Hi everyone, I know this is an old thread, but I wanted to let everyone know about our new
FAQ on
physician loans. There is quite a bit of information regarding doctor loans, what they are and who qualifies. Here are just a few of the questions and answers covered in our FAQ:
Q: Who qualifies for the physician loan?
A: Medical residents, existing or newly licensed medical doctors (MD). These include:
- Doctors of Dental Science (DDS)
- Doctors of Dental Medicine (DMD)
- Dental surgeons specializing in oral and maxillofacial surgery
- Doctors of Optometry (OD)
- Doctors of Ophthalmology (MD)
- Doctors of Podiatric Medicine (DPM)
- Doctor of Osteopathy (DO)
Q: Do I have to be a U.S. Citizen or permanent resident to qualify?
A: Yes, most (if not all) doctor loan programs require you to be a U.S. citizen or permanent resident to qualify.
Q: If I am still a medical student, can I qualify for the doctor loan?
A: Unfortunately, the program requires you to be a practicing resident or doctor.
Q: Can I get the doctor loan as an M4 before I start residency?
A: It is possible, but you will have to provide your signed residency contract before you close. You will usually receive your contract 3-4 weeks after match day. You must also have enough funds to cover the mortgage payments until you start receiving income from residency. This may differ among various lenders, so it is always recommended you ask your loan officer before making plans.
Q: My student loans are deferred. Wouldn't conventional mortgage financing programs overlook this debt in my debt-to-income ratios?
A: No. If you were to quit your residency at any time with deferred student loans still pending, those loans would become active again, thus normal mortgage programs would count this as current, active debt. The doctor loan is the only loan program that allows lenders to forfeit this debt.
Thanks for your interest!
FAQ
