Physician Doctor Mortgage Loans
Every year 16,000 new doctors graduate from medical school and about the same graduate from residency programs. Does this sound like you? If so, congratulations! By standard mortgage qualification criteria, you may think it will be difficult to obtain a mortgage. However, with little savings for a downpayment, a high amount of debt (hello student loans), and no proven earnings yet, you can still purchase a home with a physician mortgage loan. Contact me to learn more.
What is a doctor's loan?
Low Downpayment
As little as 0-10% down payment. Most lenders allow a 0% downpayment on homes up to $750,000!
No Mortgage Insurance
No requirements to purchase PMI. Most borrowers must pay PMI on loans with less than a 20% downpayment.
No income restrictions
Lenders will accept a contract as evidence of future earnings. There is no need to show current pay stubs.
Down Payment Assistance
Some programs even allow you to use gift money for a down payment, required reserves, or closing costs
Same Interest Rate
Physician Loans will have the same rate whether the loan amount is above or below “jumbo loan” limits
Student loans?
Student loans are not calculated toward the loan to income ratio. Some programs will use modified payments similar to the Income Based Repayment/Pay As You Earn calculation
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