Doctor Loans in Blaine, MN
Are you a medical professional who is considering buying a home in Blaine? If so, we know of a loan program we'd like to introduce you to. Known as the "physician loan," or "doctor loan," it's a custom tailored program for physicians, veterinarians and dentists.
Doctors are Good Credit Risks
Being a medical professional has its perks. For instance, did you know that fresh med school grads are considered good credit risks? It's true. Lenders look at their earning potential, which as you know, may be substantial.
This is also why lenders look beyond student loan debt and even the lack of a credit score when making loans to medical professionals.
The Benefits of Doctor Loans
Although benefits and qualifications vary by lender, here are a few commonalities that you'll find in many offerings:
- No down payment loans are offered by some lenders. Others offer low down payment programs.
- There is no private mortgage insurance requirement. This can save substantial money every month when you make your house payments.
- Many lenders offer doctor loans up to $2 million.
- The minimum credit score requirement is typically 700 and above.
- 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 Blaine home for sale.
Contact us to learn more, or fill out the form below and we'll be in touch with you soon.
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Listing information last updated on April 2nd, 2020 at 6:06pm CDT.