Let Valuation Tech Help Improve Your Collateral Valuation

Join this webinar to learn how technological advancements in valuation provide solutions to help lenders and servicers deliver more comprehensive offerings to their clients.

Talking proptech with FinLedger Director Holden Page

In this episode, Page discusses the hottest topics coming across FinLedger’s news desk. Topics include: the online banking market, what’s happening in the proptech space and recent private market deals.

With a reinvigorated CFPB, what’s next for the NYDFS?

While the CFPB is reinvigorated under the Biden administration, there’s plenty of room for it to retake a leading role and coordinate with the NYDFS.

Does your CRM hurt or help the customer experience?

In real estate, data is king. The more you leverage your own data the better off your agents or loan officers will be because they’ll be able to identify, target and create better customer experiences.

Mortgage

PhysicianLoans rolls out $750,000 mortgages with no down payment, for doctors only

Lender says physicians maintain near perfect delinquency rate

PhysicianLoans, an Ohio-based mortgage lender that specializes in loans for medical professionals, announced recently that it is now offering a $750,000 mortgage with no down payment requirement and no private mortgage insurance.

The loan is being offered as part of the company’s flagship product, which is called the Doctor Loan. The loan is available to medical doctors, dentists and veterinarians.

The Doctor Loan also features no private mortgage insurance.

Offering zero-down loans to doctors isn’t new for PhysicianLoans, the company said in a release. This recent announcement is simply increasing the maximum loan amount to $750,000.

The company is currently licensed to lend in 18 states, including Georgia, Michigan, Minnesota, Pennsylvania, Ohio, Texas, and Wisconsin.

According to details from the company, it offers zero-down loans to doctors because the amount of debt that the doctors rack up in medical school makes it difficult for them to save for a down payment.

“Today’s young doctors would like to both pay down their debt and buy a home,” PhysicanLoans president Tal Frank said. “While a post-residency doctor making six figures has the cash flow for both, they do not yet have the down payment required by a traditional bank.”

The company said the increase is necessary due to rising home prices.

“The need for the increase was brought about by the continued appreciation in home values over the last several years,” Frank said.

“Doctors completing their training now have to pay more for a home than they did five years ago which would translate to an even higher down payment with traditional banks,” Frank added. “The increase to $750,000 for zero down keeps more homes in reach for new doctors who recently completed training.”

The company said that it does not view either zero-down loans for doctors or increasing the maximum amount of those loans to be risky.

Frank said that physicians maintain a “near zero” delinquency rate on their doctor loans.

“We have a long track record proving that doctors are a safe bet for mortgage loans and so we are willing to go outside the box,” Frank concluded.

Most Popular Articles

Will we ever see a “normal” housing market again?

The question on everyone’s minds: When will this hot housing market cool down? Arch MI investigates this and more in its Spring Housing and Mortgage Market Review.

Jun 22, 2021 By

Latest Articles

Mortgage rates jump back up to 3.02%

The average 30-year fixed-rate mortgage rose nine basis points from the week prior to 3.02%, according to data released Thursday by Freddie Mac‘s PMMS. This is the first time in ten weeks mortgage rates have risen above 3%.

Jun 24, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please