Doctor Loans in Rochester, MN
Hey, Rochester doc! If you are in the market to purchase a home, read on for information about a home loan program that’s been customized for physicians, veterinarians and dentists.
Completing your Residency?
If you’re completing your residency you may be interested in knowing that the doctor loan is available to you, too – regardless of your tenure in the medical field. Sure, you may not get enough to live on Pill Hill, but you can get a loan for a very nice home in Rochester.
A medical school grad who goes on to complete a residency program may qualify for a home loan, regardless of a lack of a down payment or proven earnings and in spite of piled-high student loan debt and a sparse credit report.
Why do lenders offer this loan? Because they understand your earning potential. Not only that, the default rate for physicians in only 0.2 percent.
Compare that with the fact that the default rate for non-physician borrowers with down payments between 3 and 10 percent is 6.8 percent. As you can see, you are an excellent credit risk.
Benefits of Doctor Loans
Let’s take a look at what these programs have to offer Rochester medical professionals (physicians, veterinarians and dentists), regardless of medical tenure:
- You can finance up to 90 percent of the purchase price, meaning you’ll only need a 10 percent down payment. Some lenders even offer zero down payment loans.
- Despite the low down payment, these loans typically carry no private mortgage insurance requirement.
- You may be able to borrow up to $2 million.
- You only need a credit score of 700.
- Each lender’s program is different so if you let us know the details of your situation we can refer you to the right lender.
Whether you’ve just completed your residency or you are an established dentist, veterinarian or physician, if you are planning on purchasing a Rochester home you owe it to yourself to check out these loan programs.
Feel free to contact Team Lindahl if you would like more information or fill out the form below to get started.