Mortgage Loan Program For Doctors And Medical Professionals

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Mortgage Loan Program For Doctors

Gustan Cho Associates

Mortgage Loan Program For Doctors And Medical Professionals

This BLOG On Mortgage Loan Program For Doctors And Medical Professionals Was UPDATED On December 24th, 2018

A university degree requires time and money and in many cases a lot of money. With the constant rise in college fees, nowadays even an undergraduate degree costs more than ever.

  • For those working in the medical or dental field, it costs even more
  • College education is so much expensive that student loans are now not an option instead they have become necessity
  • However, there is a Physicians mortgage loans program for future doctors and dentists that takes into account student loan debt and the future income of a doctor or dentist
  • This is a dedicated physicians home loan program designed to absorb the high level of debt and help medical and dental professionals to get into home as quickly as possible, while keep offering competitive lending terms

Mortgage Loan Program For Doctors And Medical Professionals Guidelines

Who Qualifies for Physicians mortgage loans program? 

  • This special Physicians mortgage loans program is not just for the doctor who works in a hospital or in private practice
  • In addition to a doctor who has been working for two years, others who can get benefit from this loan program are approved physicians who have been resident for at least a year and include residents and dentists
  • Medical students who are in a fellow ship or in residence can also become borrower and get benefit from physician’s home loan program which is exclusively designed for them

Outstanding Student Loan Balances Incurred By Medical Professionals

According to recent statistics, medical graduates have borrowed more than $ 200,000 on average.

  • Those who pay these credits mean that they cannot make significant savings because of the huge cost of student and postgraduate courses
  • The newly trained doctors have very little work experience, a modest credit rating and little money in the bank
  • These conditions can make it extremely hard for them to qualify for any Governmental or Conventional mortgage loan program

Down Payment Requirements For Mortgage Loan Program For Doctors And Medical Professionals

Given this, the Physicians mortgage loans program requires very little, and in some cases only 3% of down payment.

  • With a monthly payment of student loans, the debt ratio for doctors, dentist and other medical students can be higher than the debt ratio of an average borrower
  • A Physician loan program helps in tackling this debt burden, by eliminating the need of private mortgage insurance which then keeps in check the monthly payments

Instead of looking for a two-year work history and tax return, the Physicians mortgage loans program can use an employment contract or confirmation from the employer about the amount of salary received by the doctor, the method of payment and for how long the doctor will receive his salary. Employment contracts must specify that the doctors will keep working with the hospital or doctor’s group for at least two years (two years in most cases). 

Future Income Mortgage Loan Program For Doctors And Medical Professionals

Qualify for Loans Based on Future Income 

The Physicians mortgage loans program specifically aimed at physicians / doctors, dentists, optometrists or oral surgeons who are about to finish their training or have already been practicing for less than a year. 

Qualify for Higher Loan Amounts: 

Under Physicians mortgage loans program, the student loans that will be delayed for a minimum of 12 months after the concluding date may be omitted from a borrower’s monthly Debt to Income. Another factor that can be add into borrower’s loan application for getting high amount of loan is the earning potential of the borrower in Future– and in some cases, in higher cost areas such as Los Angeles, California. 

Highlights of Physicians mortgage loans program: 

  • Recently licensed Medical Residents may be entitled. 
  • Current physicians / doctors, oral surgeons and dentists who have been practicing for less than 1 year may be eligible. 
  • Future / anticipated earning may be taken into account under certain circumstances (purchase only) 
  • Generally the minimum FICO score requirement is 720  
  • Generally 30 year fixed and 7/1 ARM available 
  • Low down Payment options  
  • Primary Residence only 
  • Only single-family residences, condominiums, condominiums and condominium units 
  • There is no mortgage insurance for borrowers 

If your mortgage is refused or you have questions about real estate or mortgage, contact the author Alex Carlucci of Gustan Cho Associates at Loan Cabin Inc. at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. The Gustan Cho Team at Loan Cabin Inc. works when you work, so do not hesitate to contact him at any time. 

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