Some lenders call them “Med-Pro” loans or just “Doctor Loans”. If you are in a medical profession, even doing your last year of residency, and want to buy a home in Nashville, you should definitely investigate this! These are mortgage loans with special benefits for those in the medical profession.
MEDICAL DOCTORS: Medical doctors get some fantastic deals. I know of a lender doing 100% financing up to $1,000,000 (or 95% up to $1.5 million, or 90% up to $2 million) for a primary residence with no PMI and no origination fees or points. This is amazing, because PMI (private mortgage insurance) is an extra fee that normally anyone needs to pay with their monthly mortgage payment, on loans with less than 20% down. Deleting the extra cost for mortgage insurance makes your mortgage payment significantly cheaper. What’s more, if you have a contract for future employment, they can close 90 days before your start date, based on the salary you will receive at your new job! That means if you are in your last year of residency and have a contract for employment with a start date of, let’s say, July 1 — we could go ahead and get you preapproved for a loan based on that salary, and start looking for properties this weekend! If we found a great property, we could put in an offer with a closing date of April 1, which is about 6 weeks away. Let’s do it!
OTHER MEDICAL PROFESSIONALS: What if you aren’t a medical doctor? There are still great programs for nurses, dental hygienists, PA’s, occupational therapists, and speech therapists. With these programs you can have as low as 3% down payment, again with no mortgage insurance. There are other programs out there for non-medical folks that allow 3% down, but most of them require mortgage insurance which can really escalate the monthly payment. This is a fantastic benefit for basically anyone who wears scrubs to work.
If you are a medical professional ready to buy a Nashville home, contact me today! I can direct you to local lenders who will help you find the best mortgage for you. Let’s get started finding your Home in Music City!
post by Leisa Wilcox, Nashville Realtor, RE/MAX Homes and Estates. 615-813-1813 or lw@homeinmusiccity.com.