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Profile picture for hashhash

Medical Resident loan

I will begin residency with an income of 5k/mo as of May this coming year. Does this residency contract count for anything in terms of a loan approval in the absence of a two year display of income? My husband and I, both students till now, have not shown any income over the past several years. We have primarily lived off of student loans. We have 10k in savings, our credit scores are both in the mid 700'ds, we have a 2 year rent history of 1.5k/mo, and we have been leasing two cars for the past 2 years for roughly $250/ mo. My husband is currently earning 3k a month from his job. We would be first time home owners. Do we have a route to home ownership now, or must we wait until we have established a two year old record of our income?    
  • October 12 2013 - Centennial
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Answers (8)

Profile picture for David Widlund
I've done first-time homebuyer loans for oncoming residents several times. FHA does allow for you to use income from your offer letter or contract as qualifying income with 3.5% down. You have to be within the time frame for your first check to arrive before your first mortgage payment. But it isn't necessary that you have begun. From what you have stated, you should have no trouble getting this financing as long as you meet the timing described above. Let me know if you have further questions. Good luck!
  • October 12 2013
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Find a lender that offers a physician/doctor loan; the guidelines allow for situations with income such as yours
  • October 13 2013
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Doctor loans apply to residents and school counts as work history as long as we can document it. Student loans don't count as long as you are in residency.
 
Lots of options-
Up to 100% financing
30 yr fixed and 15 yr fixed
Arms from as short as 1 yr to as long as 10 yrs

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-Brent
  • October 25 2013
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On Medical Professional loans you can close two months before you begin your new job.
  • October 26 2013
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Greetings!

Whether you're looking at a special doctor loan for resident physicians or a conventional loan, the key component of underwriting income is whether it is "guaranteed" or not. Most loans allow the use of guaranteed income (e.g. salary, hourly with guaranteed hours, etc.) right around your employment start date (sometimes you can close the day you start, sometimes your first paystub is required, and sometimes you can even close before you start). 

The hurdle facing many with student loans is how student loan debt is counted. The great news is that I have a resident physician program that not only allows you to close on your home up to 60 days before your start date, it also automatically excludes your student loans for those in year one or year two of residency.  

Please let me know if I can help you.  Call or text me anytime.

Jules Deas

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  • November 22 2013
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Hello,

It seems me that [Promotion removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
Good Luck,
Shimi- Realtor in Vero Beach, Florida
  • January 12 2014
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There are physician home loans that are able to exclude student debt that is not currently in repayment from your debt to income ratios and even use stipend income to qualify in some cases.
 
Some are able to allow you to close on the purchase of your new home up to 120 days prior to your first day on the job in some cases.

Google physician home loan along with the state you are doing your residency in and you should see physician loan providers for that state. You an also visit [Website removed by Zillow  moderator. Please see our Good Neighbor Policy for posting guidelines.]  and search for doctor mortgage loan on his site and there is a list of providers. Good luck!
  • January 27 2014
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There is a Fannie Mae loan available that is called their "Community Solutions" program.  This loan would be perfect for you specific situation.  Also, many local banks offer Physician loan as well that could be a good option as well.  Please let me know if I can help in any way.  Thanks and have a great day!
  • January 30 2014
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