• Future income with signed contract OK

• Move in up to 60 days BEFORE Your New Job Start Date (This is not possible with traditional or FHA Loans)

• Free Conditional-Approval in 1-3 days for qualified borrowers

• Our lending partners love & understand physicians & their unique situations

The great thing about the special physician mortgage is that the underwriting standards (or at least most of them) are common sense. For graduating med students looking forward to match day, these unadvertised lenders know that the PGY1’s loans will be in deferment, grace, or forbearance, and as a result don’t count their student debt in their debt to income qualifying ratios.

For graduating resident and fellows, Fannie and Freddie loans will require you to have what’s called a verification of employment (VOE), which means they’ll call your employer and verify both your employment and income. Well, if you’re a PGY5 making $56,000 but have a signed contract for $275,000 starting July 1st, you’re out of luck with these traditional programs. The special physician home loan allows for you to buy your home a full 60 days before you start your new job as long as you have a signed contract in hand. So, as 90+% of graduating residents and fellows will be starting their new jobs in July and August, they want to buy their new home, settle in and unpack in May or June. The great common sense underwriting of the special physician mortgages is that they allow for this, while traditional loans will most likely need you to have started your new job and probably even have a paystub, which could push you out another 15-30 days.

Another problem many graduating residents and fellows have is the problem of starting as a 1099 employee (Anesthesiology, ER, Joining a group in CA, etc.), so there is no guaranteed contract. The special physician mortgage underwriters understand these situations and in most cases can apply common sense here!

Resident and fellows still in residency also have the flexibility of using their moonlighting income to help qualify. Although these decisions are made on a case by case basis, if you can prove that the income’s been consistent and should remain consistent, you may be ok. A traditional loan will not include income from a second job unless you’ve been doing it for at least two years.

The special physician mortgage can save you much anxiety and heartache of initially being approved for a traditional loan and then being declined just before closing. Without having to meet guidelines that traditional loans must, the physician home loans potentially be the only loan you can qualify for and actually close with.