Nowadays, some vets are eligible for physician mortgages. Home loans for veterinarians refer to an extended physician mortgage offered by a lender, providing a financing solution for medical professionals who are unable to afford conventional mortgages.
Medical school and training can cost an arm and a leg, causing a lot of medical professionals don’t have enough savings for applying for a home mortgage. However, lenders consider them as great customers with high potential so several financial institutions offer physician mortgages to solve the problem.
What Are Home Loans for Veterinarians?
A veterinary physicians home loan is among physician mortgage products to help you get your home dream faster. Through this program, all vets with a Doctor of Veterinary Medicine degree (DVM) and Veterinary Medical Doctorate (VMD) are qualified for a veterinarian physician mortgage.
Benefits of Veterinary Home Loan
Home loans for veterinarians come with so many benefits and some of them are excellent. Check out the following advantages of physician mortgages for vets.
- Optional Down Payment
The greatest benefit of a veterinarian home mortgage is a low or zero down payment. Lenders typically have at least a 100 percent financing product so that borrowers don’t necessarily need to come up with savings. But some lenders also offer as little as 10 percent of the down payment.
- No PMI Required
On conventional mortgages, borrowers are required to buy private mortgage insurance if they choose a down payment of less than 20 percent. The cost of insurance varies between 1 percent and 5 percent of the loan. The good news for vets, they are not required to purchase PMI.
- No Work History Required
Considering the training that vets have to go through, most lenders that offer physician mortgages don’t require a work history for your qualification. This means your way to purchasing a dream house is getting easier.
- Jumbo Mortgages
Vets can take advantage of jumbo mortgages offered by lenders. Compared to conventional mortgages and FHA mortgage loans, home loans for veterinarians allow high loan balances. The lenders might enable you to purchase houses for more than $2 million.
- Debt-to-Income Ratios Don’t Count
No need to worry about your student loans. On vets’ home loans, lenders either recalculate the impact of your student loan debt or dismiss it. Some lenders that offer doctor mortgages don’t apply debt-to-income ratios.
All in all, home loans for veterinarians are generous financing solutions for medical professionals to help them achieve their goals faster. Be sure you are eligible for mortgage application by learning the qualifications applied in your state.