5 potential benefits of using a doctor mortgage program:
- Special rates: Doctor mortgage programs may offer lower mortgage rates to medical professionals
- Reduced down payment requirements: Some programs may require a smaller down payment or may offer down payment assistance to help medical professionals afford a home.
- Reduced private mortgage insurance (PMI) requirements: PMI is typically required when you make a down payment of less than 20% of the home’s purchase price. Some doctor mortgage programs may allow you to avoid PMI altogether or may require a smaller down payment before waiving PMI.
- Simplified qualification process: Doctor mortgage programs may have a streamlined qualification process and may be more forgiving of certain factors that could affect your ability to qualify for a mortgage, such as a high debt-to-income ratio.
- Special perks: Some doctor mortgage programs may offer additional perks, such as homebuyer education or closing cost assistance.