Doctor Loans

Minneapolis, MN: Cambria Mortgage is proud to offer specialized programs for doctors. Our Physician loans, commonly called Doctor Loans, are available to Medical Doctors, Podiatrists, Ophthalmologists, and Veterinarians.  Sorry, not available for Chiropractors.

These specialized loans are meant primarily for newer medical professionals, and come with expanded guidelines that allow these medical professionals to buy homes today, generally before they would normally be able to.

A common new doctor problem is high debt-to-income ratios because of student loans, combined with just graduating or starting their residency. Even with these common early in their career problems, these fields generally have high income potential, and very low default rates, making some lenders, including Cambria Mortgage, more willing to lend.

There are many different variables on how doctor loans work, so it is generally best to start by completing an online application, then letting our experienced licensed Loan Officers review it with you to zero in on what options are best for you.

Biggest Benefits Of Doctor Loans

Some of the biggest benefits of Doctor loans include:

• 100% financing up to $1,000,000 loan
• Qualify on an employment contract (close before you even haven't work s single day at the new job)
• No PMI (mortgage insurance) - saving you a lot per month

Other Common Guidelines

While doctor loans have many added benefits, they do have many of the normal loan qualification guidelines, including:

• Maximum loan $2,000,000
• Primary home only (1-2 unit only)
• We must count student loans (even deferred ones)
• Credit score requirements. Minimum score of 680 with 5% down. 720 required for 100% financing.
• Maximum debt-to-income ratio of 50%
• Fixed rate and adjustable rate options

Is A Doctor Loan Right For You?

Maybe. The most common comment I hear from client's asking about this type of loan has to do with buying that bigger nicer home today, before home prices go up, knowing income will increase soon.