Uh-oh: Interest-only mortgages

Mortgage Lenders USA

physician mortgage loanQ: Do I qualify for a physician mortgage loan?
A: If you are a medical resident or a licensed medical doctor (MD), you are potentially a candidate for a physician loan. The following licensed doctors also qualify:

  • Doctors of Optometry (OD)
  • Doctors of Osteopathy (DO)
  • Doctors of Ophthalmology (MD)
  • Doctors of Podiatric Medicine (DPM)
  • Doctors of Dental Medicine (DMD) (select markets only)
  • Doctors of Dental Science (DDS) (select markets only)

Lenders will look at many factors when evaluating your application for any mortgage. These include your debt-to-income ratio, credit score, the property you’re considering, when you are graduating, what your future (or current) salary will be, etc. Banks like extending mortgages to physicians because of their future (or current) earning power, so as long your credit score is in good standing, you shouldn’t have any problem qualifying. Most well-known national banks are looking for people with 700+ credit scores to qualify for a doctor loan. Of course, there are exceptions to the rule. Be aware that lower credit scores typically mean you’ll pay higher rates and the terms won’t be as favorable.

Q: I’m not a U.S. Citizen or permanent resident. Can I still apply?
A: Unfortunately, you must be a citizen or permanent resident to qualify. These are requirements that all banks have in place.

Q: I’m a medical student? Can I apply?
A: As of date, unfortunately all banks require you to be a practicing resident or attending physician.

Q: Would I be considered for a physician loan as an M4 before residency?
A: Possibly, but with most banks you’ll need to provide a signed residency contract before your closing. Typically, you’ll receive your contract three or four weeks after Match Day (usually the 17th of March each year). You may also need to demonstrate you have enough money in your bank accounts to cover the mortgage payments until you start receiving your salary.

Q: What documents will I need to provide?
A: Getting a mortgage loan requires a significant amount of documentation. The requirements for submitting paper and electronic documentation has skyrocketed over the past 5 years. It’s a pain, honestly. To help with this process and ease the stress a bit, we’ve written a detailed document checklist to make getting organized easier when applying for a applying for a doctor mortgage. Please keep in mind though: whatever they ask for, there will always be more. It’s just a part of the process. We recommend you grin and bear it. You’ll get through eventually, promise. Keep your head up and keep the larger goal in mind: your new, beautiful home that you own and can build wealth with.

Q: Are doctor loans still available in all 50 states?
A: Many banks are only able offer their doctor loans in a select number of states. This is because they are only licensed to loan and do business in states where they have a physical branch. However, we have relationships with many different banks—so yes—we work with physician lenders that offer the program all 50 states. Keep in mind that the loans, rates and terms offered in each state depend on which banks have a footprint (brick and mortar bank) in those areas. Some banks in certain states allow you to purchase with zero money down while others require 5% down. Please get in touch with us and provide the state you’re looking to purchase in. We’ll connect you with the best match in your state. Our goal (95% of the time we deliver on this) is that someone will get in touch within 1 business day to discuss your options.

Q: What properties are eligible?
A: Single family homes, town homes, and condos (in most markets). There are still a few “declining markets” in the United States, so those areas tend to be a bit more restrictive. The lending officer you’re matched with will be an expert in these areas and can provide conclusive guidance on what properties are eligible.

Q: My student loan is deferred. Do conventional mortgage financing programs overlook these loans in my debt-to-income ratios?

A: No. If you were to quit your residency at any time with deferred student loans still pending, those loans would become active again, thus normal mortgage programs would count this as current, active debt. The doctor loan is the only loan program that allows lenders to forfeit this debt. This is one of the main benefits of the doctor loan program.

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I agree with Michael Cheng. If you have a great credit score, stable, verifiable income, verifiable cash on hand or assets, you are a dream client. By comparison shopping, you will be able to obtain a Loan Estimate from at least three different types of lenders: Talk with the mortgage department of where you currently bank. You already have a banking relationship with them. This is a good place to start. Next, apply with a local, licensed non-bank mortgage lender. Somebody located in the town in which you live.  Last, apply with a local mortgage broker.

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