Home Loans for Minneapolis Doctors
While doctor loans are a good choice for all docs, whether they are fresh out of medical school or have been in practice for decades, they are the ideal choice for new graduates and residents.
One of the biggest pluses for these borrowers is that the full amount of their student loans isn’t factored into the debt ratio. Then, their future earning potential – not past or current -- is used to determine qualification for the physician’s home loan.
Lenders understand that young medical professionals leave school with a mountain of debt and no proven earnings. They also know that most will eventually buy a home. Because of their potential earnings, and the fact that the default rate for doctors is so low, these folks are excellent credit risks.
Do I Qualify for a Doctor's Loan?
Now physicians in all stages of their careers, plus dentists and veterinarians can fulfill their dream of home ownership. So how do you know if you qualify for a doctor's loan? Fill out the form below and contact us to see if you qualify! Once we've determined that you're an ideal candidate, Kris Lindahl and his extensive network will connect you with the appropriate people to make sure the process is completed without a hitch!
Applying for a physician's loan give you more than just access to a home. Additional benefits of a physician loan include:
- The ability to finance up to 100 percent of the purchase price.
- No private mortgage insurance (PMI) requirement.
- Loan amounts up to $2 million.
- Minimum credit score of 700.
- No pre-payment penalty.
- These loans are available to veterinarians and dentists as well.
If you are interested in using a doctor loan to purchase a home in Minneapolis, contact the Lindahl Team for all the details. Feel free to contact fill out the form below to see if you qualify!