Orlando Florida Homebuying Tips for Physicians

Orlando is the fourth-largest city in Florida and the 23rd-largest metropolitan area in the United States. People move to Orlando for the pleasant year-round climate and to live near exciting theme parks such as Disney World and Universal Studios. Orlando residents also benefit from a robust healthcare system that includes the Orlando Health network of hospitals and other providers like AdventHealth and the Osceola Regional Medical Center. Thousands of healthcare professionals live in Orlando and the surrounding cities, but many are unfamiliar with the unique benefits they can access as they shop for Orlando, FL, real estate. This article will answer some of the most common questions from physicians about shopping for houses for sale in Orlando while providing insight into various programs and incentives available to medical professionals.

As a physician, you may have access to special mortgage loan packages designed to help doctors buy homes despite high debt-to-income ratios and limited cash reserves. These loans won’t require you to pay private mortgage insurance each month when you make your mortgage payment, even if you don’t have 20% equity in your home. Some physician loans will allow you to buy a home without making an initial down payment. Another benefit of a physician’s mortgage is that they do not consider student loan payments when assessing your debt-to-income ratio, which allows you to exceed the recommended ratio of 43%. These loans are available to qualified medical professionals who meet specific requirements. You’ll likely need to provide your degree and proof of salary during the underwriting process.

Physicians’ mortgage packages are just one of many options you can consider when purchasing a home. A lender can help you identify additional possibilities as they assess your overall financial position and your debt-to-income ratio. Once they pull together your information, they will provide you with a pre-approval letter that includes a specific loan amount and interest rate. Sellers often want to see a pre-approval letter before they agree to sell you their home, and some will even require buyers to provide proof of pre-approval when scheduling private showings. Don’t forget that different lenders will offer varying interest rates, and it will benefit you to speak with multiple providers to see who can provide the best deal.

Physicians usually have higher income levels than most, meaning you’ll have more options to consider as you shop for homes. To ensure you find a home that meets your needs and enhances your quality of life, you should take the time before shopping to create a wishlist for your ideal home. Evaluate your family’s current and future needs and preferences, and don’t forget to look for your ideal neighborhood. As you research different areas, consider important factors such as the local schools and the proximity to the hospital or medical complex where you’ll see patients. Fairview Shores is one of the best neighborhoods near Orlando Health St. Cloud Hospital, and the Horizon West neighborhood surrounding Orlando Health Horizon West Hospital is growing quickly.

It’s always wise to see a home in person before making a formal offer. Visiting the property will allow you to evaluate the neighborhood and the area around the house. When looking closely at the property, you’ll also get a better feel for the home’s condition. If you cannot see the house yourself because you’re working or finishing residency elsewhere, consider asking your real estate agent if they will visit the property for you. They could even FaceTime you during the showing so you can look at the home together.

Once you find a home you’re interested in buying, you’ll work with your real estate agent to prepare an initial offer for the seller. It’s essential to consider the time the home has been available for sale and the current conditions of your local market as you think about what type of offer to make. Your possible your first offer may not have to be for the seller’s asking price, especially if the home has already spent several weeks on the market. If your first offer is below their asking price, the seller may propose a counteroffer for you to consider. Your real estate agent will help you respond to each proposal to get you the best deal possible.

After the seller has accepted your offer, you’ll spend the next four to six weeks preparing for closing. It’s a good idea to schedule an inspection immediately. An inspector will visit the property to review all interior and exterior spaces thoroughly. They will compile a report outlining any structural or mechanical concerns they notice in the home. If you have concerns about the home’s condition, you can renegotiate the sales price or leave the deal entirely, as long as your contract has an option period or an inspection contingency.

Being a physician is stressful, and most doctors aren’t eager to add another overwhelming and time-consuming task to their to-do list. Many find that working with a qualified real estate agent makes shopping for a home much more manageable. Your agent will inform you about the current state of the housing market in your area, and they will help you schedule times to see homes in person. They will stand by your side during the closing process to ensure you feel supported and have answers to all of your questions.

If you’re looking for a local Orlando agent who can help you shop for a home, consider contacting Laura Q. Diss. Laura especially loves working with physicians as they shop for houses for sale in Orlando. She is a seasoned broker with nearly 15 years of experience buying and selling homes in Orlando. Her expert negotiation skills and creative problem-solving abilities enable her to provide top-notch services to each client. Contact Laura today if you have additional questions or are ready to look for your new home.