Medical Professional Home Loans
7 Things Medical Professionals Should Know Before Buying a Home in Texas
Medical careers often come with a different financial timeline. Residency, fellowship, relocation and a new employment contract can all affect when and how you buy a home. A specialized home loan may provide financing options designed around those circumstances.
What should medical professionals know before buying a home? From employment contract income verification to financing options and private mortgage insurance, understanding the differences can help you make a more informed decision before starting your home search.
You may be able to buy before you start your new job
If you are relocating for residency, fellowship or a new medical position, you may not have to wait until your first paycheck to begin the homebuying process. A signed employment contract may be used to help verify income for eligible borrowers.
- A signed employment contract may be used to verify income.
- This can be helpful for residents, fellows and relocating medical professionals.
- You may be able to begin the mortgage process before your official start date.
Up to 100% financing may be available
Saving for a large down payment can be challenging after years of medical school, training and residency. Qualified borrowers may be eligible for up to 100% financing through Extraco's Medical Professional Home Loan.
- Qualified borrowers may be eligible for up to 100% financing.
- A large traditional down payment may not be required.
- Lot and land financing options may also be available in select counties.
You may be able to buy without private mortgage insurance
Many traditional mortgages require private mortgage insurance, commonly called PMI, when a borrower makes a smaller down payment. Extraco's Medical Professional Home Loan offers no PMI for eligible borrowers.
- No private mortgage insurance for eligible borrowers.
- PMI is commonly associated with smaller down payments on traditional mortgages.
- The absence of PMI can affect the overall cost of your mortgage.
Medical professional loans aren't just for physicians
The term "physician mortgage" can make specialized medical home loans sound more limited than they are. Extraco's Medical Professional Home Loan is available to several types of eligible healthcare professionals across Texas.
- Newly licensed physicians, residents and fellows may qualify.
- Dentists, pharmacists, physician assistants and nurse anesthetists may also be eligible.
- Optometrists, ophthalmologists and certain executive-level hospital administrators may qualify as well.
You have options when choosing your mortgage structure
The right mortgage can depend on where you are in your career, how long you expect to own the home and your broader financial goals. Extraco's Medical Professional Home Loan offers both fixed and adjustable-rate options for eligible borrowers.
- Fixed-rate mortgage options may be available.
- Adjustable-rate mortgage options may also be available.
- An Extraco Mortgage Consultant can help you compare available terms based on your plans.
The Medical Professional Home Loan is available across Texas
Medical careers can require relocating for residency, fellowship or a new position. Extraco's Medical Professional Home Loan is available to eligible medical professionals across the state of Texas.
- The program is available to eligible medical professionals throughout Texas.
- It may be useful for professionals relocating for residency, fellowship or employment.
- You can begin discussing your financing options before your move.
Working with a mortgage team that understands medical careers matters
Medical professionals can face homebuying challenges that are different from those of other borrowers. Years of training, residency, fellowship, relocation and new employment contracts can all shape the mortgage process. Extraco Mortgage Consultants understand those circumstances and can help you navigate your options with your career path in mind.
- Our Mortgage Consultants understand medical career timelines.
- They can help you work through residency, fellowship, relocation and employment contracts.
- They can help you find the Medical Professional Home Loan option to fit your situation and goals.
Request More Information
Have questions about the Medical Professional Home Loan?
Complete the form below to request more information. An Extraco Mortgage Consultant can help answer your questions and explain the options available for your situation.
