Physician Loans In Dallas-Fort Worth

Physician Loans in Dallas-Fort Worth

Physician loans provide a tailored mortgage solution for medical professionals in Dallas, Texas, and surrounding areas. These loans are offered through various banks and lenders, catering to the unique financial circumstances of physicians, dentists, and healthcare professionals.

What is a Physician Loan?

Physician loans, also known as doctor loans, are specialized mortgage products designed for medical professionals. Unlike conventional loans, which adhere to strict government guidelines from entities like FHA and VA, physician loans offer more flexible terms:

• Credit Scores: More lenient requirements.
• Down Payments: Often require little to no down payment.
• Debt-to-Income Ratios: Tailored to exclude or reduce the impact of student loan debt.

Why Physician Loans?

Most new residents and fellows face significant student loan debt and limited savings for a down payment, making it challenging to qualify for conventional loans. Physician loans address these challenges with unique benefits:

• Higher Approval Rates: Designed for borrowers with deferred or income-based student loans.
• Low or No Down Payments: Typically finance 90-100% of the home's value.
• No Private Mortgage Insurance (PMI): Saves borrowers 0.5%-1% annually.
• Student Loan Exclusion: Student loans in deferment or income-based repayment are often excluded from debt-to-income calculations.
• Higher Loan Limits: Not restricted by conventional loan caps.
• Flexible Income Proof: Accepts employment contracts or offer letters, allowing loans to close before starting a new job.

Restrictions of Physician Loans

While highly advantageous, physician loans have specific limitations, which vary by lender:

• Limited to certain medical designations (e.g., MD, DO, DDS, DMD).
• May exclude certain property types, such as condos.
• Require good credit (e.g., 720+ for loans above $417K).
• May mandate opening a bank account with the lending institution.

Eligible Professionals

Physician loans are available to:

• Residents and fellows.
• Attending physicians.
• Self-employed physicians.
• Dentists.
• Pharmacists.

Texas Cities Offering Physician Loans

Physician loans are accessible in the following Texas cities:

Dallas, Fort Worth, Frisco, Plano, Southlake, Colleyville, McKinney, University Park, Keller, Flower Mound, Allen, Highland Park, Prosper, Coppell, Irving, Heath, Lucas, Fairview, Trophy Club, Granbury, Lewisville, Celina, Argyle, Carrollton, Highland Village, Arlington, Richardson, Murphy, Aledo, Lantana, Denton, Rockwall, Parker, Possum Kingdom Lake, Grapevine, Mansfield, Double Oak, Westlake, Weatherford, The Colony, Bartonville, Cross Roads.

Why Work With an OnDemand Realty Realtor for Doctors loans?

Navigating the home-buying process can be complex, especially for medical professionals balancing demanding careers and unique financial situations. OnDemand Realty Realtors bring specialized expertise to help physicians and healthcare professionals find their dream homes with ease. We collaborate with a variety of lenders and credit unions offering specialized products designed for doctors and physicians. Want to receive our list of trusted lenders? Call us today at 214.766.5833