Did you know that purchasing a home can often be a challenge for new doctors? Faced with potentially crippling debt and inevitable job changes, many medical school graduates think that they won’t be able to buy. However, the Key Mortgage Service, Inc. physician home loan program has been designed to meet their unique needs so they can obtain financing on a home.
“This loan product is a great opportunity for agents to help encourage these fantastic physicians to stop renting and put down roots in the communities they serve,” said Esther Phillips, senior vice president at Key Mortgage Services. “By partnering with a Key Mortgage loan officer, you can create ways to reach out to this exceptional audience.”
Eighty four percent of graduates from medical school in 2014 reported having student loan debt, and the median amount was $180,000, according to the Association of American Medical Colleges. Through the physician home loan program, student loan debt currently in deferment will not count against them. Additionally, qualifying doctors have up to 90 days to start a new job and can obtain jumbo financing with as little as 5 percent down with no mortgage insurance.
For more information about how you can use this program to expand your business, please speak with a Key Mortgage loan officer.