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Doctor Mortgage Programs And Eligibility Lending Guidelines

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Doctor Mortgage Programs And Eligibility Lending Guidelines

This BLOG On Doctor Mortgage Programs And Eligibility Lending Guidelines Was PUBLISHED On March 14th, 2019

Student Loan debts are the number one barrier when it comes to physicians and medical professionals qualifying for a mortgage.

  • Most physicians have student loan balances of more than $300,000
  • Depending on the postgraduate degree, I have seen doctors with over $1 million in outstanding student loan debts
  • The Gustan Cho Team at Loan Cabin Inc. are experts in helping doctors and medical professionals with high student loan debts qualify for mortgages

We will discuss Doctor Mortgage Programs on this blog to help doctors qualify for mortgages.

Basics Of Doctor Mortgage Programs

Doctors have trained hard most their lives to get to become physicians.

  • It takes four years of college, four years of medical school, one-year internship, and 3 to 5 years of residency to become a physician
  • Dentist requires 4 years of college, 4 years of dental school, and on the job training for many years
  • With all this intense training and sacrifice to enter a noble profession to help people, doctors should not be struggling to qualify for a mortgage
  • Many doctors are renting because they cannot qualify for a mortgage due to the high student loan balance
  • Almost all doctors can afford to become homeowners and can make their mortgage payments but cannot qualify for mortgage loans due to the high student loan balance
  • The doctor mortgage programs allow borrowers to exempt student loan debt payments from their debt to income ratio calculations
  • Our Doctor Mortgage Programs was specifically designed for physicians, dentists, podiatrists, chiropractors, pharmacists, nurses, physician assistants, and oral & maxillofacial surgeons
  • Physicians under internships and residency can qualify for Doctor Mortgage Programs

Doctor Mortgage Programs allow doctors to qualify with future income and/or offer employment letters. This is ideal for brand new doctors who just graduated medical school and/or completed their internships and/or residency.

How Does Doctor Mortgage Programs Work

There are various doctor mortgage programs that we cannot cover everything on this blog. We will cover the basics and if you have any questions, please connect with us at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. We are available 7 days a week, evenings, weekends, and holidays.

Doctor mortgage programs for borrowers with deferred student loans and/or loan that are in forbearance for at least for 12 months can be excluded from debt to income ratio calculations if the following holds true:

  • The status of the deferment and/or forbearance is still active until the date the doctor is fully employed and started receiving his salary and compensation plan
  • Borrowers compensation will be enough that borrowers have the ability to repay all of their monthly debt, student loan payment, and subject PITI
  • Up to 97% Loan To Value
  • Gustan Cho Associates at Loan Cabin Inc. has 95% LTV Jumbo Loans for Doctors with no private mortgage insurance and no loan limit
  • Available on conforming, high-balance, jumbo, and nonqm jumbo loans
  • Banks Statement Doctor Mortgage Programs where no tax returns are required
  • Bank Statement Doctor Mortgage Programs are for self-employed doctors only
  • The maximum loan amount on conventional loans are per conforming loan limits amounts
  • High-cost area loan limits established by Federal Housing Finance Agency

For more information, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. We are available 7 days a week, evenings, weekends, and holidays.

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