I have learned many things from lending money to people buying homes since 2002 and one thing stands out – going to medical school is expensive! Coming out of school with a degree and a mountain of debt does not make it easy to qualify for a home loan. Knowing that after a few years of work, the income of this new doctor should increase, Fannie Mae made a loan program for Doctors and Dentists.
It has loan amounts up to $1,000,000 and depending on the purchase price, they can put as little as 5% down without mortgage insurance! It is a program for both purchase and refinance loans, so if you or someone you know fits the qualifications as a doctor or dentist, I would love to tell you more about this exciting new loan product!