Do doctor mortgages have mortgage insurance and what is MI?

Do doctor mortgages have mortgage insurance and really, what is mortgage insurance? It’s funny, I get clients all the time that we get into discussions and they say, “I want to make sure we avoid mortgage insurance.” And I say, “Do you know what mortgage insurance is?” And they say, “No.” So let’s just start there.

First of all, mortgage insurance is a premium that you pay as the buyer, that protects the mortgage company. Basically, the mortgage company says, “Hey listen, I’m willing to loan you more than 80% of the value of the home, but we want you to pay for an insurance policy, so that if we have to foreclose, we’re protected.” So it doesn’t protect you, it protects the bank.

The other thing to keep in mind is that mortgage insurance is costly. It can be anywhere between a half a percent and up to 2% of the balance of the mortgage. So if you have a $300,000 mortgage, that’s somewhere between $1,500 and $6,000 a year, that can really impact your monthly payment.

*Lastly, the mortgage insurance premiums in most instances are not tax deductible, so mortgage interest is tax deductible, mortgage insurance is typically not tax deductible. So it makes it an even more costly premium than would be mortgage interest.

What you’ll find with a doctor mortgage is that most of them do not have monthly mortgage insurance premiums. You’re paying on average a slightly higher interest rate than you would with a conventional loan, maybe 0.2, 0.3% higher in rate, but you’re avoiding 0.5 to 2% in mortgage insurance, and that additional rate premium that you pay with a doctor mortgage is tax deductible, where mortgage insurance is not.

I hope that clears up your questions about mortgage insurance, but if not, we’d love to hear from you. Feel free to call 385-355-2130 or here and we’d be honored to answer your questions and help you with your new home.

* This is not tax advice. Please contact a tax professional for your specific situation.

June Scorecard for our Team

You know, the best thing about the Fairway Scorecard is that it does not lie.  It does not care about what you accomplished last month, how good you think you are, or your ego…  It tells you the truth, the whole truth and nothing but the truth.

June was a landmark month for our team as we broke our all time production record and we were the fourth highest producing branch in all of Fairway with 141 families served.  Truly an honor to have helped each of these clients into their homes (especially in this tough market, many clients fighting to find a home for 6 to 12 months before they were successful enough to get one).

We also broke our all time single loan speed record.  Paul M. went from sending us his purchase agreement to clear to close in 4.29 days.  Being able to close a loan faster than the law allows is pretty cool (there is a mandatory 7 day waiting period from initial disclosure by law) and it sure makes everyone feel more comfortable when the closing documents and wire are sitting at the title company waiting for the legal wait period to expire.  We cleared to close 10 loans in 10 days or less, which is a hoot because we know we have far exceeded these clients’ expectations and created a remarkable experience each of them (our #1 goal).

We close mortgages loans fast!

So we have a lot to be proud of, high fives all around, we’ve officially made it!  Oh yeah, except for the Scorecard…

Fairway Utah June Scorecard

  • Our wire department score actually improved and now sits 4 points above the company average. This is an internal metric that shows how efficiently our team handles getting the wire out, recordation of documents, and ultimately getting clients the keys to their home. Up 5 points from May. Win!
  • We slipped dramatically in the clear to close 72 hours before signing. In May 75.19% of our loans were clear to close 3 days early, in June only 46.67%. Why is this important?

    It’s important because these families are living in boxes at this point in the transaction. If we are still clearing their loan and asking for additional items, it has a negative impact on the client’s experience. Boxing up one’s home to move should be a celebration, children running around with excitement, bad Chinese food, laughter, and fun. All possible if the closing documents for their new home are already at closing and awaiting their arrival for signatures. Impossible if in the back of the client’s mind is “are we going to get this loan?” Nothing impacts the client experience more than having a clear to close loan and closing documents out 3 days early. That is our #1 metric to create a remarkable client experience.

  • Submitted to processing to clear to close also slipped, we averaged 15.87 days in May and we lost about 5 days in June at 20.69 days.

    These two metrics are obviously tied together, had we cleared to close in 15.87 days, we would have had our 72 hours clear to close before closing on a lot more loans. This is the exact point of focus for our team going forward.

  • The initial Closing Disclosure was sent to client an outstanding 13 days before closing. Really got to give it to our closing team, they are remarkable. As a client, I love seeing an initial settlement statement (CD) two weeks before arriving at closing. Job well done and 3 days faster than the company average.
  • 20 days is the average time it took us from initial application to underwriting approval. This slipped 3 days as well from last month and is another clue that we need to refocus on this area. Still two days better than the company average, but we believe we can and will do better.
  • So how do we handle slippage, when we see the start of what could be a trend towards a less ideal client experience? We take extreme ownership – and it starts with me. How good were the files I submitted in June – how well were each these 141 families’ loans put together – did I get a little tired?

