If you're a physician just starting out in your career and planning to move to Cincinnati for a fellowship, residency, or new job, you might be feeling overwhelmed by the prospect of buying a home. With all the financial demands of medical school and training, it can be tough to save up for a down payment and find a mortgage that suits your needs.
Fortunately, there's a solution that can make the process a lot easier: physician home loans. These specialized mortgages are designed specifically for medical professionals, offering a range of benefits that can help you achieve your homeownership goals while also making your move to Cincinnati smoother and more successful.
What Are Physician Home Loans?
Physician home loans are a type of mortgage that's specifically tailored to the unique financial circumstances of doctors, dentists, and other healthcare professionals. Some loan programs are generally offered exclusively to doctors whereas others expand to include many others employed in the medical profession. Nurses, physician’s assistants, physical therapists and more may qualify for some of the programs depending on the lender. They typically offer a range of features and benefits that can make the homebuying process easier and more affordable, including:
Low or no down payment: Physician home loans often allow you to buy a home with little or no money down, which can be a huge advantage if you're just starting out in your career and don't have a lot of savings.
No private mortgage insurance (PMI): Many physician home loans also waive the requirement for private mortgage insurance, which can save you hundreds or thousands of dollars per year.
Competitive interest rates: Despite the low down payment and other benefits, physician home loans often offer very competitive interest rates, which can save you even more money over the life of your loan.
Flexible underwriting: Physician home loans are often underwritten based on your projected income rather than your current income, which can be a big help if you're just starting out and don't have a long employment history.
Student loan debt forgiveness: Some physician home loan programs offer debt forgiveness for a portion of your student loans, which can help you pay off your debts faster and get your finances in order more quickly.
Who Offers Doctor Loans?
Not every lender will offer a special loan specifically for doctors. Generally you are going to find more of the large lenders (traditional banks and mortgage lenders) offer some sort of doctor’s loan program. Here in Cincinnati Fifth Third, Huntington, and Key Bank are a few that have great physician loan products. Small banks and credit unions may not offer such programs since due to the unique nature of doctor loans the ability to sell the loan off to Freddie Mac of Fannie Mae are limited so the larger lenders are able to hold on to those loans in their books instead. This is also where working with a knowledgeable real estate agent can help as many agents work with a number of different lenders and are familiar with their different loan programs including the doctor’s loan program.
Why Choose Cincinnati?
Cincinnati is a great city to call home, especially for doctors who are starting their careers. The city is home to some of the best hospitals in the country, including Cincinnati Children's Hospital Medical Center, which is consistently ranked as one of the top children's hospitals in the nation.
The city is also home to the University of Cincinnati College of Medicine and numerous other medical schools, making it a hub for medical research and education. With a thriving healthcare sector, a low cost of living, and a range of cultural attractions and recreational opportunities, Cincinnati offers a high quality of life and plenty of opportunities for professional growth and development.
Cincinnati has a diverse range of neighborhoods, each with its unique character and charm. The city's vibrant downtown area as well as surrounding neighborhoods such as Hyde Park, Mt Lookout, Columbia Tusculum, Oakley, and Pleasant Ridge to name a few, are perfect for young professionals who enjoy a bustling city atmosphere, while the suburbs offer more quiet and family-friendly living options. Whatever your preferences may be, there is a neighborhood in Cincinnati that will suit your needs!
Why Choose a Physician Home Loan When Moving to Cincinnati?
If you're planning to move to Cincinnati for a fellowship, residency, or new job, a physician home loan can be an excellent choice for several reasons:
Lower upfront costs: With a physician home loan, you can often buy a home with little or no money down, which can be a huge advantage when you're moving to a new city and need to save money for other expenses like moving costs, furnishing your new home, and getting settled in your new job.
Easier approval: Physician home loans often have more flexible underwriting requirements than traditional mortgages, which can make it easier for you to qualify for a loan even if you don't have a long employment history or a high credit score.
No PMI: Private mortgage insurance can add hundreds or even thousands of dollars to your monthly mortgage payment, but many physician home loans waive this requirement, which can make your monthly payment much more affordable.
Competitive interest rates: Despite the lower upfront costs and other benefits, physician home loans often offer very competitive interest rates, which can save you a lot of money over the life of your loan.
Debt forgiveness: Some physician home loan programs offer debt forgiveness for a portion of your student loans, which can be a big help if you're just starting out in your career and have a lot of debt to pay off.
Finding the Right Home
Once you have decided to purchase a home in Cincinnati, the next step is to find the right realtor to help you navigate your home purchase. Working with a realtor who specializes in working with physicians and who is familiar with Cincinnati's neighborhoods can be an excellent way to find the right home. A realtor who understands the unique needs of doctors can help you find properties that meet your requirements and provide guidance on the home-buying process. As a physician, you may have specific requirements for your home, such as a home office or a large backyard for your family. Additionally, you may want to consider factors such as commute times, schools, and access to amenities such as parks, restaurants, and shopping centers. Your realtor can help you find the right neighborhood that matches your lifestyle and preferences.
The above article “Physician Home Loans: A Great Option for Doctors Moving to Cincinnati” was provided by Kelly Gibbs. Kelly can be reached via email at kelly@kscincy.com or by phone at 513-290-6216. If you’re thinking of buying or selling a home or investment property in the Cincinnati area I would love to share my marketing knowledge and expertise to help you! Contact me today!
I service the following Greater Cincinnati, OH areas: Amberly, Anderson Township, City of Cincinnati, Clifton, Columbia Tusculum, Blue Ash, Deer Park, Hyde Park, Indian Hill, Kennedy Heights, Kenwood, Loveland, Madeira, Madisonville, Mariemont, Mason, Milford, Montgomery, Mt. Lookout, Mt. Washington, Newtown, North Avondale, Northside, Norwood, Oakley, Pleasant Ridge, Silverton, Sycamore Township, Symmes Township, and Walnut Hills.