Doctor Mortgage Programs Eligibility Lending Guidelines
In this blog, we will discuss and cover doctor mortgage programs lending guidelines. 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 team at Gustan Cho Associates 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.
Who Qualifies For Doctor Mortgage Programs
Our doctor mortgage programs allow doctors, dentists, podiatrists, nurses, and other members of the medical community to qualify for mortgages with little to no down payments with outstanding student loans being exempt when qualifying for a mortgage. The doctor mortgage programs is part of our Homes for Heroes Mortgage Program offered at Gustan Cho Associates.
Lenders For Doctor Mortgage Programs
Gustan Cho Associates empowered by NEXA Mortgage, LLC is a mortgage broker licensed in 48 states. We have lending partnerships with over 160 wholesale mortgage lenders. Dozens of our wholesale mortgage lenders are niche wholesale lending partners catering to doctor mortgage programs. The team at Gustan Cho Associates are experts in helping doctors and medical professionals qualify for a home mortgage right after medical, dental, nursing, and graduate schools.
Basics Of Doctor Mortgage Programs
Doctors have trained hard most their lives to get to become physicians. It takes four years of undergraduate college education, four years of medical school, one year of internship, and 3 to 5 years of residency to become a physician. Many doctors and dentists go to graduate school for a master’s. A dentist requires 4 years of college, 4 years of dental school, and on-the-job training for many years. Oral and maxillofacial surgeons have four years of post dental school training. 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. With hundreds of thousands of student loan debt, most doctors give up the dream of buying a house. Doctors can now qualify for a mortgage for doctors at Gustan Cho Associates.
Doctor Mortgage Programs Enable New Graduates To Become Homeowners
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. Doctors mortgage loans also allow for low or no down payment on home purchases.
What Type of Doctors Are Eligible For Doctors Mortgage Programs
Our Doctor Mortgage Programs were 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 home loan 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 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays. We will go over traditional doctors’ mortgages in median-priced areas and doctors jumbo loans in high-cost areas. Gustan Cho Associates empowered by NEXA Mortgage, LLC NMLS 1660690 is licensed in 48 states and have dozens of different types of mortgage options for doctors, dentists, nurses, and other medical professionals.
Non-QM Loans For Doctors and Medical Professionals
Doctor mortgage programs for borrowers with deferred student loans and/or loans that are in forbearance for at least 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.
Ability to Pay on New Mortgage
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 has 90% LTV Jumbo Loans for Doctors with no private mortgage insurance and no loan limit. Available on conforming, high-balance, jumbo, and non-QM jumbo loans. Banks Statement Doctor Mortgage Programs where no tax returns are required.
No-Doc Loans and Bank Statement Mortgages For Doctors
Self-employed doctors can qualify for no-doc doctors mortgages, stated-income loans for doctors, asset-depletion loans for doctors, and bank statement loans for doctors. None of these niche specialty doctor mortgage programs do not require income tax returns. Bank Statement Doctor Mortgages are for self-employed doctors only and income is derived through averaging bank statement deposits for the past 12 months. No income tax returns are required. The maximum loan amount on conventional loans is per conforming loan limits amounts. High-cost area loan limits were established by Federal Housing Finance Agency. For more information, please contact us at Gustan Cho Associates at 800-900-8569 or text us for faster response. Or email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays.
