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Are physician loan lenders offering 1. fixed rates and 2. loans if not "first home"?

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  • Are physician loan lenders offering 1. fixed rates and 2. loans if not "first home"?

    New attending 4 months out, currently renting, so far looks like we're staying/like the situation and my wife will want to buy when our lease is up summer '21. Curious if any lenders are doing the above right now.

    Have enough cash sitting between signing bonuses/savings for a 20% down payment but not sure if I'm better off paying off my last $50k of federal student loans with some of it or putting it toward conventional down payment. Might lean physician loan if I can get one at a decent fixed rate.

    1. Are doctor mortgages all variable rate? our last mortgage was an ARM but knew we'd likely move after residency before it adjusted so didn't care. Definitely want fixed this time to lock in given current low rates.

    2. We purchased our residency home (Jul '15- sold August '20) using a physician loan (Regions), luckily market was good and came out ahead when we sold it. Anyone know if any lenders will be willing to do another physician loan this soon or is that off the table if purchasing again within 1 year of selling the last house? I wouldn't be opposed to renting another year but don't think our landlord will extend the 1 yr lease, think he purchased with 1031 exchange and was just renting during the waiting period before using as his retirement residence.

  • #2
    1- no. ours is fixed.
    2- shouldnt matter as you dont have the other mortgage still.

    i would do <20% down. i also wouldnt do SL if they are at 0% right now....

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    • #3
      I was able to get a second physicians loan for a second mortgage (given I had the intention of selling the previous home - but nothing in the contract obligated me to sell it). I think it depends on your banker more than anything.

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      • #4
        I agree w/ the folks above.

        A note: much of the language in "doctor loans" is about planning to live in the house as your "primary residence", more than "actually being the first house you ever bought".

        https://www.bbvausa.com/mortgage/pro...nal-loans.html
        We used these folks, they offered both fixed and variable rates, a couple options.


        Do you think you'll stay there for a while now that you're an attending? How'd the first year going?

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