Back to Glossary
Doctor Mortgage
Updated
January 19, 2023
A physician loan, sometimes known as a "doctor loan," is a mortgage designed exclusively for medical practitioners that typically does not require a down payment. In the case of other loan types, lenders frequently require borrowers to pay private mortgage insurance (PMI) if the down payment is less than 20%. If you are a doctor, you can avoid paying for both a down payment and private mortgage insurance (PMI).
Related Topics
10 Best Home Builders in Nashville, TN: Find Your Dream Home Today
Wesley Mortgage 2023 Year-In-Review
What Is a Property Tax Lien
What Is an Adjustable Rate Mortgage (ARM)?
Navigating the Process of Mortgage Modification
What Is Non-Recourse Lending?
What Is a Short Sale?
When Is the First Mortgage Payment Due?