Doctor loans for medical/dental students starting a residency or a new job in Boston:
You're probably graduating medical school in May and beginning your residency in June/July. You want to get settled in maybe around June first. Your debt-to-income ratio is probably a bit high, right? You probably want to get in with low or no money down, and also to keep your payments low.
Mortgage programs for doctors:
Your new job may have a substantial salary, but you may not think you have a sufficient down-payment. Plus, you may not be starting your job for 60 days. We can help.
I have the lenders for you to speak with for these special doctor's or physician's mortgages; I am a 30+ year Realtor seving the Medical areas of Boston. The lenders listed below have successfully helped many of my medical clients. There are several different programs. Each one will have specific features and benefits, potentially including:
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Available to MD DO DDS DPM and DMD - and those soon to be.
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95%-100% Financing - You may be finishing school or your residency and probably have not saved enough for a large down payment. Even if you are an experienced practicing MD, there are great programs for you. Gifts, in most cases, are allowable.
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No PMI (Private Mortgage Insurance) means lower monthly payments for you and saves you thousands of dollars.
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No Pre-Payment Penalty
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Up to 43% DTI (debt-to-income ratio) if making less than $250K and up to 50% DTI if making more than $250K. This does not count student loans! This DTI allows you to qualify for more home.
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Student Loans treated in a special manner for medical professionals - Making it much easier for you to qualify. Standard loan guidelines for the general public including Fannie Mae must still count student loans payments even if the loan is deferred.
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Close on your home up to 90 days before beginning residency or new job -even medical residents or foreign nationals! Move into your new home right after graduation. No pay stubs!
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Up to 3% Seller contributions are allowed - meaning you can structure your purchase so that the seller pays ALL your closing costs. Come to closing with $0.
My recommended lender for these programs is:
Stephen Morrison
TD Bank
NMLS# 697238
stephen.morrison@td.com
781.640.6798
