Doctor and Medical Professional Mortgage
The doctor and medical professional mortgage allow you to omit student loan debt with no down payment required. Student loan debt can be a hurdle when it comes to calculating debt-to-income and qualifying for a mortgage.
Advantages the Doctor and Medical Professional Mortgage
- 100% financing available.
- No mortgage insurance.
- Flexible debt-to-income guidelines on student loans.
Eligible doctors:
- Osteopathy.
- Dental science or surgeon.
- Medical.
- Dental Medicine.
- Ophthalmology.
- Psychiatry.
- Pharmacy.
- Veterinary medicine.
- Podiatric medicine.
Certified Registered Nurse of Anesthetist, medical residents, fellows, or interns are eligible.
Program Information
- Minimum credit score is 680.
- 15 and 30 year fixed rates and adjustable-rate mortgages.
- Loan limits up to $2,000,000 without requiring the jumbo loan requirements.
- Non-occupying and co-borrowers allowed.
- Medical professional must be the primary wage earner.
Flexible Guidelines for Student Loans
Student loans that are deferred, in forbearance, or reporting $0 on the credit report due to being an Income-Driven Repayment (IBR) can be excluded in the debt-to-income ratios if:
- Borrower is currently in training in a medical fellowship program or in residency program.
- Qualified based on the current income received during residency or medical clinical fellowship.
Student loans that do not meet the requirements above are calculated by:
- If there is a monthly payment on the credit report, the monthly payment on the credit report may be used.
If there is no monthly payment on the credit or reflects $0:
- The Income-Driven Repayment (IBR) is eligible.
If student loans are deferred or in forbearance the greater of:
- 1% of the outstanding loan balance.
- A documented fully amortized payment using the loan repayment terms.
This helps doctors and medical professionals qualify for more of a home, and in some cases, expand the opportunity of home ownership in higher-cost areas. When calculating student loans for FHA, conventional, VA, and USDA, sometimes it can be difficult for a borrower to qualify due to the guidelines on student loans.
