The Doctor’s loan is a 30-year mortgage designed to exclude student loan payments to overcome debt ratios when obtaining a mortgage.
For doctors who spend a lot of time focusing on the health and well-being of the public, this program focuses on doctors who are eager to take the next step toward homeownership or looking to refinance their mortgage. This mortgage is designed to exclude student loan debt and does not require a down payment nor mortgage insurance.
There is no down payment requirement as this loan offers 100% financing. Additionally, there is no private mortgage insurance required. When calculating debt to income, the student loan debts are not included, if in deferment for at least 12 months.
In order to qualify for this loan you must be a doctor with a minimum certification of a M.D., D.O., D.D.S., or D.M.D. medical doctors including podiatrists, ophthalmologists and veterinarians. That being said, you must have an employment contract or verification of terms of employment acceptance. The property must be your primary residence and no more than 2 units.
While this mortgage does mimic a conventional loan in some ways it does not require a down payment and could be altered to include home prices like that of a jumbo loan. Also, it is important to note that the income received from future primary employment, including salary increase, within 60 days of the note date may be used to qualify.
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