Category Archives: Physician Loan

Down Payment Assistance Now Available For Qualifying Resident Physicians

One of the biggest challenges with down payment assistance programs has long been the issue of student loans and the way underwriters calculate payments on deferred and Income Driven Repayments. The general rule has been to default to one to two percent of the outstanding student loan balance as a MONTHLY payment. 2% of $200,000 equals a monthly payment of $4,000, which means the applying resident will be lucky to qualify for a Cracker Jack box to live in. Another … Read more

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, … Read more

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 … Read more

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 … Read more

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, … Read more

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 … Read more

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 … Read more

Doctor Mortgage Declined?

Was 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 … Read more

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 … Read more

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. … Read more

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