A physician loan or “doctor loan” is a mortgage specifically for practicing physicians and residents that usually requires zero or very little down payment, without requiring the payment of a private mortgage insurance (PMI). With most other loan types, lenders often want borrowers to have a 20% down payment or in lieu of that, pay a mortgage insurance for anything less than 20%. Physician loans give you the privilege of having the best of both worlds, not having to put down 20% and not having to pay mortgage insurance. Generally they are used to purchase a residential home and not for an investment property.
NextHome Excellence
1400 Cattlemen Rd, #104
Sarasota FL 34232
Millicent Schandorf-Lartey
REALTOR®
