Loans for New Doctors? (loan, credit, rate, financing)

[kimmie2]

Hi:

My Husband is a few years out of his residency. We heard there were special loans for new physicians, possibly Bank of America, with no or little down payment? I couldn't find anything on their website. I'll call them but are there others who offer special loans for new doctors?

Thank you.

[Ultrarunner]

A good friend of mine was offered a 4% fixed loan as a sign-on bonus from a hospital in Alaska... The only catch was the rate and loan were only valid while employed by the Hospital.

Check for the your Medical Group and your Hospital Physician Services... Also a lot of current info is exchanged at the scrub sinks as Docs scrub in

[texdav]

I know they have deals for doctors willing to go to areas that have no doctors or are short of them. Doubt you will ever get above middle class but it is a start and maybe you can save to start a practice else where later.Good deal for some starting otu and good for the area.

[oakparkdude]

I bought my home with the bank of america no money down mortgage program for physicians. I comparison shopped and couldn't find a better rate elsewhere.

[rcarrillo]

There is the Community Heros Option... a modified version of My Community that assists teachers, police officers, fire fighters and those in healthcare such as doctors and nurses.

There is the possibility of 100% financing depending on credit, income, debt payments and assets. The requrements are very generous and the terms and rates are very good for low or no down payment loans.

I used to work with a lot of doctors and medical researchers (I went the PhD route instead of MD) but the program is finally becoming popular again now that reduced doc loans are harder to find.

[sean98125]

Why not just rent a cheap place for a few years while getting your school loans paid off? He'll be making very good money pretty soon, and you shouldn't have any problem at all saving up a down payment if you life reasonably.

[soonenough]

Yes we are researching loans for physicians as well.
You do NOT have to move anywhere specifically nor be employed by a hospital. You do not have to move places where there are few doctors like someone said. You just have to have an MD and have good credit.

Bank of America does it, as well as physicianloans.com (or .org)
There are quite a few websites all over the internet, you should not have a problem if you do a google search.

[rcarrillo]

Originally Posted by soonenough

You do NOT have to move anywhere specifically nor be employed by a hospital. You do not have to move places where there are few doctors like someone said. You just have to have an MD and have good credit.

Thos are two different programs. The ones you have to move to a particular palce and offer below market rates are usually offered by the hospital to lure doctors. Some places also offer to repay student debts or other perks to attract physicians to rural locations or to lower paying positions.

The ones offered to any MD (and also to RNs or medical techs) are directly through lenders and banks. These programs you need to qualify for like anyone else BUT they usually offer a little more flexibility in guidelines or lower rates. You can buy any home anywhere in the US as long as you qualify for the program.

[D.C.]

Does anyone know if the doctor loan applies to all doctors or just M.D's?

[chet everett]

The programs that I have seen basically are available to anyone that can hold a staff position as an attending physician or staff surgeon at a normal hospital. In the US education system that means Doctors of Osteopathy and Medical Doctors. Doctor of Osteopathic Medicine - Wikipedia, the free encyclopedia