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Graduating and Resident Physicians Can Qualify for Zero Down Physician Loans

The only thing shoddier than having to scramble after Match Day is to scramble to figure out if you’ll be able to buy a home, condo or townhome as a new PGY1. Fortunately, you have options. We specialize in helping new grads find a physician loan so they can start their residency in a new home. Can you say “Hello $8k tax credit?” If you start the process now, you can be in your new home in no time. Match Day can be your day to buy your first home.

Most of the med school grads we help pursue a physician mortgage have a few questions. The first question is usually: “But I have $150,000 in student debt, how can I qualify for a physician loan, especially when my PGY1 income will only be about $49,000? And I’ve been warned already that I can’t qualify for the FHA loan since technically I can’t prove my debts are deferred for more than twelve months, they’re only eligible for requesting deferment every twelve months, it’s not a guarantee”. The good news here is that our lenders don't sell your loans in big nameless packages like the lenders that caused so many problems with the recent housing crisis. Our lenders also understand that student loans will be in deferral, grace or forbearance status while you are in your residency. While you can’t qualify for Fannie, Freddie or FHA Loans, you can for the special doctor home loan. If you have been told that your student loan debt doesn't count against an FHA loan, you may end up with a nasty surprise. We get to hear the bad news every year from a PGY-1 who was told a week before closing that a senior underwriter denied their loan because they couldn't prove their twelve month deferral. With the recent changes in the home loan process, banks and mortgage lenders are saying rejecting any applications that don't completely meet their requirements.

And then comes the second question: “But I don’t have enough for a down payment, how can I buy?” You're in luck again because physician mortgages only require 5% down in many instances and sometimes require nothing down. And with the $8k tax credit, you can’t afford to not buy! If 5% is required, it’s perfectly ok to receive a gift from family. Should you choose to return the gift when you receive your tax credit, that’s your business. And our network of realtors is trained to help you negotiate the seller to pay your closing costs.

The last question we hear often is, "What if I don't want to pay private mortgage insurance?" Good. We don't want you to have to make more payments either. Our lenders do no charge PMI on the loans they give since they know you are a low-risk client.

What you have been hearing is true. In other words, you can qualify and buy with zero down in the markets where no down payment is required and with only 5% down in “declining markets”, and not even have to pay PMI. Your dream can come true: You’re now a resident, making money, and owning your own home. We want to do our part to help you realize this dream and get into a new home. Learn more about qualifying for a physician loan at a http://www.exclusivephysicianloans.com .

Bill is a physician relocation specialist. Having consulted with thousands of physicians over the last 9 years, 7 of them at Bank of America, gives Bill the knowledge and experience to guide doctors to the best mortgage and financial plan for them. Bill has worked with thousands of real estate agents in the past decade, and seen what makes the great ones rise to the top. This experience has enabled him to build Exclusive Physician Loan's Award Winning Physician Realtor Network. Bill was in The Top 1% of all mortgage originators in 2006 & 2007 in the U.S. Bill lives in Carlsbad, CA with his wife and 5 kids and is often found coaching kids sports on the local Carlsbad fields and courts. Learn more about how to qualify for a zero down loan at www.exclusivephysicianloans.com.

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