PhysicianLoans, originator of the mortgage loan for physicians and medical school graduates, today announced new guidelines that will make home buying easier for doctors with lower credit scores. These new standards also include easier qualifying for home mortgages that fall in the higher dollar amounts.
Doctors with excellent credit have created the ongoing success behind the PhysicianLoan program. This change will not increase lending to those with poor credit, however, these new guidelines will make it possible for doctors who pay their bills on time, but might have extenuating financial circumstances that drop their credit scores below 700, to own a home.
“PhysicianLoans understands that a doctor could be fiscally responsible, have a low risk of default, yet still possess a credit score below the desired benchmark. There are many reasons that can happen that do not truly impact the risk of lending to a doctor,” said Tal Frank, president of PhysicianLoans. “We used to require a score of 700+ for nearly any loan option. We now have expanded guidelines with options for lower scores, even for loans that are one million and above.”
The new guidelines will now allow a physician to qualify for a PhysicianLoan with a 680 score. Doctors with a credit score in the higher 600 range can talk to a loan officer to determine specific needs. Typically, a doctor with a credit score in this range needs only five percent down on a home up to $500,000 and 10 percent down for homes valued up to one million. With the PhysicianLoan, doctors still pay no private mortgage insurance (PMI) using this product.
Since 1993, PhysicianLoans has focused exclusively on providing home mortgage loans to medical professionals. Located in Columbus, Ohio, PhysicianLoans is known for its unique, flagship product The Doctor Loan, which is offered to medical doctors, dentists and veterinarians. For more information about PhysicianLoans, visit PhysicianLoans.
Source – PRWeb