PhysicianLoans Announces 2019 Mortgage Loan Programs and Market Outlook
COLUMBUS, Ohio (PRWEB) December 28, 2018 -- PhysicianLoans, now in its 25th year of business, continues to provide special mortgage financing for doctors. Today, the premier home loan provider for medical professionals announced its 2019 programs, along with a market outlook for the industry segment.
According to the Association of American Medical Colleges, the average educational school debt for physicians in 2018 soared to $196,520 from its previous $190,694 in 2017. Combining this average medical school debt with undergraduate debt leaves a heavy liability load that often puts physicians in a precarious position when seeking home financing. PhysicianLoans began relieving this financial burden for medical students and doctors, when the company became the first to focus on home mortgages specifically designed for physicians.
In 2019, PhysicianLoans will continue its no money down, no private mortgage insurance (PMI) home loans for doctors on purchases of up to $750,000. “This enables doctors to get into a home, without a sizable down payment that would otherwise strap a newly practicing physician or one in residency training,” said PhysicianLoans President Tal Frank.
For those physicians practicing in geographical locations that necessitate larger home loans, up to $2,000,000 can be borrowed with 10 percent down or less. In all cases, no PMI is needed. PhysicianLoans also makes exceptions for doctors with lower credit scores between 680 and 700. This exception helps physician work to raise their credit scores while still financing a home.
Market Outlook
According to the National Association of Realtors (NAR), affordability will continue its decline in 2019. Along with steeper home prices, rising interest rates make financing a home more expensive. While affordability is least favorable along both coasts, even the Midwest is seeing market gains each successive year despite a slowdown in the U.S. housing market. The NAR predicts a rise in home prices by 2.5% in the coming year. This outlook doesn’t paint a rosy picture for practicing physicians, without access to home financing specific to their unique needs.
“As a preferred provided of the American Medical Association(AMA) and the American Osteopathic Association(AOA), PhysicianLoans has a firm market stake in the ground and has continued support from the medical community for its financing programs in 2019,” said Frank.
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.
Tal Frank, President, PhysicianLoans, http://www.physicianloans.com, +1 404-321-3931, [email protected]
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