I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank GogolHome Loans for Medical Professionals
Updated on April 9, 2024
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Being in a medical profession is hard work, especially in a foreign country. Most of the time you work unhealthy hours and you give your everything (and more) to your patients. Unfortunately, giving your best as a medical professional doesn’t always get you the home you’ve been dreaming of.
Many young doctors, especially during residency, struggle to get the finances to buy the house they want. This can be due to a number of reasons, like being fresh out of medical school or having too much medical school debt on your shoulders.
We know this can be frustrating so we are here to help. Your selfless work in saving lives is not overlooked! You can get a loan from Stilt to give you the boost you need to buy you the house you want.
Let’s take a look.
Who are Considered Medical Professionals?
The term “medical professional” can be applied to a wide range of roles in the medical field, including, but not limited to:
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Medical workers in these positions, as well as many others, qualify as medical professionals and regularly struggle to find a way to become homeowners.
Why Some Physicians and Medical Professionals Can’t Buy a Home
No matter whether you are a nurse on a visa who needs a home loan or an international doctor who is looking for access to credit. Sometimes international medical professionals can’t seem to get help from lenders. There are two possible reasons for that.
1. Medical School Debt
You have studied long and hard for your qualification. You have the paperwork to prove it and, unfortunately, the debt as well. Medical school debt is often an obstacle to getting a physical home loan, as the large monthly repayments prevent you from saving for a down payment. Having medical school debt sometimes also means your monthly debt payments are already too high when compared to your income (meaning your debt-to-income ratio is too high). This is a risk to lenders and many may turn you away because of this.
2. Citizenship
Traditional lenders are often simply not willing to risk lending money to internationals. This can be due to a number of reasons, such as:
- Foreigners often don’t have the correct paperwork.
- The option is always there to just leave the country, meaning lenders won’t get their money back
- Visas might expire before the home
loans for medical professionals are repaid - Lack of credit history in the U.S.
- Many internationals don’t know someone who will cosign for a loan with them.
Since you are facing so many obstacles in the home-buying process, you might be starting to think it just isn’t worth it. But don’t think too fast.
Some Advantages to Buying a Home
Owning your own home will have great benefits. The specific ones that apply to you will depend on your situation. Here are just a few benefits.
It Could Be Cheaper than Renting
It’s very important that you find an experienced realtor and an accountant to help you in the process. These two people can help you to structure your purchase and loan in the cheapest way possible. Through their guidance, you can get a home that could potentially be cheaper than renting.
No Upfront Move-In Costs
Firstly, rental contracts require an upfront cost. This usually consists of a deposit of two months rent and a security deposit. It also includes a processing fee for your application to be considered.
Financing your own home may also have a few administrative costs involved. But, it will be cheaper than the upfront rental costs when you get proper help from your realtor and accountant.
Pay Your Own Mortgage
Many houses and apartments are rented out while the mortgage is being repaid. The rental income on that property needs to be enough to cover the mortgage. People who rent are actually helping the owners to repay the property loan. You might as well repay your own mortgage. Plus your monthly rent payments are not tax deductible. The interest on a mortgage is. So, paying your own mortgage as an international will be cheaper than paying someone else’s.
Buying a Home is a Financial Investment
A property is a significant asset. Over the long term, the property can grow in value. You might also be able to sell the property for a profit in the future.
Buying a home with the help of a physician home loan is a great decision. Especially if you are able to provide a down payment.
Why It’s Important to Have a Down Payment on a House
Having a down payment on a house is important if you want to make sure you get the best deal possible on your mortgage. You don’t need a large down payment to reap the benefits, however. Any size down payment will work. Why is this?
Remove the Need for Mortgage Insurance
Any mortgages from traditional lenders that don’t have a down payment of 20% are required by law to have private mortgage insurance. If you are able to hit a down payment of 20% you’ll be able to eliminate this unnecessary cost.
Get Better Mortgage Offers
A larger down payment leads to less debt on the property. This can help you to get a better interest rate, which will cheapen your monthly repayments and save you money in the long run. Cheaper monthly repayments can also help you to repay your mortgage faster.
It Helps Get Physician Home Loans Approved
A larger down payment offered on a mortgage can help boost your application. You already have a large deposit on the property so the lender will be more inclined to accept your application.
How Medical Professionals Can Get a Loan for a Down Payment
Not everyone has the money saved for a down payment on a house. But you also don’t want to miss out on the benefits. A personal loan with Stilt could just be the solution you are looking for! Getting a personal loan from Stilt means you don’t first need to save up for your down payment and possibly miss the property you want. You can have the funds from your personal loan for a down payment available super fast.
This is how you can get home
Apply
Go through the eligibility criteria and see if you qualify. If you are a visa holder or immigrant, you don’t have to worry. Even internationals can apply for physician home
Get Approved
You will receive feedback on your application within 24 hours of your submission. Please respond to any follow-up calls to clear the last few details. If your application is approved, you will receive a promissory note with your loan offer. Sign and return it to accept the offer. Once you’ve accepted, you will receive the funds in your bank account within 2-3 days!
Start Repayment
Now all that is left to do is to buy your house and repay your loan. You can set up your payment options online. Stilt even has an autopay option which automatically deducts your monthly repayment from your bank account. You don’t ever have to worry about missing a payment!
Getting home
Home Loans
for Medical Professionals!
Loans for up to $25,000. No cosigner required. No prepayment penalty.
Conclusion
Don’t miss out on your dream house and the best mortgage offer by not having a downpayment. You can get help today by getting physician home
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.