Physicians have always been the backbone of the health and wellness of society, all around the world. And in the face of a pandemic, they didn’t flinch. Even prior to COVID-19, their daily contributions were always immense and deserving of praise. Honestly, we love our healthcare workers and wish we could give every single one their dream home! But while we can’t exactly do that, we talked with Molly Nash Long of Fulton Mortgage Company about the loans designed and exclusively for physicians! Read below to learn what physician loans are all about.
How long have you been in the industry?
I’ve been in the mortgage industry for 15 years.
Are there specific loans available to physicians in VA? Are there unique construction to permanent loans available to physicians?
Yes! We offer our products to a variety of medical professions including:
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- Medical Doctor (MD)
- Doctor of Osteopathy (DO)
- Doctor of Dental Science or Surgery (DDS)
- Doctor of Dental Medician (DMD)
- Doctor of Ophthalmology (MD or DO)
- Doctor of Psychiatry (MD or DO)
- Doctor of Pharmacy (PharmD)
- Doctor of Veterinary Medicine (VMD)
- Medical residents, fellows, or interns with one of the following degrees.
Our program offers 100% financing for new (practicing less than or equal to 15 years post residence/fellowship) or newly relocating medical professionals up to $1,000,000. We’ll offer 95% financing from $1,000,001-$1,500,000 and 90% to $2,000,000. These do not have private mortgage insurance and have competitive interest rates. Those are for a resale purchase. Our construction-to-permanent loan is one of the best in the market. You can do as little as 5% down, depending on your price range. It has a one-time closing feature and your rate is locked in from the very beginning.
How have these loans change in the last year/few years?
Honestly, due to the size of our bank and the strength of our portfolio lending, we have not seen a lot of change over the past few years. Our products have improved with time. For instance, we now offer a 30 years fixed rate on our medical professional loan. In the past, we would only entertain an adjustable-rate program. COVID has presented some new challenges for us; however, we have not lost any of our lending power or product sets as many other lenders have.
What are some commonly asked questions you receive from physicians looking to finance building a new home?
- Do you count my student loan payments in my debt-to-income? No, if they are deferred, we do not count them.
- Do you offer a 30-year fixed rate with zero points? Yes!
- Can I paydown/recast my note at a later date to lower my payments without refinancing? Yes!
- Do you sell your loans? No, we retain the servicing on all of our portfolio and conventional loans.
Do you have any specific advice for physicians looking to purchase or resale or finance building their own home?
Get pre-approved before you start looking at homes. That is the number one mistake many homebuyers make. Know your buying power before you start looking.
A special thank you to all our frontline workers for all they do! You are a source of strength and inspiration for us all, and we can not thank you enough!