Down Payment Assistance Available to Physicians in Training – Residents & Fellows May Qualify

Posted on Dec 5, 2017 | New Home Loans

Physician Mortgage Grants.

Down payment grants are currently available in conjunction with one of our physician home loan programs in Arizona, California, Colorado, Florida, Idaho, Illinois, Massachusetts, Minnesota, North Dakota, Nevada, Pennsylvania, Texas, and Wisconsin. Not all counties in each state are covered; please reach out to us for additional questions and program specifics.

Depending on the county in which you are buying, the down payment assistance equals between 3.5% and 7% of the loan amount. For example, if you buy a $300k home and your loan amount is $291k (less required down payment), your down payment assistance would be between $10,185 and $20,370 depending on the county you buy in.

Once you qualify and receive the down payment assistance funds, there are no strings attached. You do not need to pay that money back, you can sell at any time with no recapture fee, the down payment assistance is not taxable, it is your money to be used towards down payment, closing costs, or any other fees directly associated with buying the home.

If you are a doctor interested in purchasing a home, and are in or will be in residency or fellowship in one of the states above, I’d invite you to contact us and we can create a total cost analysis for you.

Please see our previous article for additional information:

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We’d invite you to give us a call with any questions you might have @ 855-260-9932