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Physician Relocation Specialist

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Dana Ash-McGinty, Real Estate Broker “Married To Medicine”

Helping Physicians Make The Right Move Since 2002

Dana Ash-McGinty and her husband Dr. Dana McGinty, known as "The Danas".
Dana Ash-McGinty and her husband Dr. Dana McGinty, known as “The Danas”.
I am a Realtor®, Real Estate Broker and the wife of Dr. Dana McGinty, an alumnus of Howard Medical School and an Internal Medicine Physician practicing in Washington, DC. (Yes, that’s correct- we share the same first name!)

I intimately understand the stress, demands, and hectic lifestyle that physicians experience. I’m well-connected in the local medical community and have the ability to move quickly to help you achieve your goals. My ultimate goal is to ensure that my clients are able to focus on their profession and families and less on the stresses of a home purchase or sale.

It is important to be represented by a Physician Real Estate Specialist. Your agent should absolutely have a good understanding of physician home loans and have a good relationship with these lenders. Competition for homes are fierce in the Washington, DC market and your agent must be able to highlight you and your financing (See Physician Loans below) in order to compete against buyers who might be putting down larger down payments with conventional financing or all cash offers.

Here are my qualifications:
  • Well over 15 years experience in both residential and commercial real estate
  • $500+ million in real estate sales
  • Extensive experience in working with physicians, professionally and personally
  • Fully understand how physician home mortgages/loans work and how to win offers with them
  • First hand, personal experience with obtaining a physician mortgage
  • Understand how to work with a physician’s busy schedule
  • Regional Specialist
  • Relocation Expert
  • Realtor® designation, which means that I adhere to a strict code of ethics of the National Association of Realtors®

  • Physician Sellers: If you are considering selling your home, please contact me for a no-obligation consultation. My goal when I represent home sellers is to sell your home to the most qualified buyer for the highest possible price and at minimum disruption to you.

    Physician Buyers: As your Realtor®, I am committed to finding you and your family your special home in Washington, DC – while making your move as smooth as possible.

    Physician Mortgage Loans

    Banks love doctors! Physician mortgage loans are a special mortgage product available to doctors. These doctor home loans have fewer restrictions for than conventional loans. Although these loans represent a terrific opportunity for physicians, physician loans may not always be the best option, especially in high-demand, competitive markets.

    Pros
  • Allow for 0% down payment
  • No private home insurance (known as PMI)
  • Ignore your medical student debt when calculating your debt to income ratio
  • Qualify based on physician’s contracted income (allowing physicians to qualify before you even start working)

  • Cons
  • Higher interest rates
  • Few fixed rate options

  • Alternatives
    A conventional home loan is the most common type of mortgage. It’s what most of your friends and neighbors probably have. A conventional loan has a few requirements for borrowers.

    There are also FHA, VA and Adjustable Rate Mortgage options.

    Relocation Services

    If you are relocating to the Washington, DC metropolitan area, my team can provide:

  • Public and Private school information
  • Childcare and Preschool information
  • Neighborhood information
  • A tour of DC’s best neighborhoods
  • Resources for cost of living comparison
  • Coordinate with your new employer for a smooth transition

  • Commercial Real Estate

    In addition to residential real estate, I can assist you with expanding your practice with a medical office/building purchase. I have extensive experience in commercial real estate sales and residential property conversions.

    I would be happy to provide you with commercial properties suitable for medical use based on your personal criteria and practice requirements. You also want to consider a mixed-used property (commercial and residential), as well as a residential zoned property with a medical special exception or nonconforming use.

    Purchasing and financing a property for your medical practice is a complicated process; I understand this from professional and personal prospective. However, calculating commercial lease payments for a couple decades will astound you and make a medical office purchase palatable and easily a fantastic investment. Feel free to contact me with any questions about this process.

    FAQ

    Physician Loans
    How do you qualify for a physician mortgage? Every lender has slightly different qualifications, however, typically you need to:
  • Be a physician / doctor
  • Be employed
  • Have a good credit score (700+)

  • What kind of doctors are typically eligible for Physician Home Loans? Doctor of Medicine, M.D.
    Doctor of Osteopathic Medicine, D.O.
    Doctor of Optometry, O.D.
    Doctor of Podiatric Medicine, D.P.M.
    Doctor of Dental Surgery, D.D.S.
    Doctor of Dental Medicine, D.M.D.

