What is Physician Loan Mortgages?

What is Physician Loan Mortgages?

Physician loan mortgages, also known as Doctor Loans, encompass various possibilities that can differ depending on individual circumstances. At Fairway, we recognize that the needs and goals of medical professionals can vary greatly. Therefore, our mortgage advisors are equipped to evaluate your specific situation and determine the most suitable home loan program for you.

One aspect of physician loan mortgages involves considering your debt-to-income ratio (DTI) in a unique way. This recognizes the potential student debt you may have accumulated while pursuing your medical career. By accounting for these specific circumstances, we aim to provide a more comprehensive assessment of your financial situation.

Another advantage of physician loan mortgages is the opportunity to save on closing costs. We understand the value of minimizing expenses, and our team can guide you through the process to help you take advantage of potential cost-saving opportunities.

We appreciate that each individual’s circumstances are distinct, and our mortgage advisors are committed to helping you navigate your specific needs. Whether it’s understanding which mortgage loan options align with your requirements, evaluating how future income may impact your mortgage situation, or factoring student debt into your eligibility for a home mortgage loan, we are here to provide you with personalized guidance.

When you partner with Fairway, you can expect attentive and professional support throughout the mortgage process. Our goal is to assist you in finding the right mortgage solution that aligns with your unique needs and helps you achieve your homeownership goals as a medical professional.

Frequently Asked Questions about Physician Loan Mortgages

Q: How do student loans impact my pre-approval with a physician loan?
A: There are different types of physician loan mortgages available. Some programs allow Fairway to exclude your student loans entirely when calculating your debt-to-income ratio (DTI) as long as they are deferred for at least 12 months from the mortgage application date. Other loan programs consider student loan debt but provide higher qualification guidelines to help you qualify even with those payments. Your Fairway mortgage advisor will carefully review your credit and income situation, considering the various mortgage loan options to determine the best home loan program for you.

Q: What is the required down payment for a physician loan?
A: The down payment requirements for medical professionals, especially new residents, can often be flexible and require less upfront than you might expect. However, program guidelines for physician loan mortgages can change periodically. To determine the best option for you, it’s important to have a conversation with your Fairway mortgage advisor, who will provide personalized guidance based on your specific circumstances.

Q: Do medical doctors have to use a physician loan mortgage?
A: At Fairway, our aim is to explore and compare all available home loan options, tailoring a mortgage plan that aligns with your unique needs and financial goals. We prioritize keeping all your options open, rather than solely focusing on a specific loan product based on your job title. Your Fairway mortgage advisor will provide comprehensive guidance to help you make the right decision.

Q: Should I wait until I start my residency before buying a home?
A: The timeline for purchasing a home is ultimately your decision. At Fairway, we strive to offer flexibility on your path to homeownership. Certain programs allow you to close on a home up to 90 days before the start of your residency, provided you can provide proof of a signed offer. This flexibility can be significant for many medical professionals and their families.

Q: Is a physician loan considered a Conventional mortgage loan?
A: Some physician loan programs fall under the category of Conventional loan products. These specific programs consider future income and may calculate your DTI differently in relation to your student loans during the application process. Others may be categorized as jumbo loans. It’s recommended to discuss all your options with your Fairway mortgage advisor to determine the home loan program that best suits your financial situation and goals.

Q: Can I refinance a physician loan mortgage?
A: Yes, the rules for refinancing your home loan apply regardless of the loan type. Typically, there is a waiting period of at least six months before you can refinance your home loan. Our team of mortgage experts at Fairway can guide you through the refinancing process and provide personalized advice based on your specific needs.

*Pre-approval is based on a preliminary review of credit information provided to Fairway Independent Mortgage Corporation, which has not been reviewed by underwriting. If you have submitted verifying documentation, you have done so voluntarily. Final loan approval is subject to a full underwriting review of support documentation including, but not limited to, applicants’ creditworthiness, assets, income information, and a satisfactory appraisal.