Is a Wisconsin physician mortgage loan right for you?
If you are considering a Wisconsin physician mortgage loan, you need to look closely both at your financial picture, your employment and your way of life. If you are still carrying debt from medical school, a physician loan can be a much easier entry point to getting a mortgage, since these lenders give favorable consideration to such debt.
Before taking out any mortgage, however, you will also want to look at your current employment status and where you live in Wisconsin. If you see yourself remaining happy in your job and with where you live, entering into one of these arrangements can be a boon. Remember, that you may have to accept a higher interest rate to enjoy the advantages of a physician mortgage.
Examples of doctors who take out physician loans in Wisconsin
The doctors, dentists and other professionals in Wisconsin who take out physician loans all have similar stories. The examples below illustrate just a few of them and delineate some of the reasons why these individuals choose to move forward with a physician loan.
A general practitioner who wants more buying options
Madison has been Gerry’s hometown his whole life, and he was happy to establish a practice in town once he got out of medical school. Ready to buy a home for his family, he is looking around at his options. Limits on conventional loans are holding him back from buying the house that he needs for his family.
A doctor mortgage, on the other hand, offers higher limits and opens up his options. With the added benefits of no PMI and 100 percent financing, he believes going with a doctor mortgage is the best choice for him and his family.
A doctor starting a fellowship at a Wisconsin hospital
When Reese received the news that she had been offered a fellowship in the department of pediatrics at the University of Wisconsin School of Medicine and Public Health, she was on top of the world. She is ready to settle down in the area and has been looking into purchasing a home.
She has two difficulties facing her in that process. One is that she is still carrying a good deal of student debt. The second issue is that she has not yet started the fellowship. A lender offering a physician loan in the area is willing to offer her a loan based on her offer letter from Wisconsin and will also give her special consideration when it comes to her student debt.
Looking for a physician loan in a different state?
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