Physician Loans in Maine and Florida

A physician loan is built for MDs, dentists and other eligible healthcare professionals. It can offer low or no down payment options without mortgage insurance, and student loans can be treated more leniently than on many standard programs. Not everyone will qualify. I go deeper on physician loan affordability in Maine and Florida, and on new construction or a slow market, a seller paid rate buydown is worth asking about. In Florida, my Florida mortgage broker and home loans hub covers every program, and I have local notes on Tampa and Estero.

Physician programs often treat student loans more favorably than standard loans, including some deferred loans. Many let you close using a signed employment contract before your start date. Residents, fellows and attendings can all apply. Not everyone will qualify.

1. Contract start dates. Many Tampa residencies and fellowships start July 1. I plan the timeline around your signed contract so you can close close to your move.
2. Condos near the hospitals. Downtown, Channelside and Westshore condos need a project review of the association's budget, reserves, insurance and inspection status before the loan works.
3. Insurance and flood. South Tampa and Davis Islands addresses are often in flood zones, and flood insurance is required on those homes when the loan is federally backed. The insurance quote can change your payment more than the loan does, so get one early.
4. New construction. Wesley Chapel, Riverview and Westchase have a lot of newer homes with HOA and sometimes CDD fees that count in the payment.

Conventional with 3% down for eligible first time buyers, FHA with 3.5% down at a 580 or higher credit score, and VA for eligible veterans are all on the table. I compare them against your contract and student loan picture.

Send me your contract start date, specialty and the part of Tampa Bay you're looking at.