Doctors looking to capitalize on Phoenix’s booming healthcare industry can take advantage of specialized loans.
Healthcare Professionals Flock to Phoenix
Phoenix has a lot of offer to a variety of home-buyers, but with a healthcare and biosciences industry expected to grow 31.9% over the next decade, it is a particularly appealing region for doctors and other healthcare professionals. Most physicians begin their careers under a massive pile of student loan debt, which, under normal circumstances, would make obtaining a home loan impossible. However, lenders realize that medical professionals, although initially saddled by debts, disproportionate to other career paths, go on to immensely lucrative careers which provide them with adequate income to repay that debt and afford housing. In addition, these doctors often find themselves in need of housing in order to begin their careers at the practices and hospitals which offer them employment, but before they have the paystubs to provide to officers for traditional loans. In response to this need, and with a desire to issue loans to well-qualified buyers, many lenders offer special financing options to doctors so that they can get settled into homes and begin their careers.
Major lenders, such as SunTrust, Fifth-Third Bank, and Bank of America, offer loans specially designed to assist medical professionals, doctors, and other professionals in lucrative industries to obtain housing without meeting standard loan requirements. These loans apply to those who are recently graduated, in residency, or actively practicing medicine. So called “Doctor Loans” offer low-interest rates on loans up to $3 million with little or no down payment. Although excellent credit scores are required, the debt ratio for borrowers is calculated to exclude student loans and takes into account future income rather than past or current earnings.
Obtaining a Doctor Loan in Phoenix
Although “Doctor Loans” are offered across most major institutions, they are subject to the individual lenders terms and programs can vary depending on the market in which the doctor is looking to buy as well as their individual financial standing and outlook. Because these loans are tailored to a specific profession, those looking to obtain a “Doctor Loan” need to contact the institutions directly for program information as well as to apply. With the healthcare and bio-sciences outlook in Phoenix stronger than anywhere else in the nation, doctors looking to establish a successful career need look no further than Phoenix with its beautiful climate, strong housing market, and preponderance of tailored loans available to medical professionals.
To get pre-qualified please visit http://thejustinhainesteam.com.