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Graduating and Resident Physicians Can Qualify for Zero Down Physician Loans

By: Matt Banks

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The only thing worse 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?” Get started early and beat the crowds. Match Day can be your day to buy your first home.

Of course, almost all our graduating med school clients pursuing a special physician mortgage inevitably ask the following three obvious 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. Don’t be fooled by lenders who say your student debts won’t count for an FHA Loan. While you may not qualify for Fannie, Freddie or FHA loans, you can still be approved for a special doctor loan. You don’t want to hear how many horror stories we hear each year of soon to be PGY1’s calling us the week before closing, telling us that they were initially approved for an FHA loan, but when a senior underwriter reviewed the loan for final approval, they denied it due to the technicality of the student loan debt not being able to prove more than 12 months deferral. Banks & Mortgage lenders say no to anything in a grey area these days.

Another question we hear a lot is, "How do I even consider buying a home if my loan payments prevent me from saving up enough for a down payment?" 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. Our realtors are also trained to negotiate with sellers so that you can pay less or even none of the 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. 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. You can qualify for only 5% down payment in some markets, 0% in good market and you don't have to make additional PMI payments. 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 .

Article Source: http://depositarticles.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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