Physician Loans for Pharmacists (recommendations and advice)

PharmaSex

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Dec 1, 2011
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  1. Pharmacist
    I am looking to buy a home and recently learned of physician home loans that are open to PharmDs. Not all providers of this loan type are open to pharmacists - most are restricted to MDs, DOs, DMDs, DPMs, and veterinarians.

    I was wondering if anyone had advice on lenders that provided this type of loan to PharmDs and your experience with them.

    For reference: I found this site that lists 3 lenders that open these loans to pharmacists.

    21 Best Physician Mortgage Loan Companies in 2019 | LeverageRx
     
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    Crazy Canuck
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    Jan 12, 2010
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    1. Attending Physician
      Not a pharmacist but I have one:

      Be careful - I did a physician loan to avoid PMI due to a low downpayment issue, with the idea being I would pay the loan down faster than the higher interest rate would accrue thereby allowing me to come out ahead (I have a 7 year break even timeline). So over the course of the 30 year loan it would be significantly more expensive.

      More importantly - they tend to allow people to get into more of a house than they can realistically afford. If I lost my job, we would likely default on the loan unless I could get rehired within 3-4 months as it would eat up our emergency fund incredibly fast. If all the doom and gloom I see on the Pharm board is even remotely accurate it's a big gamble to get one. Now granted this is probably true for any home, but if I had a less expensive home I would have more time before I needed to find employment again, or I could entertain lower paying jobs.
       
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      lord999

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      2. Academic Administration
        These are for jumbo loans mostly. For conventional, you can get better pricing. For jumbos, they may be of interest, but it's more that they'll approve amounts that even a retail bank won't. I can tell you that the VA OHRM loves them, because they know they don't have to pay higher accession bonuses or retention to them, because they are hooked on debt and need the job.
         
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