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Home Loans For Doctors in Phoenix Arizona

home_loan_for_doctors in phoenix arizona

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.

The Basics

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.


Home Plus & Down Payment Assistance To Help Phoenix Home Buyers

Home Plus Loan Program Arizona

Home Plus program works to assist qualified buyers in Phoenix, Arizona.

With the economy continuing to recover, the government has been rolling out programs to assist qualified buyers who wish to purchase homes. One such program, available to buyers in Phoenix and throughout Arizona (excepting Pima County), is the Home Plus program. This HUD program works in conjunction with the Down Payment Assistance program to make buying a home easier and less financially burdensome. If you’re looking into purchasing a home in Arizona, read on to discover what this program entails and who qualifies.

Home Plus Advantages

The Home Plus program offers a 30-year fixed-rate mortgage in conjunction with down payment assistance (DPA). The DPA itself is allocated in the form of a grant and as such does not need to be repaid by the mortgage borrower. These funds can be used toward the down payment and closing costs but only when paired with a Home Plus loan. Borrowers using the program can expect up to a 4% grant based on the principal of the loan, with U.S. military personnel eligible for an additional 1%. The major benefit of the Home Plus program is the fixed-rate mortgage, which protects borrowers from elements of the predatory lending practices associated with the housing crisis, such as ballooning payments.


In order to qualify for the Home Plus program, borrowers must work through an ADOH approved and participating mortgage lender. The total income of all borrower must be than $92, 984 with the purchased property valued at less than $371,936. Once purchased, the owner does need to occupy the property as a primary residence, but the property itself can be a single-family home, condo, or town home. Although this criteria forms the bare bones of the program, there are still standard loan requirements which the borrower must meet, similar to those of a standard loan. These standards include a credit score of 640 or higher and a 45% debt-to-income ratio. As mentioned, the mortgage must be backed by Fannie Mae or Freddie Mac, but there is an exception made for loans obtained by U.S. military personnel.

Regardless of the lender they will act on behalf of the buyer, guiding them through the process of obtaining the mortgage and registering for the DPA grant.

Getting Started

In all cases, buyers can expect their mortgage company to act on their behalf, guiding them through the mortgage process and registering them for the DPA grant which accompanies it. Prior to the actual purchase, home buyers are required to take a home buyer education course offered buy a HUD-approved provider. Conveniently, these courses can be taken in-person, online, or even over the phone. Buyers can get more information via this PDF issued by the Arizona Housing Finance Authority or by visiting and applying via the Arizona Department of Housing website. These programs, which work hand in hand to assist buyers throughout Arizona (except Pima County), are a great way to get into one of the most exciting housing markets in the country.

If you want to get qualified for the Home Plus program the Justin Haines Team has the experience and staff to get the job done. If you visit www.TheJustinHainesTeam.com and fill out the short form you will be contacted by someone form the team to get you pre-approved for this program.