as self-employment or fluctuating income, our expert mortgage specialists are committed to securing flexible loan solutions that address your specific needs.
Request a FREE consultation at https://www.medicalprofessionalhomeloans.com/wcihomeloans/
100% financing options available with fixed or adjustable terms for clients with 720 credit score or better with minimal down payment for medical professionals with credit scores down to 680. Can now help 1099 independent contractors with no previous experience as self-employed, 100% loan to value to $1M, 95% loan to value to $1.25M and 90% loan to value to $2M loan amount. 50% max DTI. Can close anytime prior to a new job start date. Flexible with student loan debt.
PROGRAMS FOR MD, DO, DDS, DMD, DPM, DVM
100% financing up to $1M for physician home loans
95% financing up to $1.25M for doctor mortgages
1099 guaranteed income with less than 2 year history
Utilize gift funds for your down payment
Close before your employment start date
Student loan debt solutions available
Zero mortgage insurance for added savings
PROGRAMS FOR CRNA, PA, NP, RN, CNS, DPT, & other Medical Professionals
97% financing up to $850,000
95% financing up to $1M
90% financing up to $1.5M
Save thousands with reduced or no mortgage insurance
1099 guaranteed income with less than 2 year history
Credit scores as low as 620
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, RN, CRNA, DPM
The biggest challenge in the mortgage industry right now is speed to close, with housing inventory at an all-time low, we’ve focused on helping our clients close their loans in as little as 17 days (depending on the program and down payment amount).
Phone: 855-260-9932
Green State Mortgage ∅
Green State Mortgage is a boutique lender with access to the most competitive rates and programs. Allow us to tailor a lending program that meets your needs!
0% down up to $1,000,000, 5% down from $1,000,000 to $1,750,000, 10% down from $1.750,000 to $2,500,000. 1-2 Unit Properties, Condos, Townhouses, PUDs, Modular Homes. No PMI. No Prepayment Penalty. Non-Warrantable Condos to 90%. Fixed and adjustable rates (7, 10, and 15-Year ARM) available. No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves for W2 positions. 60 days prior to start date for 1099 positions.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, OD, DPM, Pharmacist
No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves. Most other lenders limit the purchase date to 60-90 days before starting a new position. We also allow business assets and gift funds for the down payment, closing costs and reserves. Debt-to-income ratios up to 50%. No 2-year history is required for physicians hired as a contractor or 1099 employee. Available nationwide (except CA), 2-unit properties eligible, flexibility for newly self employed.
Phone: 630-788-4048
Green State Mortgage – A division of Green State Credit Union
First Citizens Bank
Thank you for your interest in First Citizens Bank! We offer physician loans at 100% financing to $1,000,000, 95% to $1,250,000, as well as higher loan sizes with tiered down payments. Options include purchase and refinance of primary and secondary residence as well as construction to permanent financing. There is no PMI on our Medical Mortgage products and no limit on years in practice for established physicians. The minimum credit score for this program is 680. Treatment of student loan payments in calculating debt to income ratios can often be of concern to physicians; but we are very flexible on how we underwrite deferment and income based repayment. Loans may close up to 60 days prior to employment start date. This program is open to US citizens, permanent, and non-permanent residents.
Fixed rate and ARM options depending on loan amount and occupancy type. Primary residence – 100% financing up to $1,000,000; 95% up to $1,250,000; 90% up to $1,500,000; 80% up to $2,000,000; 75% to $3,000,000. Second home – 89.99% financing up to $1,250,000; 85% up to $1,500,000; 80% up to $2,000,000. Construction and Renovation – 89.99% financing up to $1,500,000; 85% up to $1,750,000. Minimum credit score – 680. Eligible borrowers include US Citizens, Permanent Resident Aliens, and Non-Permanent Resident Aliens
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, CRNA, OD, DPM
Program is open to all qualifying doctors regardless of years in practice, flexible underwriting on student loans, down payment and reserves may be gifted, excellent client service, and retained loan servicing. I specialize in physician lending and have over 20 years of experience in mortgage loan originations. I also have prior experience in loan processing and underwriting. Our origination and fulfillment teams have a great partnership environment and I’m confident in our ability to deliver a smooth and stress free experience. Apply online here.
Phone: 864-630-0921
First National Bank of Pennsylvania ∉
0% down to $1.25 million with 720 score, 10.01% down to $1.5 million. 30 and 15 Fixed, 15/6, 10/6, 7/6, 5/6 ARM’s.
Purchase or Refinance.
Federal student loans are excluded from Underwriting for Interns, Residents, and Fellows.
Seller Assist permitted up to 4% at 90% LTV or higher, 6% on LTV below 90%.
No PMI.
Conventional and Jumbo Financing Available.
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA
Construction/Permanent available with 15% down, no PMI.
80% Financing up to $1.5 million for Second/Vacation Homes
1099 Contracted employees acceptable (upon review)
Phone: 412-951-6793
Equal Housing Lender. Member FDIC. Rates and Programs can change anytime without notice.
How Do Georgia Physician Mortgages Work?
Physician loans, also known as doctor mortgages, are designed specifically for medical professionals who may have unique financial situations. These loans offer favorable terms such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios. Typically, lenders who offer physician loans will take into account a doctor's potential future income when considering their eligibility, rather than just their current income and debt. This is because medical professionals often have high earning potential, but may also have significant student loan debt that can impact their current financial standing. By taking this into account, physician loans can help make homeownership more accessible for doctors who may not be able to qualify for traditional mortgages. Physician loans are an option for doctors who are looking to purchase a home in Georgia and can help make their dream of homeownership a reality.
Choosing a Conventional vs Doctor Mortgage When Buying a Home in Georgia
If you've decided to buy a home, and you are committed to living in Georgia for more than five years, you should give serious consideration to putting 20% down and getting a conventional mortgage. The improved monthly cash flow will allow you a great deal of financial freedom and the ability to invest (and even spend). You'll save hundreds of thousands on interest over the life of the loan, all guaranteed, unlike investing a potential down payment elsewhere.
If you're going to buy a home in Georgia AND you can't or don't want to put 20% down, then a doctor mortgage loan is a reasonable option and at least as good as the other non-20%-down options.
When comparing conventional vs. doctor mortgages, physician loans do have lots of advantages, but those primarily revolve around easier underwriting requirements. A doctor mortgage can help you qualify for a loan you otherwise couldn't get.
Conventional mortgages are more difficult to qualify for, but there’s a reason for that. If you can qualify for a conventional mortgage, especially if you can make a sufficient down payment to avoid paying PMI, you’ll usually get a lower interest rate and fees. That means a lower monthly payment and a lower overall cost for your loan.