Yep, plenty of room for improvement and it starts with me.

We’ve committed to step up our game. We’ve re-created our perfect loan process both for origination and operations; we are rebuilding our checklists and doing a manual spot-check review of loans before they go into processing. We are tightening our bootstraps and marching on.

If it were easy and we won all the time – it would not be fun. Game on.

Josh Mettle is an industry leading author and mortgage lender, specializing in financing physicians, dentists, CRNAs, and physician assistants. You can enjoy great physician real estate and mortgage advice here or by visiting his book site. Josh is also a fourth generation real estate investor, and owns a number of rental homes, apartment units and mortgages. Josh is dedicated to helping physicians become more financially aware and able; listen to “Physician Financial Success” podcast episodes or download Josh’s latest tips and advice here.

Copyright© 2017 eJLM LTD. All Rights Reserved

Dentists, orthodontists & oral surgeons can get a doctor mortgage

Yes, the great news is that dentists, orthodontists, oral surgeons and other dental professionals can qualify for a physician home loan. Here are some of the advantages our dentist mortgages offer:

  • Able to close up to 60 days prior to the start of your employment contract
  • Lender paid mortgage insurance
  • Qualify with deferred or IBR student loans**
  • 97% LTV*** financing up to $650,000
  • 95% LTV financing up to $850,000
  • 90% up to $1.5 million
  • 100% financing up to $424,100 in some areas
  • 97% financing up to $424,000 in all states
  • Gift funds OK with no seasoning in your account

physician home loan for dentists, orthodontists and oral surgeons

doctor mortgage for dentists, orthodontists and oral surgeons

Call Josh Mettle at 385-355-2130 and ask any questions you have about dentist mortgages. We’d love to answer them or you can here.

**IBR payments can be utilized as long as they are in repayment and the amount of the payment is verified. Forecast IBRs are not permitted.
*** LTV/CLTV may vary based on credit score and product type.

Are doctor construction loans available?

Are doctor construction mortgages available? Those would be loans that have special underwriting guidelines for doctors, and physicians, that are used to buy the land, and do the vertical construction of the home. That is a more onerous process when you talk about construction loans, because not only is the bank, or the institution, making the loan, giving you the money, but they also have to administer the draw process, make sure the general contractor’s work is up to par, and that there’s no liens being filed against the property as you go through the construction process. It’s a quite laborious process.

What I generally find is that the bigger national banks don’t play in that field, because it’s hard if you have a headquarters in Texas to be administering draws in Idaho. Generally speaking it’s the regional smaller banks that have a local footprint, that can send their bank officers, or their appraisers, out to do the inspections and administer the draw process. They oftentimes have relationships with many of those local builders, and it’s very much a relationship business. Because when you do a construction loan not only is the bank making a investment call, a risk analysis, on you as a borrower, as the doctor. They’re also analyzing the builder, because if that builder cannot build that home for those number of dollars, they have a failed project. That’s a big problem. Banks don’t like to own homes.

What I would suggest is that you find a regional solution. I would Google construction loans in the state, I would Google physician loans in the state, and then start reaching out to the people that you find. You’re more than welcome to reach out to us. If it’s in Utah we have some great solutions, that’s where our physician headquarters are. If it’s more nationally that you’re looking for, we could probably point you in the right direction. Generally speaking, the smaller the bank, the more likely you’re going to find someone that’s going to be able to … the more regional bank, the more in the vicinity of where you’re buying, the more likely you’re going to find someone that is an expert in construction lending.

All right, hope this is helpful. Honored to answer any of your questions and invite you to reach out to Josh Mettle via phone 385-355-2130 or you can here. Hope to hear from you soon.


Are there grants that can be paired with a doctor mortgage?

We’ve been working very, very hard to put this together and we believe we’ve found a solution. It’ll be rolling out in the next 30 to 60 days, and the program would allow 97% financing with no monthly mortgage insurance up to a $424,000 loan amount, so it’d be great for residents and probably also for fellows.

And this program does have income restrictions. It’s going to be case-by-case basis, and those income restrictions are based by the county that you’re in nationally, all over the country. This program is available in most parts of the country, but the income limits vary. Generally speaking, if you’re on a resident or fellow’s salary, you’re probably going to quality.

