If you are a soon to be or recently established doctor who is worried about how your student debt may hinder your chances at homeownership in the immediate future, consider looking into The Physician Loan Program. The Physician Loan Program is specifically designed for Physicians/Doctors, Dentists, Optometrists, or Oral Surgeons who are either finishing their training or have practiced for less than one year. Folks headed for or starting out in these high-level medical careers can leverage this unique loan program to assist them in achieving their homeownership goals by helping borrowers qualify for loans based on future income.
From Zillow, “Physician loans, also referred to as doctor loans, present a unique set of circumstances for lenders because new doctors do not have any work history and usually have a significant amount of student loan debt. This situation will typically prevent physicians from getting approved on any conforming conventional products, so many banks have developed special portfolio products to originate and service these types of loans. Along with taking a risk to accommodate these borrowers, there also comes reward.
Under the Physician Loan Program, student loans that will be deferred for a minimum of 12 months after the closing date may be excluded from a borrower’s monthly DTI. Future earning potential may also be factored into the application, allowing the borrower to qualify for higher loan amounts – and in some cases, in higher cost areas.”
Stonebridge Mortgage Group can help you with your real estate loans and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon.