Putting Doctors in a House

“Whatever houses I may visit, I will come for the benefit of the sick…”

If you are a physician, you know the phrase well. It appears in the fifth paragraph of the Hippocratic Oath. Of course, that portion of the oath goes on to affirm your purpose in visiting the home of a patient. Back in the day, Physicians often made “house calls”. Today, the practice continues to different degrees depending on your location. At some point, it became much more practical for the Physician to remain in one place and have the patients come to them.

But, let’s look a little deeper into those 14 words.  Of course, they were a preamble to a behavior when written, but today, they represent a beautiful truth about the life of a Physician and another purpose of visiting homes. I have worked closely with Docs since the mid-1980’s. My interactions included work with specialists, general practitioners, interns and residents. I have counseled them in private offices, doctor’ lounges and coffee shops. I have a pretty good feel for the challenges docs face.  I know another way of reading those 14 words.

Patients seeking remedies and healing are usually very thankful for the cure. From the outside looking in, few of them realize how many ‘balls must be juggled” to keep an office open. DRG’s, HSM’s, medical billing, contracts, etc are all buried beneath “Thanks Doc, I feel better’. Not many stop and realize the Physician move to the area “for the benefit of the sick’.

Most Physicians like to become a part of the community. (It should be no surprise that those that are the healing glue of an area seek out being a part of that area). Community service, even service that comes with a fee, is entrenched in the desire to serve a community.

When a Physician decides to purchase a home or establish a practice in a neighborhood, they are probably going to visit houses (or office buildings or condos). The purpose is to plant their personal flag and establish their place in the community. While, in some ways, it is accurate to say they are no different than any other home buyer or business owner, truth be told, their need of the community is counter-balanced by the communities need for them.

They deserve special attention and assisting Physicians in their home buying has always felt special to me. Once we begin an earnest search, I know I am helping them fulfill another interpretation of that Hippocratic Oath. Whatever house they visit in their home search, they do it for the benefit of the sick. Once they find that home, they become a member of that community and professionally become part of the healing process for their new neighbors and patients.

I would be remiss if I did not mention Sun Trust. They have a Doctor Loan Program. I have a relationship with the leading Sun Trust lender affiliated with this program. He not only works with individual Physicians, he is called upon to speak to large groups about the Sun Trust Doctor Loan Program. He has shared the overview below.

The Doctor Loan Program is a residential mortgage loan developed specifically for medical residents, interns, fellows, Doctors of Osteopathy (DO), and licensed medical physicians that have completed their residency within the last 10 years.

  • Available for both home purchases and mortgage refinances
  • Competitive pricing available along with special relationship discounts
  • Mortgage insurance is not required
  • Maximum of 80.00% Loan-to-Value (LTV) available1 for cash-out refinances
  • Both fixed rate and adjustable rate2 loans are available
  • Available in AL, AK, DE, FL, GA, MD, MS, NC, NJ, PA, SC, TN, VA, WV and DC; available in select counties in NJ and PA
  • No penalty for prepaying your loan
  • Gift funds or seller contributions may be used for closing costs

For licensed medical physicians who have completed their residency within the last 10 years:

  • Maximum of 100%1,3,4 financing for purchases and rate/term refinances with a maximum loan amount of $650,000 for well-qualified borrowers
  • Maximum of 95% financing for purchases and rate/term refinances with a maximum loan amount of $1 million1 for well-qualified borrowers
  • Maximum of 89.99% financing for purchases and rate/term refinances with a maximum loan amount of $1.5 million1

For Residents, Interns and Fellows:

  • Maximum of 100%1,3,4 financing for purchases and rate/term refinances for well-qualified borrowers
  • Maximum loan amount of $417,000

1State law may put further restrictions on the maximum loan to value ratio.
2Adjustable Rate Mortgage (ARM) products have interest rates that may increase after consummation.
3Borrowers should note that 100% mortgage financing will result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline, you could owe more than your property’s value.
4A down payment may be required if the property is located in a market where properties are declining in value.

Now that may be a lot of information for those outside medical practice. For Physicians, I hope you benefit from it and if you are in the DC area and would like the assistance of a Realtor that understands the demands of your profession and will work diligently to assist you in the purchase of home, please take a moment and fill out the form. All inquiries will be held confidential.

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