Here’s the beauty of this program. Not only does the mortgage that we match it with, 97% no monthly mortgage insurance, very nice loan, but the down payment, the grants, are somewhere between 3% and 5%, again, depending on the county that you go to and a few other factors, and that money can be used in whole to cover your down payment. It could also potentially be used to cover your closing costs and truly, you could get into the property with little to no money out of hand at all.

Same great advantages. Should be able to close on employment contract, more liberal stance how we look at student loans, all of those things that we love about physician home loans should be able to be apply to this program.

So, hey, if you’re interested in a grant, if you’re interested in down payment assistance, give us a call. Let’s talk about the neighborhood, the community that you’re buying in. Let’s talk about your price range, the income, and if we think you’re going to qualify, we’ll have you complete our client questionnaire, we’ll get you some financing numbers and see if you might qualify for one of these grants.

Thank so much for tuning in, honored to have the opportunity to work with you and your family, and we look forward to hearing from you soon – 385-355-2130 or here.

Speed to Close & Communication Keeps Our Doctor Mortgage Clients Happy

In May 2017 we were honored to help 127 families into their new homes across 49 states. We recognize that the intense seller’s market has made it harder than it was before to realize the dream of home ownership. We are grateful to have an insanely fast underwriting and closing process, averaging just 17.4 days from written offer to close of escrow. We’ve found speed to close is the key to getting your offer accepted over the competition. We’ll let our physician clients explain what it feels like to work with our group:
“Smooth process for my first mortgage! Couldn’t be more thankful for David Nelson’s quick response time to my millions of emails and his help throughout the process.”
Dr. Hannah Wolsiefer-Leak, Resident, University of New Mexico, Albuquerque, New Mexico

“They kept us informed through the entire process and made everything so easy!”
Dr. Dan-Huy Nguyen, Doctor of Pharmacy, Edmunds, Oklahoma

“Both Jeff and I are new resident physicians and first home buyers, and could not have had a better experience with Matt Smith and Fairway. The loan went through so quickly and flawlessly and we were kept informed of the progress all the way through. We both would highly recommend Fairway and Matt specifically, for any new physician looking to buy a home!”
Dr. Jeffrey Penning, Resident Physician, Family Medicine Residency of Idaho, Boise, Idaho and Dr. Kelly Stanley, Resident Physician, Family Medicine Residency of Idaho, Boise, Idaho

Yin doctor mortgage
“Thank you David Nelson for making the difficult process of purchasing a first home from a different state an enjoyable process. David has definitely gone above and beyond in relieving the stress and fear of applying for a mortgage for the first time. He is very thorough, patient, and experienced. Our questions were usually answered within a matter of minutes via email or text. It only took us 3 weeks from closing on our home to the loan being approved. I highly recommend his service and the service of the Mettle group to anyone thinking of purchasing a home in Utah or the surrounding areas!”
Dr. Michael Yin, University of Utah, Division of Cardiovascular Medicine

“As an incoming resident, I called dozens of resident loan providers and got various high rates and difficulties in getting approved. However, when I contacted Drake and his team at Fairway they were the best price and the most friendly to talk with. Drake went above and beyond to let the seller’s real estate agent know that our loan was solid. In this tough housing market currently this made our home offer much more attractive and serious which made a huge difference. Drake even helped push the loan to close sooner so that we could move in sooner with a baby on the way. Couldn’t say enough good things about everyone at Fairway. Looking forward to sending them my friends. Thanks!”
Dr. Andrew Frierson, Resident Physician, Redlands, CA

“Thank you for all your help! We trusted Fairway to be the experts in our home buying process and they came through! Everything went smoothly and the purchase was a success, despite plenty of room for error as we are moving across the country. We also appreciated the recommendations they had for a great realtor.”
Dr. Suzanne Kissel, Urologic Resident, University of Utah School of Medicine

Josh Mettle (NMLS ID 219996) is an industry leading author and mortgage lender, specializing in financing physicians, dentists, CRNAs, and physician assistants. You can enjoy great physician real estate and mortgage advice here or by visiting his book site. Josh is also a fourth generation real estate investor, and owns a number of rental homes, apartment units and mortgages. Josh is dedicated to helping physicians become more financially aware and able; listen to “Physician Financial Success” podcast episodes or download Josh’s latest tips and advice here.

