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No Money Down Doctor morgage

No Money Down Doctor morgage - Once doctors are out of residency, that debt is a factor. But if they enrolled in a federal pay-as-you-earn or income-based repayment program for student loans, which caps monthly payments at 10 to 15 percent of discretionary income, then that lower monthly payment is figured in.   Physician loans generally require only an employment contract as proof of income rather than pay stubs, which is helpful for doctors who are relocating for their first job and want to be all moved in before they start. 

No Money Down Doctor morgage

Special mortgage products for physicians are designed to meet the needs of doctors just starting out. New doctors typically have heavy student loan debt and very little money saved, given the modest salaries typically paid to residents, said Josh Mettle, who runs the physician home loan division of Citywide Home Loans, which is based in Salt Lake City. "They almost always have a negative net worth when they begin attending," he said. 

Lenders make adjustments to their debt calculations to account for the doctor's future earning potential. "We would not count the student loan debt if they're in a residency," said David Gunn, the retail mortgage sales director for Fifth Third Bank, which is based in Ohio and has had a physician loan program for the last five years. "We know their income's going to jump dramatically when they get out." 

While these loans have distinct advantages, they generally cost a bit more than a conventional mortgage, either because of a higher interest rate, fees or points, said James M. Dahle, an emergency physician in the Salt Lake area and the editor of whitecoatinvestor.com, a financial advice site for doctors.

The program is part of a strategy for "deepening relationships" with physicians by selling them a variety of services, like investment planning or credit cards, he added. Applicants for the physician mortgage must have at least a direct deposit account with the bank.
"I had an intern email me who was making $40,000 or $50,000 a year and had $450,000 in student loans," Mr. Dahle said. "She couldn't figure out why no one would loan her $400,000 for a condo. I said, 'Because you're a terrible risk.' " 

Physician home loans make it easier for them to qualify. The down payment is typically 10 percent or less, with no private mortgage insurance required. Citywide Home Loans offers 100 percent financing on loans up to $850,000, Mr. Mettle said. 

Bank of America's physician mortgage program will make the loan up to 60 days before the applicant starts a new job, according to Tim Owens, the national retail sales executive. 

Eighty-four percent of graduates from medical school this year reported having student loan debt, and the median amount was $180,000, according to the Association of American Medical Colleges.
"The banks aren't doing you a favor because you're a doctor," he said. "A lot of them will require you to have at least a checking account." 

He advises residents against jumping into homeownership, primarily because they will be leaving their positions within three to five years and relocating. In any case, some will have no choice but to rent. 

But at the same time, Mr. Mettle said, after long periods of "delayed gratification," these young doctors are also eager to buy their first home.

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