13 Best Physician Mortgage Loans in Texas

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Key Takeaways:

  • Physician mortgage loans in Texas are available to medical doctors, dentists and other high-earning professions that typically carry large amounts of student debt.
  • Texas physician home loans don’t require private mortgage insurance (PMI), saving you hundreds of dollars each month.
  • Doctor loan options include up to 100% financing with high loan amounts reaching up to $1 million or more.

Texas has over 87,000 practicing physicians, according to data from the Texas Medical Board. This number is expected to grow as people and businesses flock to the state for various reasons. However, like many states across the country, this influx is resulting in a housing shortage which is causing home purchase prices to skyrocket.

The Texas real estate market has experienced a lot of volatility in recent months. For example, homes in the Austin-Round Rock area sold for 33% more in the third quarter of 2021 compared to 2020. However, higher priced homes in the same area drew far less interest in 2022.

Regardless of market conditions, a Texas physician loan can help your offer stand out and put you in your dream home sooner. Read on to learn about the top physician mortgage loan options in Texas.

Benefits of physician mortgage loans in Texas

A physician mortgage loan, sometimes called a doctor loan, can often make owning a home a reality much sooner than a conventional mortgage.

These programs have exclusive benefits, such as:

  • No down payment financing. Many physician loan lenders offer up to 100% financing. However, a small down payment (e.g. 5% to 10%) might be required to access higher loan limits.
  • No private mortgage insurance requirement. You can save hundreds of dollars each month by dodging the PMI requirement that typically comes with a down payment of less than 20%.
  • Favorable treatment of student loan debt. Each physician mortgage lender treats student loan debt differently when calculating your debt-to-income ratio, or DTI for short. But you can expect a more lenient calculation that will ultimately benefit you during the underwriting process.
  • Lower interest rates than a jumbo loan. If you’re looking to purchase a million-dollar home, you can generally keep your interest rate low with a physician mortgage loan.

The main potential negative of a doctor mortgage loan in Texas is that you really need to be prudent in the home buying process. You’ll likely qualify for a much higher loan amount than you would with a conventional loan. However, that doesn’t mean you’ll be able to responsibly afford a more expensive home or lot.

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