Copyright© 2017 eJLM LTD. All Rights Reserved

Equal Housing Lender. David Nelson NMLS ID 1529829 – David Nelson New Mexico #1529829 – David Nelson Utah #1529829, , Matthew Dale Smith NMLS ID 941210 – Matthew Dale Smith Idaho #MLO-15425, Drake Bloebaum NMLS ID 225567 – Drake Bloebaum CA-DOC225567, Oklahoma #MLO13979,

Doctor Mortgage Declined?

Doctor mortgage declinedWas your doctor mortgage declined and you are not sure what to do or where to go?

A few years back I received a call from a young man who was noticeably upset. His breathing, his tone, and his words were scattered and erratic.  As he tried to regain his composure he told me he had just received a call from his loan officer who informed him that the underwriter had just declined his doctor mortgage loan.  The young man was an incoming resident physician who was literally in the moving truck with his wife and two kids; they had expected to sign closing documents the next day and move into their new home before the weekend.

Sadly, we receive an unfortunate amount of business from clients that are quickly “pre-approved”, who are later declined once the facts of their application reach a mortgage underwriter’s desk. Remember this – mortgage loan officers are paid when loans close, so they become conditioned to saying “yes”.  The mortgage underwriter is paid to meticulously review all of the loan documents and ultimately say “no” when anything is outside of guidelines.  Truly, the underwriter is the gatekeeper.  They are risk control for the bank and they are literally paid to say no if certain risk factors are present.  You should know this and I recommend you INSIST an underwriter review your application and employment contract before making an offer on a home.

Having an underwriter see your documents for the first time as the boxes are being loaded into the moving truck is a recipe for disaster. Unfortunately, that is how the majority of doctor mortgage companies do it.  It all comes down to cost. It is expensive to pay an underwriter to review applications for people who might never find a home, might decide to rent, might decide to go with another lender, etc.  It’s a line item cost most doctor mortgage companies can simply do without, regardless of the cost to the families it impacts.

So what can you do? 

  1. Do your homework and base your decision on more than just a rate quote.  Clients tell us they are quoted one rate and then when they find a home the rate changes. This bait and switch tactic happens regularly, so you need to make a decision based on more than a verbal quote.
  2. Google “INSERT BANK NAME mortgage reviews” and you will find hundreds if not thousands of reviews by actual clients that will tell you what the experience of working with that lender is really like.
  3. Insist on a full Credit and Income Approval rather than a pre-approval. This approval should be reviewed and approved by an underwriter, not just a loan officer (who is paid to say yes).
  4. Make sure your lender can move quickly.  Today’s real estate market is an intense seller’s market.  If you cannot compete on speed to close, your offer will likely not be accepted over the competing offers.  If your doctor mortgage is already Credit and Income Approved, it will help you close quicker because the heavy lifting is essentially all out of the way at that point.

What can you do if your doctor mortgage is declined?

The good news is that not all doctor mortgage loan companies have the same underwriting guidelines; in fact they vary quite a bit from company to company. These doctor mortgages and physician home loans, as they are also known as, have different investors who buy them and as such the guidelines have substantial variances.   Find a list of doctor mortgage lenders and start making calls.

  1. Call the new potential lender and be totally upfront about the situation and ask if they have a solution for that issue.  Get out all the dirty laundry up-front, tell them everything that could be a problem.
  2. Ask them to commit to a closing date if you get them your full file today.  This is going to be key; you will need to find someone who can move insanely fast if you are going to keep your deal alive.
  3. Research lender’s reputations and read their online reviews.  You do not want to find yourself in the same mess you did before.  It’s important this lender has a solid reputation with past physician clients and is experienced with doctor mortgages.  Google “INSERT BANK NAME mortgage reviews” and you will find hundreds if not thousands of reviews by actual clients that will tell you what the experience of working with that lender is really like.
  4. Ask them if you can pay extra for a rush appraisal, which always has to be re-ordered if you switch lenders.  Ask them to go with the fastest turn time possible regardless of cost.
  5. When the lender requests documents or other information, deliver them within hours of their request.

I hope these tips help you avoid the landmines for a flawless home purchase! Contact our doctor mortgage expert Josh Mettle at 385-355-2130 or here. We’d love to hear from you!

Josh Mettle is an industry leading author and mortgage lender, specializing in financing physicians, dentists, CRNAs, and physician assistants.  You can enjoy great physician real estate and mortgage advice here or by visiting his book site.  Josh is also a fourth generation real estate investor, and owns a number of rental homes, apartment units and mortgages.  Josh is dedicated to helping physicians become more financially aware and able; listen to “Physician Financial Success” podcast episodes or download Josh’s latest tips and advice here.

