Guaranteed Rate Affinity Physician Mortgage Loan Review

The Guaranteed Rate Affinity physician mortgage loan can help young medical professionals become homeowners sooner than a traditional mortgage timeline. With low down payment options, flexible DTI guidelines and no PMI requirement, this special home loan program can make owning a home easier and more affordable. But there are some caveats to be aware of.

Keep reading to learn about the Guaranteed Rate Affinity physician mortgage loan.

Minimum down payment	5% down for up to $1 million
Residents allowed	Yes
Degrees that qualify	MD, DO, DDS, DMD, DVM, DC, OD, DPM, DCH, PharmD
Eligible states	CA, CO, FL, MA, NJ, TX, WA

Guaranteed Rate Affinity physician mortgage loan details

Guaranteed Rate Affinity is a partnership between Anywhere Real Estate and Guaranteed Rate, solely focused on the mortgage experience. Although it offers a large variety of mortgage products, its doctor program comes with up to 95% financing and other home buyer perks.

To be eligible, you must be a practicing medical doctor, dentist, dental surgeon, veterinarian or medical resident/fellow. Chiropractors, optometrists, podiatrists and pharmacists might also qualify.

Guaranteed Rate Affinity physician mortgage loan: Pros and cons

Because your profession often signals a stable career with high lifetime earnings, physicians often have access to some of the best mortgage options. Compare physician mortgage lenders, as well as other low down payment programs (e.g., VA Loan or FHA Loan), to determine the best fit for your situation.

If you’re interested in using Guaranteed Rate Affinity’s doctor program, here are some potential advantages and disadvantages to consider.

Pros

Low down payment options starting at 5% down

The Guaranteed Rate Affinity physician mortgage loan offers up to 95% financing for medical professionals in California, Colorado, Florida, Massachusetts, New Jersey, Texas and Washington.

Down payment options depend on your overall loan amount and other qualifying factors (e.g. minimum credit score, DTI, etc.).

Financing options include:

• 5% down for up to $1 million.
• 10.01% down for up to $1.5 million.

Note there’s a minimum loan amount of $453,100. However, smaller loan size options might be available on a case-by-case basis.

Available to medical, dental and veterinary professions

Some physician mortgage programs are limited to medical doctors and dentists. But Guaranteed Rate Affinity’s doctor program is open to a wider range of medical professionals, including:

• Practicing doctors (MD, DO)
• Dentists and dental surgeons (DDS, DMD)
• Veterinarians (DVM)

Chiropractors, optometrists, podiatrists and pharmacists might qualify for this home loan program. Health professionals within 10 years of completing residency or fellowship, and newly licensed medical residents and fellows are also eligible.

Ability to close up to two months before starting new employment or residency

If you’re a newly licensed medical graduate with a residency lined up, you can qualify for a physician mortgage loan before your official start date. Guaranteed Rate Affinity allows residents, fellows and new physicians to close on a new home up to 60 days before starting their new role.

Note you’ll need an acceptable employment contract as proof of future income.

Two-unit properties are eligible

Physician mortgage loans are designed for purchasing or refinancing a primary residence. Therefore, many doctor loans are limited to single-family homes. But the Guaranteed Rate Affinity physician mortgage loan allows single-family homes, condos, PUDs and two-unit properties.

If you’re interested in househacking your mortgage payment, a two-unit property could help cover the cost of your monthly payment while giving you a comfortable living space.

Cons

No 0% down option

One of the biggest perks of using a physician loan is taking advantage of 100% home financing with no PMI. However, Guaranteed Rate Affinity only offers up to 95% financing. Therefore, you’ll need at least a 5% down payment to qualify.

Not available nationwide

If you don’t live in one of the qualifying states (e.g., CA, CO, FL, MA, NJ, TX, WA), you’ll need to look elsewhere for either a nationwide program or a home loan tailored to your location.

Limited to adjustable-rate mortgage options

The doctor program with Guaranteed Rate Affinity doesn’t offer fixed-rate mortgage options. Instead, you’ll have access to a variety of adjustable-rate mortgage (ARM) products that might still fit your needs.

How to apply for a Guaranteed Rate Affinity physician mortgage loan

It’s best to compare several mortgage lenders and loan programs before applying for a mortgage. If Guaranteed Rate Affinity is at the top of your list, here’s your next steps.

Step 1: Contact Guaranteed Rate Affinity

Use the Guaranteed Rate Affinity website to search for a loan expert to help walk you through available loan products and answer any specific questions related to your situation.

Otherwise, for general loan inquiries, you can connect with Guaranteed Rate Affinity at 888-844-9888 or customercare@grarate.com. Keep in mind this lender is only available during normal business hours Monday through Friday.

Step 2: Collect underwriting documentation

As part of the underwriting process, the lender will need to verify your personal and financial information and learn about the property that you’ll be financing. You can expect to provide documentation related to the following:

• Personal identification (e.g., Driver’s license, copy of medical degree).
• Employment status (e.g., employment contract).
• Financial standing (e.g., pay stubs, W-2, tax returns, bank statements).
• Property details (e.g., purchase agreement, appraisal report).
• Supporting information (e.g., gift letter, source of large deposits).

Underwriters use this information to assess your level of risk as a borrower.

Step 3: Stay in contact with your loan officer

It can take several weeks or more to receive your initial underwriting approval with Guaranteed Rate Affinity. Delays might occur if additional documentation or clarification is needed for your loan application. It’s best to stay in contact with your loan officer and respond as quickly as possible.

If you receive final approval, thoroughly review your loan documents to make sure all closing costs and loan terms match your discussions and overall understanding.

Should you use a Guaranteed Rate Affinity physician mortgage loan?

Guaranteed Rate Affinity offers medical professionals a low down payment solution with no PMI and more relaxed underwriting criteria than a conventional mortgage. But a quick look at its Better Business Bureau (BBB) profile yields quite a few complaints related to communication issues and closing mishaps — many of which are from 2022.

That said, there are many physician mortgage programs to explore before choosing a lender.

If you happen to run into communication issues up-front with any mortgage lender, take it as a red flag and move to the next. The last thing you want to do is stick out the process and then end up with delays (or worse) during the closing process due to poor communication with you or their underwriting department.

To fast-track your physician mortgage search, fill out the form below to connect with lenders in your area for your next purchase or refinance.