Hey doctor, is there a mortgage guy in the house? [Virginian – Pilot]

Do you know how busy doctors are these days? When you're feeling a bit under the weather, you go to the doctor, who diagnoses the problem, gives you a prescription and, after a day or two, you feel like a million bucks again.

Wouldn't you agree that doctors, after tending all of your aches and pains and bumps and bruises, deservesome TLC, too? If you're a doctor or even a medical resident, you may be too busy taking care of patients to realize there's a special loan program that takes care of you.

Just like the name implies, the Doctor Loan is a home-financing program offered specifically for medical residents and physicians.

Many physicians transfer into and out of myriad areas and have limited funds to place as a down payment, especially after exiting their residencies. The Doctor Loan allows them to stop or avoid renting and get into their own homes sooner.

Even residents who have a signed employment contract can close on a new home and move in as early as one month prior to starting that new job.

The bonus: Lenders who offer this loan allow for refinancing, too.

The flexibility of the Doctor Loan lends itself to a doctor's hectic schedule. In most cases, the application process is easier than a normal loan. There's usually a quick turnaround on approvals, and the loan's less-restrictive underwriting guidelines mean doctors won't have to deal with as much paperwork.

If one is still paying off student loans, this is where the Doctor Loan really hits home. Those with at least 12 months of deferment remaining on their loans can qualify.

Don't have the cash for a down payment? It's not a problem with the Doctor Loan. A physician or medical resident can borrow up to 100 percent of the home's value or purchase price. The exception is buying a condo, which requires down payment. There are caps on the amount; in most cases exceptions can be granted.

To help boost one's purchasing power, the Doctor Loan program offers myriad innovative financing solutions, including no required private mortgage insurance, saving you thousands annually. There also are special discounted interest rates and an option for a free 60-day interest rate lock.

Lenders with the Doctor Loan will require a banking relationship. Depending on the lender, you may be offered a float-down feature, which means that if rates go down while your loan is being processed, you have the option of "floating" your locked rate down to a lower rate before you close on your loan. This option usually comes with a slight lender up-front charge.

While all lenders don't offer a 100 percent Doctor Loan, many have a hybrid product marketed as a Doctor Loan. The hybrid typically requires a 10 percent or more as a down payment. The loan will allow for 30- and 15-year financing, along with one-, three-, five-, seven- and 10-year adjustable-rate mortgage financing.

One more important qualification point: This loan is for those who are medical doctors. Dentists and PhD holders do not qualify.

Be aware that not all lenders offer this specialized program. Typically, this loan is offered through larger banking institutions. See your mortgage lender for details and advice on choosing the best loan for you.

Steve Rockefeller is a 20-year mortgage veteran. He's a past president of the Tidewater Mortgage Bankers Association and Virginia Mortgage Bankers Association. Reach him at (757) 301-9776 or [email protected]. This column is relative to the mortgage industry, is the opinion of Rockefeller and does not reflect the opinion of SunTrust Mortgage. Friend him at www/Facebook.com/ hamptonroadsmortgageexpert.