Josh Mettle try a market top copywriter and you may mortgage lender, concentrating on funding doctors, dental practitioners, CRNA, and you may physician personnel

An added intangible advantageous asset of the physician mortgage is the fact the borrowed funds maker, processor chip and you may underwriter come in the organization out of providing doctor household funds

  • Highest loan limitations – Because physician home loan lenders don’t sell the loans to Fannie and Freddie, they don’t have conventional loan limits. Loan limits will vary by location and by lender. Typically you’ll be able to borrow a higher amount with less money down on a physician home loan than you would on a conventional loan.
  • Capacity to personal before you start performs – Most conventional mortgage lenders will require that you provide two paycheck stubs in order to qualify. A doctor mortgage will allow you to close the loan even before your new job starts. Some physician home loans will allow you to close as early as 90 days before you start your new job and qualify based on the employment contract or offer letter. For clients with families, this is a big deal and can save you the trouble of having to move twice.
  • Independency with the proof of earnings, providing an earlier household pick – Conventional underwriting guidelines typically require that anyone who is self-employed or a 1099’d independent contractor must provide two years of tax returns for proof of income. Many emergency medicine, anesthesiologists and dentists are 1099 employees. These clients would have to wait until they have tax returns for two full years (which often means nearly three years on the job) before they can qualify for conventional financing. Continue reading