What Is The Difference Between a Physician Loan and a Conventional Loan?

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In a nutshell a Physician Loan just has some more liberal underwriting guidelines. Here’s an example:

Loan limits in Utah are set by county. So if you purchase in Utah County, the limits are set at $417,000 – to go above that would put you into a jumbo. On a Physician Loan, they don’t use those same loan limits. they allow a higher loan amount.

Along those lines, one of the big differences happens to be down payment. There’s very set and pre-determined down payment amounts with conventional and FHA loans. A Physician loan will typically allow you to purchase with less down payment.

Some of the other real benefits is that Physician loans (some of them) don’t have mortgage insurance, which can save you thousands over the lifetime of your loan.

Another strong point that doctors really like when relocating is that you can close and purchase the home, move into the home, before you actually start your employment. So, a typical scenario would look like starting employment on July 1st, moving across the country. We close on June 1st or anytime in June. And you’re not going to have a payment until all the way in August. So we can structure the loan around your new employment and you don’t have to wait until you have actually started the job.

There are a lot of other little nuances and attractive features on Physician Loans, so if there is a particular problem you are having with a conventional loan or an FHA loan, I’d welcome you call to explain a little bit more about the programs we have.

Josh Mettle is a top producing mortgage lender specializing in financing Physicians, Dentists and Medical Professionals at Citywide Home Loans. Check out his site http://www.utahphysicianhomeloans.com/ for medical professionals. Josh is also a fourth generation real estate investor, and owns a number of rental homes, apartment units and mortgages. If you’re ready to buy or sell residential real estate, get Josh’s latest free tips, tools and newsletter at http://www.utahphysicianhomeloans.com/ and be sure to check our FREE Relocation Package for Physicians. To learn more about Josh, go to http://www.joshmettle.com.

Josh Mettle

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Citywide Home Loans NMLS #67180 801-747-0200

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What Is The Difference Between a Physician Loan and a Conventional Loan?