Copyright© 2017 eJLM LTD.  All Rights Reserved

*A pre-approval does not constitute a full loan approval or a commitment to lend. Full approval is subject to underwriting approval based on program guideline requirements including but not limited to a satisfactory appraisal. 

3 Reasons the Housing Market is NOT in a Bubble

Love this post from the blog Keeping Current Matters and wanted to share it for our readers who are in the market for a doctor mortgage or a CRNA mortgage.

With housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the reasons that caused the bubble ten years ago.

Last decade, demand for housing was artificially propped up because mortgage lending standards were way too lenient. People that were not qualified to purchase were able to attain a mortgage anyway. Prices began to skyrocket. This increase in demand caused homebuilders in many markets to overbuild.

Eventually, the excess in new construction and the flooding of the market with distressed properties (foreclosures & short sales), caused by the lack of appropriate lending standards, led to the housing crash.

Where we are today…

  1. If we look at lending standards based on the Mortgage Credit Availability Index released monthly by the Mortgage Bankers Association, we can see that, though standards have become more reasonable over the last few years, they are nowhere near where they were in the early 2000s.

Mortgage credit availability index

  1. If we look at new construction, we can see that builders are not “over building.” Average annual housing starts in the first quarter of this year were not just below numbers recorded in 2002-2006, they are below starts going all the way back to 1980.

Housing starts 1st quarter

  1. If we look at home prices, most homes haven’t even returned to prices seen a decade ago. Trulia just released a report that explained:

“When it comes to the value of individual homes, the U.S. housing market has yet to recover. In fact, just 34.2% of homes nationally have seen their value surpass their pre-recession peak.”

Bottom Line

Mortgage lending standards are appropriate, new construction is below what is necessary and home prices haven’t even recovered. It appears fears of a housing bubble are over-exaggerated.

If you are a physician looking to get a doctor mortgage or a CRNA looking for a CRNA mortgage, signs are the market is solid and it is a good time to buy a home. Please contact Josh Mettle at 385-355-2130 or here. We’d love to help you achieve your dream of homeownership.




Will higher prices and rates snuff out the real estate market?

A recent hot topic with clients has been about waiting out this hot market rather than buying in 2017. Their reasoning is that higher interest rates and home prices will ultimately snuff out the real estate market and prices will likely come back down. If you are a physician who is thinking about buying a home, you have likely wondered about this.

There is significant fear about current home prices. Clients don’t want to get caught buying at the top.

So I decided to do some research. I wanted to know:
Is housing affordability getting out of reach for most families and should you hang tight and wait it out?

Thankfully, there is an index that tracks this. It’s called the Housing Affordability Index and it measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home. This index is based on average home prices, current interest rates, and national income data. A value of 100 means a family earning a median income earns enough to qualify for a mortgage on a median priced home; anything above 100 means the family has more than enough to qualify. The higher the score the easier it is.

Check this out – going back 27 years to 1990 we can see that housing is more affordable today than it has been during any period other than the great recession years (where interest rates were 3% and foreclosures were discounted significantly). Also note how low the index got in the years before the crash: 2005 to 2007 saw an index reading below 120; I would consider this the danger zone. But today the index reading is over 160, well above the unaffordable danger zone.

What does this mean?
1.  It means that incomes are increasingly in line with housing costs and mortgage payments nationally.
2.  There is NOT a lack of housing affordability and it’s unlikely you will see lower home prices in the near future.

Housing Affordability 1990 to today - doctor buying home

Source: KCM Blog

When the time is right, I’d be honored to help you, your colleagues, friends, and family with excellent mortgage advice.

P.S. One of the most frustrating things for buyers in this market is the challenge of getting their offer accepted when there are multiple offers on most properties. We’ve developed a strategy to help buyers and their Realtors get their offer accepted over the others. We’ve found that our clients are over 200% more successful when implementing this system. If you are interested in finding out more about how we do it, we’d invite you to give Josh Mettle a call at 385-355-2130.

Match Day Is Here… What You Need To Know About The Real Estate Market and Doctor Mortgages In 2017!

Congrats!  You have matched and the adventure of residency awaits you.  Now you need to figure out where you are going to live and fast!  Here’s what you need to know to successfully navigate the landmines and have a flawless home purchase in 2017.

