The advantage of a physician mortgage loan is doctors with student loans, high-interest debt or cash flow constraints can avail of it.
One does not require private mortgage insurance, even if they pay less than 20 % down payment, and many times they have less stringent underwriting requirements.
Depending on how far along the physician is in his or her training or career the loan amount and interest rate would vary.
For instance, an attending physician will be approved for better rates than an intern or resident.
The loans can be used only for buying or refinancing a primary residence.
There are several ways a physician mortgage loan is different from a conventional mortgage.
- PMI: A PMI is not required for the physician mortgage even if the down payment is less than 20%. Saving you hundreds of dollars in the monthly payment, that can be used to pay off other debts.
- Debt-to-income ratio: When they finish training many physicians have a large amount of debt, making it difficult to qualify for a conventional mortgage. But when calculating the debt-to-income ratio a physician mortgage does not include medical school debts, so it is easier for physicians to qualify.
- Employment contract: An employment contract satisfies the requirement for having a job and earning an income for a physician mortgage loan.
A physician mortgage loan may sound like a great deal but compare to a conventional loan it charges higher interest rates and closing costs.
Before moving ahead with a physician mortgage loan, work with your financial advisor to develop a financial plan and also decide on how much you want to spend on your new home.
Also plan for all the other costs associated with home ownership like property taxes, homeowner’s insurance, maintenance, utilities, etc.
A coalition of Realtor groups on Thursday requested the Supreme Court to block the orders by US Centers for Disease Control and Prevention forbidding landlords across the Country from evicting tenants who failed to pay rent during the pandemic situation.On the 30th of June, the current moratorium is set to expire.There was a ruling against the CDC by a district court, holding that the moratorium was unlawful, but post an appeal the ruling was put on hold.The DC Circuit turned down the request to lift the stay.The justices were requested to step in on an emergency basis by the Realtor groups arguing that the CDC was never given the power by Congress that it now claims.They argue that the moratorium has now reached the unpaid rent per month of over $13 billion.In March the CDC extended the eviction moratorium to June 30, marking the third time the cutoff date for lifting the ban has been postponed.The first order first went into effect in September 2020 and was initially set to expire in December, then the protection was extended until January 31.The first act in the office of President Joe Biden was called to the CDC to extend the ban until March 31.As part of a massive coronavirus relief bill in March 2020, the lawmakers approved the original eviction ban.The moratorium has faced several legal challenges.
When some courts said the CDC has the authority to issue the order and did not support the ban, others courts have ruled in favor of landlords.In Ohio, a federal judge ruled that the CDC had exceeded its authority in issuing a nationwide eviction ban.There have been conflicting rulings at the district court level, all having their limited impact.Reference Source: Albany Heraldhttps://www.compareclosing.com/mortgagenews/will-supreme-court-block-cdcs-eviction-moratorium/
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