Becoming a doctor is no easy task, but you have done it. You put yourself through years of medical school, interning, and a residency, and now that you have got your practice going, you need to take another essential step towards the future.
That’s right; it’s time you bought a house. What size of home you buy is, of course, up to you, but for doctors, the market does tend to skew towards the more expensive, and loans for doctors are packaged to reflect that reality.
What Is Out There
For pediatricians, options are a bit limited. While the sad truth is that the doctors who care for children tend to make less than those of any other specialty, there are still resources available. Mortgage Loan is a helpful place to get necessary information on rates, options, and repayment plans. Another good place to look is Pinnacle Lending Services, which also lends to lawyers, architects, and other high-paying professions.
If you are a dentist and your cardiologist brother laugh at you for not being a doctor, you can always get back at him by pointing out that you have better home loan options. UMB has you covered, as does Regions, Charter One, and many other banks. Pretty much anywhere you ask, they will probably have something to help you get a better home than your cardiologist brother. Bank of America and Huntington are right places to look as well.
On the other hand, if you decided to change a few letters from above and specialized even further by being a podiatrist, your options are more promising. Physician home loans for podiatrists are available from UMB, Fifth Third Bank, and Bank of America. Ask them about what a “doctor loan” can do for you and your housing needs.
Another medical specialty for which loans are available is for optometrists. If you practice in Alabama, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, DC, or West Virginia, BB&T Bank has options for you. If you practice in Michigan, Indiana, or Illinois, call Horizon Bank to see if they have anything available for your county. Loans are also available from such institutions as UMB, Flagstar, Bank of America, and others.
Maybe you did not go the full medical route and its abnormally hard hours but decided to become a nurse practitioner or nurse anesthetist. Unless you have been an incredibly scrupulous saver, you likely will not qualify for the same loans as a doctor would, but that does not mean you can’t get a good deal. Help is still available for you, and you can get it from the ever-reliable UMB.
The truth is, there are many options out there, no matter what sort of home you are after. Determine what you will need to keep your family housed as well as keep your practice’s doors open. Ask other doctors who have bought homes who gave them the best service and interest rates.
After all your hard work, sleepless nights of studying, and hard practice, you have earned the privilege of owning a beautiful house. So, get out there and find someone who will give you the loan you need at a rate that works for you.