Question 1

What is a physician mortgage loan?

Accepted Answer

A physician mortgage loan is a specialized home loan for medical professionals that offers zero to low down payment, no private mortgage insurance (PMI), favorable treatment of student loan debt in DTI calculations, and the ability to close up to 90 days before your start date using a signed employment contract. These loans are available to MDs, DOs, dentists, CRNAs, PAs, and other medical professionals.

Question 2

Which banks offer physician mortgage loans near Baylor Scott & White Temple TX?

Accepted Answer

The top physician mortgage lenders serving the Temple and Bell County market include Extraco Banks (local Central Texas bank with 500+ physician loans funded, 100% financing, no PMI, 660 minimum credit score), First Financial Bank (100% financing up to $600K), Broadway Bank (close on future employment contracts), and Fairway Independent Mortgage (flexible student loan DTI treatment). National options like Cadence Bank, Regions Bank, and KeyBank also serve Texas.

Question 3

Can a medical resident get a mortgage in Temple TX?

Accepted Answer

Yes. Several physician loan programs specifically include medical residents. Extraco Banks offers 100% financing to medical residents with an MD employed at an eligible medical facility. Broadway Bank allows closing based on a future employment contract before your start date. A PGY-1 resident earning approximately $71,000 can qualify for a home in the $250,000 to $280,000 range in Temple TX with zero down payment and no PMI.

Question 4

How much house can a BSW physician afford in Temple TX?

Accepted Answer

BSW physician affordability in Temple depends on career stage. Residents earning $71K to $88K can afford $250K to $280K. Hospitalists at $230K comfortably afford $350K to $450K. Specialists and surgeons at $340K to $400K can afford $500K to $750K plus. CRNAs at $388K average can qualify for $800K or more. Temple's cost of living is 13 to 17 percent below the national average with no state income tax, so BSW salaries go significantly further than in Austin or Houston.

Question 5

What credit score do I need for a physician mortgage loan in Texas?

Accepted Answer

Credit score requirements vary by lender. Extraco Banks has one of the lowest minimums at 660 for their physician loan program. Most other physician mortgage lenders require 700 or higher. BMO Bank requires 700, Flagstar Bank requires 720, and First Horizon Bank requires 670. If your credit score is below 700, Extraco Banks is likely your best option for a physician loan in Texas.

Question 6

Should I buy or rent when relocating to BSW Temple?

Accepted Answer

If you plan to stay in Temple for 3 or more years, buying usually makes more financial sense than renting, especially with a physician loan at 0 percent down and no PMI. Monthly payments on a $260,000 home at 6.5 percent are approximately $1,643 including taxes and insurance, which is comparable to renting a 3-bedroom in West Temple. If you are a resident, buying a duplex in The District near the hospital and renting half to medical students builds equity during training.

Question 7

When should I start the mortgage process for a BSW relocation?

Accepted Answer

Start the pre-approval process at least 90 days before your start date at BSW Temple. The July 1 residency cycle creates a predictable inventory crunch each year, and the best homes in popular neighborhoods like Sage Meadows and Hills of Westwood get absorbed fast. Most physician loan programs allow closing based on a signed employment contract, so you do not need to wait until you start receiving paychecks.

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