My First Car Loan

You work hard to get into medical school and build the life that you have always wanted, but when you finally get your degree, your student loan debt is so huge it can feel like there is no way you will ever move forward with building your life. The fact is, going to medical school for years can leave you with a not so good credit report simply because you owe so much money in student loans, and this can make buying a house a difficult process. Thankfully, mortgage companies often have programs in place specifically for physicians. Take a look at some of what you need to know about doctor home loans as a physician. 

How do you qualify to get a doctor home loan?

Every mortgage company that offers doctor home loans will have their own terms and outlines for qualification to actually get a house financed. Most will require that you have proof of your medical degree or a medical license in good standing in the state. The majority of lenders will want to see that you already have a job at a facility or your own practice in operation. You will also likely need a decent credit score to get a loan. 

How is your high debt-to-income ratio handled by the mortgage company?

One of the advantages of working with a mortgage financing company that has programs specifically for physicians is they are understanding of your high amount of debt that is due to your student loans. As long as your student loans are in good standing, it should be no problem that you still owe a large amount of money. For example, if you were working to get a traditional home loan, the lender may not want to offer you a loan if you have $100,000 in student loan debt, but a mortgage company with physician programs would be able to overlook this kind of debt. 

What are the primary differences with a doctor home loan?

The primary difference in a doctor home loan is the lender is going to be okay with the fact you are carrying a large debt load. You may also be able to get full, 100% financing because doctors tend to be deemed low-risk by those extending credit since their professional skills are in high demand and they will likely have a good income. Some doctor home loan programs even have lower interest rates. 

Contact a business that handles mortgage financing for physicians for more information.