    How are banks able to offer these loans to Physicians? What’s a Portfolio Loan? The vast majority of conventional loans are packaged and sold on a secondary market. Therefore, they have to conform to certain rigid guidelines, particularly those created by Fannie Mae and Freddie Mac (Federal Government institutions). Physician home loans are part of a special class of loans called Portfolio Loans. A portfolio loan is one that a lender keeps within its own institution and own investment portfolio. Lenders are therefore able to use more flexible guidelines in qualifying borrowers (such as physicians) for these loans. Because of our low default rates, banks have designed these loans to remove some of the common obstacles that incoming and existing residents, fellows and new doctors face when trying to qualify for conventional loan products.

    Can I get a Physician Home Loan as a resident or fellow? Yes, I work with lenders that have products for physicians at all stages of their medical journey.

    What kind of properties are eligible for Doctor Loans? The property you purchase with a Physician Home Loan must be your primary residence, whether that’s a condo, co-op, townhouse, single family, or multifamily (2,3, or 4 units- as long as you’re living in it as well). You cannot use the loan to purchase an income property you don’t intend to live in.

    Private Mortgage Insurance
    What is Private Mortgage Insurance (PMI)? When someone is attempting to purchase a home with a down payment of less than 20%, the lender typically requires the purchasing of Private Mortgage Insurance, or PMI. Its purpose is to protect the lender in the case that you end up in default or foreclosure. The fee is typically around 0.3% to 1.5% of the original loan amount per year. Physician mortgage loans don’t charge require private mortgage insurance (PMI) when a borrower puts down less than 20%.

    Student Loans
    Do my student loans make it more difficult to qualify for a home? Lenders of physician mortgage loans don’t count student loans as part of the debt-to-income ratio (DTI), which they use to decide if an applicant is creditworthy. Typically, lenders want to see a DTI percentage of 43% or less. Since most doctors have student loans that are well over six figures, their DTI would render them ineligible for homeownership. That’s not the case with doctor home loans. Other types of loans still count toward DTI, including auto loans, credit card debt and personal loans.

    Credit
    What is the minimum credit score for a Physician Home Loan?It varies per lender but as a general rule of thumb, you need to have a FICO credit score > 700 to qualify.

    What if your credit score is below that threshold? We have been successful in helping some physicians obtain home loans in spite of a lower score. However, each situation needs to be handled on a case-by-case basis.

    Pre-loan Paperwork
    What is a Pre-Qualification? A pre-qualification is an initial assessment of a potential buyer. It is a quick estimate of what you may be able to borrow. In a nutshell, it:
  • Provides an estimate of your borrowing power.
  • Is based on information you provide verbally about your income, employment, assets, credit and bank accounts.
  • Does not always include an analysis of your credit report.
  • Can often be done online or over the phone.
  • Is offered by most lenders at no cost.
  • Is neither a pre-approval nor a commitment to lend.
  • It is a simple procedure and is only based on information you provide to the lender, so it is not a sure thing. Therefore, being pre-qualified does not carry as much weight as being pre-approved. Being pre-qualified allows for a lender to present various mortgage options and recommend the type that might be best suited to your situation. This will help you get a rough estimate of how much you can afford.

    What is a Pre-Approval? A pre-approval is a more in-depth assessment of your eligibility to secure a loan.
  • The lender will ask you to fill out an application.
  • You will need to provide documentation to look into your income and expenses.
  • The lender will pull your credit score.
  • You will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level.

  • The pre-approval sends the message to sellers and lenders that you are a serious buyer. It will also give you a general idea of your interest rate and potential monthly payment. You are not locked into anything with the lender, however, and may still decide to accept or walk away from this commitment before anything is signed.

    Disclosures / Confidentiality
    Will my information or email address be shared or sold to other companies? Absolutely not. Please refer to our privacy policy if you’d like further details.

    Contact

    I’m here to help. The easiest way to make contact is through the form below, but feel free to reach out by any of the ways listed below. Let’s connect!

    Dana Ash-McGinty
    Email: dana@ashmcginty.com
    Phone: (202) 818-8718
       





    Note: If you are a practice manager, program coordinator for residents or fellows, a physician recruiter in Human resources, a dedicated physician services specialist or physician retention specialist, please click here.