There is a bit of seasonality to physician financial issues, but nowhere is this more evident than with home-buying in the Spring. We sent each of our recommended mortgage lenders a list of questions to answer to get specific information about each of their physician mortgage products. As you can see, there is quite a bit of variability from one to the next, so if a physician mortgage is something you want or need to use, then you'll need to do a little bit of work to see which is the best option for you. Remember that most lenders do not lend in every state, but there are multiple lenders for each state, so your first screen should be “who lends in the state I'm buying in?” So click on the map below first to get an idea of what is available to you before proceeding through the rest of the post.

Also, we dramatically underestimated how long this post would be (partly because there are so many options these days and partly because the agents were pretty wordy.) So we've heavily edited their responses such that this post is basically our writing, reducing the post from >10,000 words to just over 3,000. If compliance officers have a problem with something, let us know. Also, bear in mind that any information here is only current as of the date of publication, so, confirm important details with the lenders themselves.

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The questions we asked were the following.

  1. What are the terms of your physician mortgage product?
  2. What types of professionals qualify for your program?
  3. What do you see as your doctor mortgage product's strengths over its competitors?

We had a great response and hope you find this helpful if you're in the market for a physician mortgage. Remember a doctor mortgage is a mortgage that doesn't charge you PMI despite putting down less than 20%.

 

 

The Best of Physician Mortgage Lenders and the Loans they Offer

Whew! That was quite the list. I hope you find this resource helpful as you search for a physician mortgage and if you need a realtor too, check with our partner Curbside Real Estate for a recommendation.

What do you think? Have you purchased a physician mortgage? Who did you use and what was your experience like? Who else did you consider and what made your decision? Comment below!