Category Archives: Uncategorized

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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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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Will I need to pay mortgage insurance on my physician home loan?

There are three different ways borrowers have to pay mortgage insurance. The most common way is the monthly mortgage insurance premium. This typically falls off your loan 10 or 15 years into the loan. Another way to pay the insurance … Continue reading

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What is an annual percentage rate (APR)?

An APR is one of the most misunderstood concepts in mortgage. An APR is your interest rate plus your closing costs related to getting your loan added together and then divided over the term or your mortgage. So if you … Continue reading

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Why are there special loan programs for physicians?

Q: So what gives? Why do banks and underwriters treat doctors and dentists differently than other potential borrowers? A: Lending institutions know that most new physicians’ income will increase dramatically once they complete residency and that they are a low … Continue reading

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Barriers doctors face in getting a home loan

High student loan debt, needing to move before starting a new job, haven’t filed taxes – all these can become issues for physicians who would like to buy a home in residency. One of the many advantages of a doctor … Continue reading

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