It might be easy to think of physicians as people without financial hardships. Truth is, most doctors spend many years in school and then enter the work-world with lots of student loan debt. The Class of 2021 median medical school debt was $200,000, not including undergraduate debt, according to the Association of American Medical Colleges (AAMC).

What that debt means is that when a new doctor needs a place to live, it’s tough to get a home loan because of all the debt. That’s where I can help.

If you’re a physician, INB has a mortgage program that will help you finance a home.

INB’s Physician Loan Program:

• Allows financing of 100% up to a $1 million loan amount.
• Eliminates the private mortgage insurance requirement.
• *Reduces the current interest rate by .25% (1/4%) for INB checking or savings account customers who have their mortgage payment auto-deducted. To get the rate reduction, the INB account and auto-debit must be in place and documented on or before the closing.
• May exclude student loan debt from underwriting ratios if you meet regulatory guidelines.
• Offers adjustable rate mortgage options. 

To qualify, a physician must:

• Be licensed AND employed by a hospital or physician group OR self-employed at least 2 years OR teaching at a medical school or institution. Psychiatrists are eligible if a licensed MD with degree as outlined here.
• Meet our underwriting requirements.
• Have a credit score of at least 700 for loan amounts up to $650,000 and at least 720 for loan amounts up to $1 million.

This is a great program for residents with student loan debt who may not otherwise get approved for a conventional loan because of their beginning salary. This program opens up options based on their needs instead of apartment availability.  And isn’t paying your own mortgage better than paying someone else’s?

Give me or any INB mortgage lender a call so we can talk about how INB might have the right home financing for you.