There are many home loans for doctors programs right now, available to eligible physicians and qualified medical professionals and designed to help make qualifying and down payments easier!
For newly graduated medical students just entering the field, or seasoned professionals looking for a loan to buy a new property... this loan could help you buy a home in 30-60 days. For new medical professionals (they exclude research and teaching) this may be the break you need to smartly invest your income on owning... not renting! This loan program may help you qualify without factoring in your student debt, requiring as little as 5% down payment and in some cases NO down payment, and giving fixed and adjustable loan rate options.
When a bank is offering home loans for doctors programs or other specific profession... it means they are handing many of these types of loans and have a specific set of guidelines and requirements already set up. The qualification process including the documentation they will ask you for, range of acceptable credit scores, acceptable amount of debt, income etc is already predetermined. No wasting time! Once qualified, and once you find your new home... you could be a new homeowner in as little as 6 days!
In addition to Bank of America, other banks also offer special loan programs for doctors / physicians / medical professionals. These banks include SunTrust, Fifth Third Bank, and many smaller state specific banks.
The smartest way to start the home buying process is to first shop around for the best rates and get prequalified. Once you know how much money a bank will loan to you, and that you'll definitely qualify for that loan... you'll be able to start your search for the perfect home. It's VERY important to get prequalified first, because the bank will look at your income vs your debt vs your credit score and any other factors that may help you to qualify, and they will then tell you how much money you'll be able to spend on your new home!
Once you know how much money you can get a loan for, they'll also break it down for you to what your monthly mortgage amount would be, and what it would may look like with taxes and insurance rolled into it. That amount is what you'll need to determine you're comfortable with... or not. Many people will shop around in a range amount that is much less than what the bank says they are willing to loan to them... because they prefer to have a lower living expense each month with breathing room for travel or other luxuries.
Once you know what loan amount you can get, and what monthly amount you're comfortable spending... it's time to start working with an experienced realtor to help you navigate the viewing/ selection/ offer/ contract/ inspection/ appraisal steps of buying. You tell them what's on your dream home list... and they'll help you find it! Then they'll be with you every step of the way helping to navigate through the ups and downs of drafting purchase offers, what happens when an appraisal comes in too low, if there are bad things that show up on an inspection report, etc. Experienced agents know how to solve issues, and always want to make sure their buyers are happy. This means being there for you, helping you through, looking out for you... and being so happy when they get to hand your new set of keys to you on closing day!
And if you're a doctor, medical student that's just graduated, or other similar medical professional... you could be living in your new home within the next two months!
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