What Is A Physician Mortgage with Richard Ricci

<p><span style="font-weight: 400;">What is a physician mortgage? How does it compare to a conventional mortgage? Why is it important to work with a mortgage lender that you trust and that also knows his or her stuff?</span></p> <p><span style="font-weight: 400;">In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Richard Ricci, a loan officer from Truist (formerly SunTrust Mortgage). Richard graduated with a business degree from the University of Florida and has made mortgage lending and quality of service his passion. Richard specializes in Truist&rsquo;s industry leading Doctor Loan program. However, he is an expert in all types of mortgage loans, including conventional, VA, FHA, Jumbo, and new construction.</span></p> <p><strong>Topics Discussed:</strong><span style="font-weight: 400;">&nbsp;</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">Basics of Physician Mortgages:&nbsp;</span></li> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">How qualification works</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">How credit scores play into loan requirements</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Best practices when shopping for lenders and comparing rates</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Differences between physician mortgages and conventional loans</span></li> </ul> <li style="font-weight: 400;"><span style="font-weight: 400;">What&rsquo;s with mortgage rates? Lowest they&rsquo;ve ever been&mdash;keep getting lower</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Physician Loan Benefits: Lower down payment with no PMI</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Debt-to-Income Ratio: Determines maximum loan amounts</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Credit Scores: Depends on lender, but higher credit score, better interest rate</span></l