Does the Doctor Need a House?
If student loans are preventing you from buying the home you love, the new Doctor Home Loan program may be able to help!
When training to be a physician, it can feel like you’re stuck in a state of arrested development. In your early 20s, everyone else is starting a career while you’re still going to school. In your mid-20s, everyone is getting married and starting a family while you’re a busy resident with no social life. By the time you begin your career in earnest during your late 20s or early 30s, everyone else seems to be settled down. But while some of that is unavoidable, there’s no reason why physicians have to stand on the sidelines while everyone else buys a home
Physician mortgage loans are a special mortgage product available to doctors. Doctor home loans have fewer restrictions for borrowers than conventional loans because lenders generally trust doctors to be responsible borrowers. Doctors often apply for these mortgages when they’re in residency or shortly after graduating med school. Lenders will accept an offer letter as proof of income, which is an extremely rare scenario. Most banks want to see a stable history with a current employer. In fact, some will let you take out a mortgage months before your residency officially starts.
Typically, lenders want to see a DTI (debt-to-income) 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.
There’s even better news! Doctor mortgage loans aren’t just for physicians. Just look at the list of professionals that are eligible for this loan:
|WHO IS ELIGIBLE
Medical Resident (Educational License)
Medical Doctor (MD)
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)
Doctor of Optometry (OD)
Doctor of Ophthalmology (MD)
Doctor of Podiatric Medicine (DPM)
Doctor of Osteopathy (DO)
For more information about this loan fill out the contact me form.