• Deferred student loans won’t hamper qualifying, unlike all other loans 

• We have local expert realtors in the top 200 residency program areas

• Approval with future PGY1 income (proof required before closing)

• Seller can pay all your closing costs, our realtors are experts at negotiating this for you

• You Can close right after Match Day 2010

• The only true zero down doctor loan available in all 50 states, BUT 5% down require in declining markets

Physician Home Loans for Graduating Students?

Match Day 2010 is coming soon!!! The only thing worse than having to scramble after Match Day 2010 is to scramble for figuring out if you’ll be able to buy a home, condo or townhome as a new PGY1. Yes, it is true! We can help graduating medical students find a special physician home loan for them and assistance with them buying a great home for their residency. Can you say “Hello $8k tax credit?” Get started early and beat the crowds. Match Day 2010 can be your day to buy your first home. Of course, almost all our graduating med school clients pursuing a special physician mortgage inevitably ask the follow three obvious questions. The first question is usually: “But I have $150,000 in student debt, how can I qualify for a physician mortgage, especially when my PGY1 income will only be about $49,000? And I’ve been warned already that I can’t qualify for the FHA loan since technically I can’t prove my debts are deferred for more than twelve months, they’re only eligible for requesting deferment every twelve months, it’s not a guarantee”. Well, the great news for you is that the lenders we work with don’t sell your loans, and as a result make up their own rules. And their rule is that they understand physician mortgages and physicians, and they know the reality is that as a resident physician you’re student loans will either be in deferral, grace or forbearance status during your training. While you can’t qualify for Fannie, Freddie or FHA Loans, you can for the special doctor home loan. (Don’t be fooled by lenders who say your student debts won’t count for an FHA Loan. You don’t want to hear how many horror stories we hear each year of soon to be PGY1’s calling us the week before closing, telling us that they were initially approved for an FHA loan, but when a senior underwriter reviewed the loan for final approval, they denied it due to the technicality of the student loan debt not being able to prove more than 12 months deferral. Banks & Mortgage lenders say no to anything in a grey area these days). And then comes the second question: “But I don’t have enough for a down payment, how can I buy?” Well, the short answer is that the special physician mortgages only require 5% down, and in lots of places it only requires zero down. And with the $8k tax credit, you can’t afford to not buy!!! If 5% is required, it’s perfectly ok to receive a gift from family. Should you choose to return the gift when you receive your tax credit, that’s your business. And our network of realtors is trained to help you negotiate the seller to pay your closing costs. And then the final question: “I don’t want to pay PMI (private mortgage insurance)”. Good. We don’t want you to. And the lenders that make these unadvertised loans to young physicians do NOT charge PMI on these loans; they know you’re a safe risk! Yes! In other words, you can qualify and buy with zero down in the markets where no down payment is required and with only 5% down in “declining markets”, and not even have to pay PMI. Your dream can come true: You’re now a resident, making money, and owning your own home. We look forward to helping you achieve your dream. Contact us well before Match Day before we’re too busy to help you.