Avoid Pitfalls of Meeting Down Payment Requirements Though many Doctor Loan programs allow for a small down payment, the guidelines concerning where the funds are derived from, can be complicated. If the lender requires 5% of the purchase price be from your own funds, one must be well prepared. If
Budgeting for a New Home 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
Should I Wait to Put Down a Bigger Down Payment? 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
Why would a bank offer a Doctor Loan? 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
Med School Loans and Income Based Repayment (IBR) 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
Length of Time Since Residency 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
What do most Physician Loans have in Common? 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
Let’s Talk about Income 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
Is a Doctor Loan right for you? 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
What really is a Pre-Approval? 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
