Doctor Mortgage Loan | Physician Mortgage Loans
The doctor mortgage loan and physician mortgage loans allows you to omit student loan debt. Student loan debt can be a hurdle when it comes to calculating debt-to-income and qualifying for a mortgage. This loan program is meant for physicians, doctors, dentists, or oral surgeons who have recently completed or currently in a medical residence program with student loans.
Future or Projected Income is Allowed
For a purchase transaction, future or projected income is allowed. A borrower’s future salary increase or income from future primary employment can be used.
Doctor Student Loans and the Doctor and Physician Program
Doctor student loans that are deferred or in forbearance for a minimum of 12 months after the note date can be excluded in the debt-to-income ratios if:
- Deferred or forbearance payment status are will remain until after the borrower is placed and receiving full compensation; and
- Reasonable test that the borrowers compensation and employment following the forbearance period will be sufficient to expect timely repayment of student loans
This helps doctors and physicians qualify for more of a home, and in some cases, expanding 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.
Program Information
- Loan to Value Up to 97%.
- Conforming and High Balance 30 Year Fixed.
- Conforming and High Balance 7/1 LIBOR Adjustable Rate Mortgage (ARM).
Loan Limits
- General conforming loan limits amounts.
- High-cost area loan limits established by Federal Housing Finance Agency.