Right now, the physician loan is a very appealing alternative to the conventional mortgage. Due to the current mortgage crisis, there are practically no 0% down loans available that don't require PMI. The doctor loan rates are still very competitive, and you would be doing yourself a disservice if you don't at least check into the programs and rates available to you as a doctor.

In addition, most recent graduates that are on their way to becoming residents have considerable student debt that would bar them from getting a traditional mortgage. The doctor loan is a great way to discount that debt.

Q: What is the doctor or physician loan?

A: Physician loans are offered by a few different lenders across the country. It's designed for residents and practicing physicians with student loans that may not allow them to qualify for traditional mortgages.

Q: Who is eligible for the physician mortgage?

A: Residents and practicing physicians. (DDS), (DMD), (OD) and (MD), (DPM)

Q: Do student loans affect my ability to get a mortgage?

A: With traditional, conforming mortgage loans, your student loans are calculated into your debt-to-income ratio (click here for more info on debt-to-income ratios). With the physician loan, they do not affect the ratios.

Q: If I am still in medical school will I qualify?

A: Unfortunately, the program requires you to be a practicing resident or doctor.

Additional Resources:

To order a free credit report, go to:

www.annualcreditreport.com

To read the Fair Credit Reporting Act, go to:

www.ftc.gov/os/statutes/frca.htm

For the Federal Trade Commission’s information on consumer credit, go to:

http://www.ftc.gov/