PhysicianLoans Extends its Specialty Home Mortgage Loan to Doctors Working Under H-1B Visa Status

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Physicians with H-1B visa status now have fewer hurdles to scale when purchasing a home in the United States.

Tal Frank, President

Many physicians on H-1B visa status have families who need something larger than an apartment and a more permanent place to live; we knew our physician mortgage loans could help them make that transition more easily.

PhysicianLoans – a provider of home mortgage loans for medical professionals – today announced the availability of its PhysicianLoan product to doctors on H-1B status, the primary and most popular Work Visa. Those foreign nationals, who have been granted temporary work status for specialty occupations like physicians, can hold an H-1B status for three years, extendable to six years.

According to the U.S. Citizenship and Immigration Services (USCIS), U.S. businesses use the H-1B program to employ foreign workers in occupations that require highly specialized knowledge in areas like the medical field. The USCIS received about 172,500 H-1B petitions during the filing period that began April 1, 2014, including those filed under the advanced degree exemption.

Jendra Gosai, a hospitalist working for Howard Young Medical Center in Minocqua, Wisconsin, says he originally obtained a J1-exchange visa for residency in internal medicine in June 2011. That was converted to an H-1B as part of the J1 waiver program in July 2014.

Once Gosai had a job offer, he and his wife decided to buy a home. “I talked to other mortgage lenders and the best I could get without PhysicianLoans was a short term loan with a ‘balloon’ or a flat out refusal based on short account history,” said Gosai. “PhysicianLoans understood cases like mine and were always available to discuss issues via email or phone; I especially liked that they handled documentation via email rather than fax.”

The Association of American Medical Colleges (AAMC) predicts that America will need 90,000 physicians by 2020, and that number climbs to 130,000 by 2025. “Many physicians on H-1B visa status have families who need something larger than an apartment and a more permanent place to live; we knew our physician mortgage loans could help them make that transition more easily,” explained Tal Frank, President of PhysicianLoans. “These foreign doctors have already had to jump through a lot of hoops to work here and we wanted to make their lives easier by helping them scale those mortgage hurdles more easily.”

About PhysicianLoans

Since 1993, PhysicianLoans, a division of Tower Mortgage Corporation, has focused exclusively on providing home mortgage loans to medical professionals. Located in Columbus, Ohio, PhysicianLoans is known for its unique, flagship product The Doctor Loan, which is offered to medical doctors, dentists and veterinarians, many who find themselves laden with heavy student loan debt that often prohibits obtaining a conventional mortgage loan. For more information about PhysicianLoans, please visit http://www.physicianloans.com.

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Tal Frank, President
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