In mid-March when medical school seniors were matched with residency programs that would determine where they’d live for the next three to five years, mortgage lenders were seeing an uptick in visits from the future derica.

Along with seeing the advantages of buying over renting a home, some are interested in getting a physician loan that may offer them slightly better terms than a conventional loan.

Among the benefits of a physician loan are that it has less stringent credit and debt-to-income requirements, has a high maximum loan amount, can have zero down payment requirements, and doesn’t require private mortgage insurance, excellent credit or a long job history.

Despite their student loan debt, medical residents and physicians are considering owning a home versus renting because a monthly payment for a home might be a better alternative to rising rental rates, says Bob Doerica.Continue reading→