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Is a physician mortgage right for you?

This is one of the most common mortgage questions we field. The answer is, it depends. It’s dependent on your personal financial situation and where you are in your career. The loan that is right for you is the cheapest … Continue reading

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Look at the Difference Your Interest Rate Makes!

Did know that today’s historically low interest rates mean that you can buy more than DOUBLE the home you could have purchased in 1985 at the SAME monthly payment? Our friends at KCM Blog helped us create this infographic showing … Continue reading

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Do physician mortgages have higher closing costs and interest rates?

Physician mortgages can typically carry a slightly higher interest rate than a conventional loan.  This will vary greatly based on your situation (credit, amount down, specific bank rates and programs). However, physician loans don’t typically carry mortgage insurance, so even though … Continue reading

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Do medical students qualify for physician mortgages?

The answer is generally no. When you’re going through medical school, most investors or lenders are not going to consider you yet a doctor and training to be a doctor. Once you are into your residency program, then they are … Continue reading

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Why do I need to provide so much documentation to get my doctor mortgage?

After the mortgage meltdown, the mortgage industry has needed to be more careful so that the least number of defaults happen, thereby avoiding another mortgage meltdown. Although that means more documents and more paperwork for clients, it also means that … Continue reading

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NHF 5% down payment grant available in 26 states, perfect for resident physicians

The NHF Platinum homebuyer assistance program currently gives eligible families and individuals a grant that does not have to be repaid. The grant (up to 5% of the loan amount*) can be used towards down payment or closing costs. Highlights … Continue reading

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Do young physicians face challenges when refinancing a home mortgage?

Student loans are always going to present specific underwriting challenges or problems, depending on how they’re reporting, if they’re in deferment or some sort of forbearance or pay-as-you-earn or income-based repayment. Work with a firm that is in your area … Continue reading

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What are points and origination fees?

 In IRS Publication 936, both are considered “pre-paid interest” paid at closing one-time to get the benefit of a lower interest rate. Some lenders use the term “total points” to include origination fees and discount points, but not all lenders … Continue reading

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I didn’t know that doctor mortgages did not consider student loan debt; is this true?

Physician home loans ignore student loan debt, which is what makes it possible for you to qualify for a relatively large purchase given an otherwise cumbersome income/debt ratio. This is possible in part as a resident because they know you … Continue reading

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Physician loans in NY Times

Here is a great article about doctor mortgages from the NY Times: Heavy student loan debt is often cited as a barrier to homeownership for 25- to 34-year-olds. But many mortgage lenders are eager to extend credit to one category … Continue reading

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