Simply put, a physician home loan is a low down payment mortgage program that specifically services physicians, dentists, and other professionals in various medical fields. And with the Research Triangle being home to some of the country’s top research labs, hospitals, and countless other medical facilities, it’s one of the more common ways to buy a home in places like Raleigh, Durham, Chapel Hill, and other parts of the Triangle region.
As alluded to above, one of the primary advantages of choosing a physician home loan is that it’s generally a low-interest loan with lots of different options. Of course, specifics vary a bit from lender to lender, but most physician home loans have 10, 15, 20, and 30 year fixed rate mortgages available, or even 3/1, 5/1, 7/1, and 10/1 ARM loans too. Additionally, private mortgage insurance (PMI) isn’t a requirement with physician home loans, making your quest to buy a new home even more affordable when choosing this unique financing option.
It’s always best to verify program details with multiple lenders, but physician home loans follow these guidelines:
Did you know Duncan Prime Realty specializes in physician loans in North Carolina? So if you have any questions about physician home loans or if you’re part of the medical community and are thinking about buying a home anywhere in the Triangle area, give me a call now or simply fill out the contact form below!
BRANDON DUNCAN, Physicians Agent