PHYSICIAN HOME LOAN
Mortgage loans designed to fit your needs
Physician Home Loan
Enjoy great rates, local service, and more flexible guidelines
The Physician Home Loan is designed to meet the needs of local doctors, and in particular, those who are recent graduates and looking to buy their first home, or trade up into a new home. This mortgage offers flexible underwriting guidelines that make it easier for doctors to qualify for a mortgage loan, even with significant student loan debt.
Who’s eligible for the Physician Home Loan?
Doctors who practice medicine, dentistry, optometry, podiatry or osteopathy - including residents, fellows, and new and established physicians.
With our Physician Home Loan you can:
- Pay as little as 3% down
- Borrow up to $500,000
- Choose from fixed rate or adjustable rate loan options
- Enjoy flexible guidelines that make it easier to qualify for a mortgage loan
Let’s dig a little deeper.
Pay as little as 3% down
Avoid the 5% to 10% standard down payment required by most lenders. With only 3% down required, you’ll save more for home improvements, furniture, and appliances.
Choose the loan term that works for you
Get the flexibility to select either a fixed rate mortgage—which helps you build equity and pay off your home faster—or a 5/1 Adjustable Rate Mortgage, which provides for more affordable payments during the first years of your home ownership.
Borrow up to $500,000 for variety of property types
No need to compromise on your dream house. Borrow up to $500,000 to purchase a single-family residence, townhome, condo, or home located within a planned unit development.
Flexible guidelines make it easier to qualify for your mortgage
- Flexibility with your debt-to-income ratio. Your debt-to-income ratio (DTI) is a comparison of your future housing expenses and your monthly debt obligations versus how much you earn. DTI is key in helping lenders determine whether a borrower qualifies for a mortgage. You can qualify for an Advantis Physician Home Loan with a DTI of up to 43% of your pre-tax monthly income, higher than what most other lenders allow. In addition, we allow financing for members with credit scores as low as 680.
- Lower cash reserves required. Many low-down-payment programs require cash reserves equal to six months of your mortgage payment. Our Physician Home Loan program requires cash reserves equal to only two months of mortgage payments. This means you need much less in savings on hand to qualify for your mortgage loan.
- Flexibility in considering student loan debt. Other lenders may view your student debt as a liability, which can be a potential obstacle to getting qualified for a mortgage loan. Advantis can exclude your student loan payments from your total monthly debt obligation if those payments have been deferred for a minimum of 12 months after the loan closing date. This potentially makes it easier to qualify for a mortgage, even if you have higher student loan debt.
Learn what to expect.
See the steps you’ll take to get from here to “hello new home.” Check out the Advantis Mortgage Guide to see our straightforward mortgage process and read our homebuyer’s guide for helpful tips on buying a new home.
Learn a few key concepts.
We’ve shared some key concepts to know before you apply for a mortgage or shop for a new home.
Do the math.
Use our mortgage calculators to get a general idea of what your loan payments may be, or for a more comprehensive breakdown, get an instant online quote that will estimate your rate, payments, and fees on a variety of mortgage options.
Set up rate alerts.
With our customized Rate Watch feature, we’ll keep an eye on local rates so you don’t have to. Get mortgage rate alerts emailed to you.
Visit our online resource center.
If we haven’t covered what you need above, you’ll likely find it in our online mortgage resource center. Check out helpful FAQs on a variety of mortgage and home buying topics, a glossary of commons terms, and more.
Property restrictions and other conditions apply. Contact a mortgage officer for details. For all dwelling-secured loans, hazard insurance is required and flood insurance may be required. All loans are subject to underwriting approval.