by Contributing Author

If you’re a doctor, you know the drill: long hours, little sleep, and stress. You also know the joys that come with the job: helping people, saving lives, and making a difference. But you may not know that banks need way too much paperwork to process a mortgage. 

You’ve saved up, you’ve done your research, and you’re finally ready to buy a house. The only thing standing in your way is the bank. Banks are increasingly stringent with their requirements, and it can be tough to get approved. However, you may not know there are some reasons why banks may deny your mortgage loan. Exploring options like Biden’s first-time home buyer program can potentially offer you a pathway to overcome some of these challenges, so it’s worth considering all available avenues to achieve your homeownership goals.

Debt-to-Income Ratios

If you’re a doctor, special mortgage programs are available to you that consider your unique financial situation. One such program is the physician mortgage loan, which is a loan specifically for doctors that doesn’t count your debt-to-income ratio (DTI) against you. This is significant because banks typically like to see a DTI of 36 or less, but with a physician mortgage loan, your DTI can be higher, and you’ll still be able to qualify for the loan.

So if you’re a doctor who’s looking to buy a home, this could be a good option for you to consider.

Work History Needed

Most banks require at least 2 years of work history to qualify for a mortgage. Physicians have different circumstances, however, in some cases, you may be able to get approved with less than 2 years of work history. If you’re a doctor, you might think getting a mortgage will be a hassle. After all, you have years of schooling and training to go through before you can even begin to think about buying a home. But some lenders understand your situation and are willing to work with you.

Physician mortgage loans are designed for people in your situation. You don’t need any work history to qualify for one of these loans. All you need is to be a licensed physician and have a contract with a hospital or other medical facility. These loans can be used for anything from buying your first home to real estate investments. So if you’re ready to take the plunge into homeownership, don’t let the thought of qualifying for a loan stop you. Some options can make it easy for you to get the financing you need.

תשלום מקדמה הכרחי

מקדמה טיפוסית של 20% על בית היא בדרך כלל יותר מדי עבור רופאים צעירים. אבל זמינות תוכניות הלוואות שדורשות רק שבריר – או אפילו אף אחד, מהמקדמה המסורתית.

There are some trade-offs to consider with these loans. The interest rates are usually higher than conventional loans, and you’ll need to pay private mortgage insurance (PMI) if your down payment is less than 20%. But this physician loan may be worth considering if you’re looking to buy a home and don’t have the cash for a traditional down payment.