Omaha Physician Loan Programs

by Ryan Renner, Realtor

What is it? Who is eligible? How much money do you need to put down?

What is a Physician Loan?

Watch the video below to find out what exactly a doctor loan is, who is eligible, and how it’s different from a conventional loan.

FAQ

Who is eligible?
Medical doctors and residents are eligible for physician loan programs. This generally includes, but is not limited to, the following types of doctors:

• Allergists/Immunologists
• Anesthesiologists
• Cardiologist
  Colon and Rectal Surgeons
  Critical Care Specialists
  Dermatologists
  Doctor of Dental Surgery
  Doctor of Dental Medicine
  Endocrinologists
  Emergency Medical Specialists
  Family Physicians
  Gastroenterologists
  Geriatric Medicine Specialists
  Hematologists
  Hospice and Palliative Medicine Specialists
  Infectious Disease Specialists
  Internists
  Maxillofacial and Oral Surgeons
  Medical Geneticists
  Nephrologists
  Neurologists
  Obstetricians and Gynecologists
  Oncologists
  Ophthalmologists
  Osteopaths
  Otolaryngologists
  Pathologists
  Pediatricians
  Physiatrists
  Plastic Surgeons
  Podiatrists
  Preventive Medicine Specialists
  Psychiatrists
  Pulmonologists
  Radiologists
  Rheumatologists
  Sleep Medicine Specialists
  Sports Medicine Specialists
  General Surgeons
  Urologists

##How Much Can I Get Approved For?
This is dependent on your debt to income ratio. Your student loans may be excluded if you defer them for 12 months (this will vary from lender to lender).

##How Much Do I Need For a Down Payment?
Some lenders require no down payment for loans below $500,000. The exact down payment will vary from lender to lender.

##How is a physician loan different from a conventional loan?
A major difference is the down payment. A conventional loan will require a minimum 3% down while the physician loan allows you to finance 100% of the purchase.

Another difference is a conventional mortgage has a fixed rate while a physician loan is a variable rate mortgage. The variable rate is fixed for usually 5, 7, or 10 years. The theory is you will sell or refinance your home before the rate changes.

##Can I buy a home before my residency or new position starts?

Yes, it’s possible but it depends on the lender. Some lenders will be able to approve you and close on a home before your new program starts.

##What do I need to provide the lender to get pre-approved?
The lender will need all your personal information, current financial information as well as the offer letter from your new program.

My Preferred Loan Officers For Doctors
Not every lender in Omaha offers physician loans. The ones below can.
I’ve personally done transactions with each of them.
I know and trust them. And you are in good hands with any of them.