ATTORNEY ADVERTISING
When residents and fellows finally finish up their medical training and start to look for their first physician job, one of the many things they look forward to is purchasing a house in the city they'll call home. Whether this will be their first home purchase, or one of many previous purchases, the prospect of settling down into that first post-training home is an exciting one. What many physicians are remiss to consider, however, is how the home loan options in a given city can make that city more or less attractive than an alternative city they may be considering. What the different banks in each prospective city are willing to do for young doctors can make a world of difference when it comes down to actually committing to a job in any given location.
On this blog, I have previously discussed how physicians should pay close attention to cost-of-living differences when they weigh their job options between different cities, but the notion of a "doctor loan" is somewhat of a newer concept in some areas of the country, and can have a huge impact on your budget and how your first paychecks will be spent. A "doctor loan" is a home mortgage loan offered by some banks to physicians upon proof of a written physician job contract. Such loans are often offered with very high purchase limits, require zero money down on the home purchase, and come with the same low interest rates that the rest of home buyers these days are enjoying. If you have access to a zero-down home mortgage loan, and with a low interest rate, it is entirely possible that the impact of this favorable loan can overcome any shortcoming you may perceive in a lower salary offer as compared to a higher salary offer in a city where no doctor loans are offered. Additionally, having access to a doctor loan with very favorable terms and a low interest rate can make student loan repayment much faster.
To learn more about effectively weighing the various pros and cons in your physician job search and selecting the employment arrangement that is best for you, contact Leigh Ann O'Neill at 317-989-4833 or loneill@lauthoneill.com.
ATTORNEY ADVERTISING