Starting your medical career often creates an unusual financial situation. Your current income may not reflect what you’ll soon be earning, and student loan balances may make traditional mortgage qualification more difficult.
Medical Professional Mortgage guidelines may allow qualifying medical residents, fellows, and interns with an eligible medical degree to:
A signed employment agreement may potentially allow us to qualify you using income from a position that hasn’t started yet.
Some program options allow qualifying employment to begin up to approximately five months after closing.
That means you may be able to buy your home and complete your move before your new position begins.
Traditional mortgage programs often require a longer self-employment history.
Certain Medical Professional Mortgage options may provide additional flexibility for doctors and other qualifying medical professionals who recently became self-employed.
In some circumstances, qualification may be possible with approximately 12 months of documented self-employment history , subject to underwriting requirements.
Typical features of Medical Professional Mortgage options. Requirements vary.
Exact loan amount, down payment, credit, reserve, debt-to-income and eligibility requirements vary based on the individual borrower and selected program.
The Medical Professional Mortgage can generally be used for:
Purchase a qualifying primary residence with specialized financing designed for medical professionals.
Rate-and-term refinance options may also be available for existing homeowners.
Not always — and that’s why we compare your options.
Depending on your financial situation, a traditional conventional mortgage may still provide the best combination of interest rate, payment and closing costs.
We’ll compare the Medical Professional Mortgage against other financing options so you can see which one makes the most sense for you.
The goal isn’t to put you into a physician loan. It’s to find the right mortgage for your situation.
Straight answers on down payment, PMI, residents, student loans, credit, and more.
Your medical specialty, employment status, income, student loans, credit profile and home price all affect which Medical Professional Mortgage option works best.
We’ll compare the available options and show you the financing strategy that fits your situation.
No obligation. We’ll help you understand your options before you decide how to proceed.