Best home loans for healthcare workers: What are the requirements to get one

While pursuing a healthcare career, it takes years of dedication, and hard work. During the initial years, the aspirant doctors and physicians tend to face financial issues. Being a doctor, you might find it hard to get a house on your own, due to a myriad of reasons. But not anymore. We have got you covered.

Many banks in the United States of America are committed to providing home loans for healthcare workers at different levels. How you can get the home loan if you are a medical professional and what are the requirements you should meet in this regard; you will get all the information in today’s article.

Home loans for healthcare workers

In the United States, banks are provided with a list of healthcare professionals, businessmen, and lenders. If you are a healthcare worker, or are aspiring to kickstart your career in any field related to medicine, you are entitled to get home loans from selected banks.

There are many medical practitioners who are likely to continue borrowing loans from the banks in lieu of investments and business projects. These habitual borrowers can get beneficial deals to acquire loans, if they know where to find one. Such deals are not specially limited to medical professionals only.

Optometrists, dentists, pharmacists, veterinarians, and physiotherapists are eligible to apply for home loans from certain lenders.

What is the advantage of the Medico Pack or Medico package?

The Medico pack or medico package is a discounted home loan package, offered to healthcare professionals in certain cadre. These packages are provided by the major money lenders. The disbursement of home loans specifically depends on the number of delinquencies, and the professional history of the medical professionals. The lowest the delinquency rate will be, the higher the amount of loan. Obtaining the medico package is a great opportunity for young medical professionals who tend to seek a competitive rate for their home loans to manage their property portfolio.

What other benefits you can have from the lenders

  • You don’t have to share your annual minimum income
  • Lender Insurance waiver up to 90%
  • A $1,250 refinance waiver can be applied for the existing home loan.

As mentioned earlier, the medico packages are only provided by a selected panel of lenders. Before applying for the medico package, it is important to consult with professionals who can help you get the maximum benefit out of the loan procured.

Who is eligible for the medico package?

The following individuals are eligible for the medico package:

  • General practitioners
  • Medical Specialists
  • Dentist
  • Hospital-employed doctors
  • Pharmacists
  • Veterinary practitioners
  • Optometrist

How a specialist can help you in getting the best home loan?

There are many banks that are entitled to sanction home loans for medical professionals. If you happen to meet a good, trustworthy lender, he will provide you 100% loan to own the property.

By the time you are planning to apply for the home loans, you are required to submit the following documents:

  • Income verification
  • Mortgage Application
  • Credit verification
  • Assets and debts details
  • Other records

Documents and information needed for applying for the mortgage

At the time of application, you must submit each and every document to the concerned loan sanction authority. Some lenders offer to apply online for the mortgage loan. In such cases, you must keep the scanned copies, and share the pdfs while applying online. In case, you wish to submit hard copies, do ensure to print the scanned files.

Mortgage Application information

  • Jot down the details of the mortgage loan that you are planning to apply for
  • Details about the house you’re planning to purchase
  • Identity information about the borrowers
  • Household expenses and monthly income statements
  • List of your owned assets and liabilities
  • History of employment for past two years
  • Buying contract signed by the borrowing party
  • Government-issued identification
  • A legal testimony that would impact your financial position
  • Your signature verification

Income verification

  • 2yrs worth of W2 forms
  • 2-3 years’ income tax returns
  • IRS Form 4506 – T
  • 30 days’ pay stubs
  • List of debt taken for the business purpose

Assets and debts

  • Statement of two to three months for the accounts that you have mentioned in the application (like investment accounts, bank accounts, credit cards, student loans)
  • Details of the large deposits at any bank
  • Legal obligation or judicial decree (if applicable)

Credit verification

You must also provide:

  • Credit explanation letter or any judgments, payment collections, or late payments
  • Credit history with mentions about any bankruptcies
  • Credit files with a history of payments for utilities, cable TV, cellphones, insurance, and others.

The 7 best medical home lenders:

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