Down Payment Options: Where Can The Funds Come From? Over the last several years the approval process for loans has tightened up along with higher credit score and down payment requirements. Fortunately, this past year has seen some loosening of loan requirements, enabling more buyers to gain approval. This is stimulating the housing market. Instead … Read more…
Some experts are advising that first time and move-up buyers wait until they save up 20% before they move forward with their decision to purchase a home. One of the main reasons they suggest waiting is that a buyer must purchase private mortgage insurance if they have less than the 20%. That increases the monthly payment … Read more…
2015 Match Day is Here. Are you ready? Anticipation is reaching peak levels with the NRMP Main Residency Match happening this Today. Yes, March 20th is upon us. For most, this day can’t come soon enough. Today, many received an email alleviating the fear of matching. Now the anxiety almost becomes greater. Will I get my first … Read more…
What is the motivation for the bank to offer a Doctor this type of loan? Physician loans, also referred to as doctor loans, present a unique set of circumstances for lenders because new doctors do not have any work history and usually have a significant amount of student loan debt. This situation will typically prevent … Read more…
Qualifying for a Doctor Loan: Medical School Loan Deferment (Waiving medical school loans from your qualifying debt to income ratio when qualifying for a Doctor Mortgage) This topic of discussion often comes up because many physician lenders simply advertise “medical school loans not counted in debt ratios”. Once you contact the lender you will realize … Read more…
Length of Time Since Residency: Things to consider when selecting a lender Some physician mortgage lenders place a limit on the length of time that you have been out of residency. Other lenders have no restricts whatsoever on length of time since residency. If it has been over 10 years since you have graduated medical school, make sure to … Read more…
What is a Doctor Loan? A Doctor Loan or Physician Loan is a mortgage specifically designed with medical professionals in mind. They offer features unique to individuals in the medical profession. What features do most Physician Loans have in common? –The ability to finance more than 80% of the purchase price with no PMI. Private Mortgage Insurance … Read more…
Many physician lenders offer some unique ways of looking at your income. Often the guidelines for determining your employment are more flexible than your typical Conventional Loan. When researching a mortgage for doctors consider your options. Qualifying for a Doctor Loan: Types of Doctor Employment Physician lenders often consider the following categories of employment acceptable: –W2 Employee: … Read more…
Physician loan vs FHA and Conventional A Doctor Loan is a specialized home loan financing program for medical doctors, including residents and fellows, looking to purchase a primary residence. In most cases, only a minimal down payment is necessary (if at all), Private Mortgage Insurance (PMI) is not required, and a range of fixed and adjustable … Read more…
Understanding the Pre-Approval Process The last few years have brought about significant changes in the mortgage and home loan process. Gone are the days of stated and no verification loans. This has resulted in significant changes to programs that cater to physician loans. As a result pre-approvals have become an important part of home buying. … Read more…