If you are in your first or second year practicing medicine or still in your place of residence, buying a house may not seem affordable, especially if you have a lot of medical school debt.
Getting approval for a traditional mortgage will be difficult if your debt ratio to your income exceeds a certain limit, usually around 40%. But there are alternatives: mortgage loans designed specifically for doctors, are available through many well-known mortgage lenders.
In order to get quick guidance on doctor mortgage loans, you can visit http://www.fultonmortgagecompany.com/stephenszymanek.
Here we’ve outlined the basics of what creditors need to qualify for this loan and the pros and cons for you as a consumer.
Although this approach may seem superior to traditional loans for various reasons, a doctor's mortgage is not necessarily the right choice for all M.D.s. Because taking a home mortgage is a big decision, it's important to fully understand your alternatives.
Image Source: Google
Criteria for Approval of a Doctor's Home Loan
While each lender has his own specific requirements and approval process, certain elements are usually eligible for most doctor mortgages. These loans are generally offered to doctors, colleagues, or residents, but know that dentists, veterinarians, ophthalmologists, and other specialists may also be eligible for this type of home loan.
Lenders rarely require you to be in your job for a minimum period to qualify for a doctor's loan, and may not require proof of income. Many banks that offer mortgage doctors only need you to provide a work contract that shows you have a job as a doctor, even if you haven't actually started work. In some cases, the bank will approve your loan for months before you start a new job, which can be important in the fast-moving housing market.