Physician and other Qualified Healthcare Professionals Recent Medical School Graduates
Becoming a physician is a tough road that takes a lot of sacrifices. Not only does it require a large amount of your time and effort; it is monetarily draining. If you are left with a lot of student loan debt weighing you down, you do have options to help. Being approved for a traditional loan is difficult for those who have overwhelming debts and balances. At HomeSpring Mortgage, we know that you have invested a lot in obtaining your degree, and our mission is to help invest in you so you can become a homeowner today.
Primary Residence and Investment Property
As a physician, you have a high earning potential, but traditional lenders have to take into account things like debt-to-income ratio, and depending on how much you owe, that might limit, if not entirely exclude you, from mortgage borrowing opportunities. Our mission at HomeSpring is to find solutions where other lenders find roadblocks using tools and resources to get you approved today. Our Physical and other Qualified Professionals program is designed to help you get approved for both primary residence and investment property loans.
The Perks of A Physical and Other Qualified Healthcare Professionals Loan
The major perk to a physical and other qualified healthcare loan is that you can be approved for the loan when other traditional loans fall outside your financial parameters. Other perks include:
Loans up to $950k
Even if you can qualify for a traditional mortgage loan, a jumbo loan can be even harder due to your student loan debt. We offer loans up to $950k for those individuals who have the credit history to show a consistent history of repayment that makes them a credible borrower in our eyes.
Debt-to-Income 43% or Lower
Debt-to-income ratios for new medical school graduates can be a huge problem for those who have high student loan payments. Unlike traditional lenders, we set the cut-off at 43% to give a little leeway for those who have put in the time to earn a degree and need just a little time to repay what they owe.
Up to 95% Financing
Most home loans require that you have a downpayment, and the more you want to borrow, the more you have to put down. When newly graduated, it is hard enough to pay your student loans, little less have savings that will help you put a sizable down payment towards your home mortgage. Our program allows you to borrow up to 95% of the loan amount without additional fees and penalties.
Minimum 700 Credit Score
Your credit score can significantly impact your ability to borrow from traditional lenders, especially if your debt-to-income ratio is less than desirable. We consider all things to lend to individuals who are responsible and established enough to follow through. So even if your history is either less than stellar, or you have little credit history at all, we require no more than a minimum of a 700 credit score rating to qualify.
Student debt can be excluded from the DTI ratio
Student loans are typically a necessary part of becoming a physician or a medical graduate. Unfortunately, you have to pay your dues, which usually means that you owe more a month than a typical mortgage borrower. That doesn’t, however, mean that you aren’t a credible one. At HomeSpring Mortgage, we recognize the hurdles that medical school can present to recent graduates and give them the help they need to get ahead.
You have put so much into your profession and sacrificed enough to get where you are at. The good news is that you don’t have to wait decades to be a homeowner due to your debt-to-income ratio. At HomeSpring Mortgages, we understand that not everyone’s financials fall into a perfect category and have faith that some borrowers have the stability to be given a chance. If you, or your client, is having a hard time getting approved for a mortgage, even though they have the earning potential to qualify for a mortgage, our new physician and other quality healthcare professionals recent medical school graduates program is just what the doctor ordered.