Physicians finishing medical school may carry over $200,000 in debt, making it difficult to qualify for traditional mortgages. Physician mortgage loans (PMLs) are designed to help doctors access mortgages despite high debt levels. PMLs have features like no required down payment or private mortgage insurance. However, PMLs may come with slightly higher rates and fees. Financial advisors recommend considering your full financial picture before applying for a PML. Beware of red flags when shopping for PMLs, such as excessive borrowing limits or high-interest rates. Used strategically, PMLs can help physicians achieve financial stability and invest in their future.
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How ‘Physician Mortgage Loans’ Work for Doctors With Debt