Your primary challenge is going to be finding a home. As I write this post there is only 3.6 months supply of homes on the market nationally. That means the pace of monthly sales would completely eliminate the supply of listed homes for sale in less than 4 months (if no new homes were listed for sale).  Anything less than 6 months supply is considered a sellers market.  Many areas of the country are in an extreme sellers market, which means sellers dictate the terms of the deal and the speed they want the transaction to close.  You either have to agree to those terms or they pass you up and find another buyer, often a cash buyer, who can meet their terms.  This can be a monumental challenge for many doctor mortgage lenders and you, their perspective client.  It is imperative you find a lender than can move fast and close in less than 30 days.

Low inventory = need fast closings!

There are a couple reasons why doctor mortgage loans tend to move slower than conventional mortgages.  First, most physician and doctor mortgage loan companies are large national (think too big to fail) banks and they are layered with bureaucracy, government regulations, antiquated IT systems, and status quo (good is good enough).  This is similar to the level of care you might expect to get at the largest hospital systems in New York or Los Angeles on a busy Saturday.  They mean well, but they can only do what they can do with the resources they have.  Nimbleness and speed to respond might not be how you would describe them.

Takes other lenders 51 days ave to close loans

The fact is, many of the larger banks that are the purveyors of doctor mortgage loans simply cannot keep up with the fast paced real estate market. Check out this list of the top ten hated companies in the U.S..  Not one, but two of the biggest banks in the country make that list.  I can tell you we receive an unfortunate amount of business from physicians that are declined the week of, or worse, sometimes several weeks after their settlement deadline.  It’s sad but true.

What can you do to protect yourself?

1.  Choose a Mortgage Professional Who Can Educate and Truly Guide You

If you were to follow just one of these steps, the most important is to find a professional loan officer experienced and proven to work with doctors. The ideal loan officer should have unique physician home loan programs, which have more liberal underwriting guidelines making it easier for you to qualify and ideally provide you with a better experience.

2.  Verify Your Lender’s Reputation

You can protect yourself from this by carefully reviewing the client experiences of your fellow doctors. Do some Googling about client experiences, ask for references, and request your lender put in writing how long it takes on average to close their physician home loan clients.  This is rarely thought through in detail but can make all the difference between you getting a home and the home getting away from you.

3.  Obtain a Credit and Income Approval

A Pre-Approval is simply not enough for you to gamble your family’s new home on. You must get a full Credit and Income Approval if you want to be certain you won’t be surprised the week of closing. The importance of getting all credit and income documents into the hands of an underwriter as early in the process as possible cannot be overstated and is frequently missed.

The thing to keep in mind is that loan officers are paid to say YES, while underwriters are paid to say NO.  They are the gatekeeper and the person who will give the final authority for your loan to close.  So ask yourself, do I want to meet that gatekeeper while I’m house hunting or do I want to meet that gatekeeper when my home is boxed up and the Penske is on the way?

4.  Carefully Select Your Realtor

Steer clear of real estate search websites as a means to locate your next Realtor. Keep in mind those Realtors pay for the opportunity to market to you, which in many cases is indicative of Realtors who don’t have a lot of experience and don’t have a lot of referrals coming from past clients.

If you are relocating, you are looking for someone with relocation, ideally physician relocation experience. You should be able to find such realtors through an online search, via referral from the medical department or practice you are joining, a colleague who has recently relocated to the area or through a referral from a loan officer specializing in physician loans.

5.  Be Proactive and Stay in Communication

Take responsibility for the deadlines you sign on your purchase agreement and ensure you don’t lose your earnest money. This is truly your responsibility and all you have to do is to be aware of your inspection, appraisal, financing and settlement deadlines.  I find most home buyers rarely even know the deadlines in a purchase agreement even exist.

A physician home loan or doctor mortgage loan can be a powerful tool to help you into a home with the least amount of cash possible, sooner than most conventional loans; in many cases with less overall expense as you will likely avoid mortgage insurance. This does not mean they are the right prescription for everyone.  Finding a trusted mortgage advisor that can help you navigate the mortgage and real estate process is ultimately going to offer you the highest probability of successfully closing on your new home.  Good luck!

If you would like more information about physician home loans, you can download our free eBook and request a client consultation here:

Josh Mettle is an industry leading author and mortgage lender, specializing in financing physicians, dentists, CRNA, and physician assistants.  You can enjoy great physician real estate and mortgage advice here or by visiting his book site.  Josh is also a fourth generation real estate investor, and owns a number of rental homes, apartment units and mortgages.  Josh is dedicated to helping physicians become more financially aware and able; listen to “Physician Financial Success” podcast episodes or download Josh’s latest tips and advice here. Copyright© 2017 eJLM LTD.  All Rights Reserved

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