BALTIMORE, Md.--(BUSINESS WIRE)--Certified Residential Specialist Audrey Bullock of Re/Max 100, today announced that several medical doctors have relocated to the Baltimore and DC metro area as a result of a successful program offered by her Re/Max 100 residential real estate office in collaboration with area mortgage experts, primarily Jim Webster and his SunTrust Doctor Loan Program. According to Bullock, doctors have purchased homes in Maryland, Virginia and Washington, D.C. over the last year and several are in the process. Such programs offer strong incentives to lure more physicians to the area, alleviating the current and growing shortage of physicians.
The medical community, area hospitals and local government agencies are facing stiff competition to recruit top doctors or face longer waits for appointments, specialists and emergency rooms. The New York Times reported the shortage is reaching crisis proportions. In 2014, when 33 million uninsured Americans are expected to enter the health-care system under the new healthcare law, the Association of American Medical Colleges (AAMC) projects the shortfall to increase original estimates by 50 percent from 39,600 to 63,000. By 2025, the AAMC projects that figure will jump to 150,000.
MedChi, the Maryland State Medical Society and Maryland Hospital Association warned of the escalating crisis two years ago, urging area leaders to take bold steps to attract and retain qualified physicians. One such incentive is to offer doctors attractive, affordable homes, even though such an enticement offers its own set of unique challenges.
The costs of medical education are so high that doctors typically graduate, owing more than $156,000 in loans. Given the high debt-to-income ratio physicians amass by the time they go into practice, doctors usually experience difficulty in qualifying for affordable home mortgages.
SunTrust Bank created its Doctor Loan Program with special fixed rate and adjustable rate loans with interest-only mortgages for purchases and refinancing: For medical residents, interns and fellows, the Program offers up to 100 percent financing for a maximum loan amount of $417,000 (exceptions possible) and deferred student loans are not counted in debt. For licensed medical physicians who have completed their residency within the last six years (exceptions are possible depending on circumstances), the Program offers up to 100 percent financing for loan amounts up to $650,000, 95 percent financing for up to $1 million or 89.9 percent financing for up to $1.5 million. No private mortgage insurance (PMI) is required, and closing costs can be paid by the seller up to 3 percent, or it can come from a gift.
Two married doctor clients of Bullock purchased a home in Montgomery County said, “Audrey gave us the level of service that larger real estate teams simply could not match -- with a minimal amount of time and stress. Her experience and expertise working with other physicians gave her a unique perspective on our special wants and needs.”
Several other physicians who worked with Bullock and Webster consistently commended the team. One Virginia client said, “They treated my family and me as if we were their only client. They quickly returned our calls and emails, while anticipating and addressing every question and challenge we faced throughout the purchase and closing process.” Other doctor clients who work at NIH noted, “They helped each of us secure the right home and package, even though our requirements were so different. They knew just which communities and financing suited each of our lifestyles and budgets, and the personalized tours Audrey conducted really made our decision making easier.” One first-time, Virginia client added, “My home price range was on the lower side, but Audrey made me feel like her most important client, so I will definitely be a return client in five years when my family and I can ultimately afford our dream home.”
To better inform and educate this market niche of new physician graduates and to make it easier for physicians interested in relocating to our area, Bullock and Webster are participating in the December 1st CareerMD.com Job Fair in Washington D.C. at the Georgetown Hotel.
About Audrey Bullock and Her Re/Max 100 Doctor Relocation Program
As a Million Dollar Club member and Certified Residential Specialist (CRS), Audrey Bullock is one of the elite four percent of realtors nationwide highly qualified to guide residents in buying or selling a home. CRS is awarded to sales associates in the residential sales field who meet stringent requirements, recognizing professional accomplishments in both experience and education. A full-time residential realtor since January 1999 and wife of a military veteran, Bullock appreciates the life and demands of today’s military, business and medical professionals.
Bullock strives to serve each and every client so they feel as if they are her only client. She counsels clients on finance, contracts, negotiation and marketing to their best advantage. She addresses each client’s personal wants and needs with minimal stress and time by doing the homework and legwork so her busy clients and their families don’t have to, keeping them posted but as stress-free as possible.
As a local professional, Bullock knows the neighborhoods, schools, market conditions, commutes and local economy and is always up-to-date on new listings and conditions as they impact the market.
She develops personalized community tours to help each new client considering relocating to the area a realistic sense of area commuting routes and times, local public and private schools, community culture and attractions based upon conversations. This helps them determine what is most important to them and their family and to assure they find and secure the best possible home in the most advantageous area at the best possible market price and mortgage.
Bullock’s specialties include: corporate relocation, first-time buyers, military and BRAC (Base Realignment and Closure) relocation, luxury homes, new construction and investors.