If you're a doctor and/or some other type of high-level medical professional, then you may be wondering what your best option is in terms of getting a mortgage loan that fits with your unique financial situation.
The truth of the matter is that physician mortgage loans usually offer the very best opportunities for doctors to actually get a home loan that matches their high income, despite the debt-to-income ratio that can make their application look a bit 'skewed' on paper.
Hey, you deserve to be a homeowner as well. And having some medical school debt shouldn't keep you from doing it.
So in this blog post, you're going to learn how to get a physician's mortgage loan-from step one all the way to the end of the process.
Here's what you need to know.
1. Find A Lender
As with any home-buying process, you generally need to get pre-qualified before you'll want to go shopping for homes.
And this is true when it comes to physician mortgage loans as well.
The good news is that this is a pretty simple process.
You just apply to different lenders who offer physician mortgage loans, tell them a bit about yourself, tell them where you're planning to buy a home, what your degree is in, and how much you want to borrow.
You can also tell them if you plan to put any money down to get started on the process.
The truth of the matter is that no two doctor home loan programs are the same.
So navigating this step can be a little bit complicated.
The good news is that it probably won't take a long time to find out if you qualify.
And once you start talking to some hopeful lenders, you can get more specific about supplying the information they'll need to move you forward in the process.
2. Discuss Your Loan Options With A Loan Officer
Once you've selected a lender, you'll likely be forwarded to a loan officer who'll answer questions about your current position, interest rates for a physician loan, pre-approval, and anything else you may need to know to help you prepare for the mortgage process.
Mortgage home loans are really helpful for young doctors with limited savings and work history-because generally speaking, medical professionals graduate from medical school with pretty high levels of debt.
This can count against you when you're trying to get a conventional mortgage-which makes a physician's mortgage loan super convenient when you have a high income and want to buy a home-and yet, you don't have a fantastic debt-to-income ratio yet.
Some of the benefits of physician mortgage loans are that these loans usually allow for higher debt-to-income ratios, require only employment contracts to demonstrate your income, and have flexible down payment options.
Will You Qualify For A Physician's Mortgage Loan?
The good news is that many different types of doctors and medical professionals can access physician mortgages.
For example, medical doctors, dentists, optometrists, veterinarians, chiropractors, registered pharmacists, and even registered nurses and nurse practitioners can all gain access to physician mortgage loans, as long as they qualify for them.
However, you'll need to go through the beginning of the loan process in order to figure out for sure if you qualify.
If you're struggling to understand the nuts and bolts of how physician mortgage loans work, the best course of action is to find someone in the mortgage loan industry to talk to and have them explain the parts of the loan process that you don't understand.
Sometimes, when you're simply applying for a loan online, it can be a little bit difficult to find answers to the nuanced questions that can pop up.
This is also part of the reason for why it's really important to find a lender that you trust-a mortgage lender who can walk you through the process.
Finding a trusted mortgage lender can really help you to make that leap to getting a physician mortgage loan when qualifying for a conventional loan just doesn't really work with your current situation.
There you have it.
A complete guide to physician mortgage loans, and the basic first steps you need to take to start utilizing this unique type of loan program to help you become a homebuyer.
Even though you're young and fresh out of medical school, you still deserve to be a homeowner as much as anyone else.
So get started today, and see what kind of pre-approval you can get for a physician mortgage loan in your area.