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Based on studies, doctors with high or notable credit scores are seen as low risk of default on home mortgages, their sizeable debt, high ratio, minimal assets as well as a home purchase with little or no money down payment, however. Underwriters are normally concerned about these problems and would simply approve such loans but with higher rates. Doctor loan providers have a different perspective in the matter, and understand the exceptional fiscal situation that doctors are in. Physician loan providers can extend a low-interest loan to doctors chiefly because of the profession's comparatively lower default rate on mortgages than most other professions.
A physician loan is the perfect loan for physicians, whether they have been practicing for several years, in residency, and only graduated from medical school. Lots of doctors are in hunt for low interest loans that will allow them to put up zero or very minimal down payment, use their future income instead of their previous or present sales, and not use their debt from student loans ( in case that they have some) in their debt ratio, while empowering them to move in even prior to starting their job. In other words, this form of credit is the very best method for a doctor to get house funding.
Irfan M. Jameel, 51, Virginia Beach, Virginia, was convicted by a federal jury on charges of wire fraud, bank fraud, and use of a false Social Security number in connection with obtaining $5.375 million in loans.