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New Dentist looking for mortgage in St. Louis area, where do I start?

I am graduating dental school and moving back to St. Louis to begin practicing. I have a job offer, for which the contract is being finalized now, that I will start late June. My husband and I have good credit, enough saved for at least 10-15% of a downpayment, and although I do have student loan debt, it is relatively low compared to most professional graduates. My husband is employed now, however will be leaving his current job when we move, and is still looking for a new one. What kind of loans should I look into getting or what mortgage lenders are best to talk with given the circumstances? Any help is appreciated! Thanks!
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May 01 - Saint Louis
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We would need to know how your husband is going to be compensated on his new job. If he will be a salaried employer (receiving paychecks and W2s), then we would be able to offer financing after he receives his first paycheck stub on the job. However, if he is going to be paid as an independent contractor (receiving a 1099 form), then we would have to wait until he files taxes. Given your down payment, I would suggest going with a conventional loan. I've done loans for St. Louis dentists getting paid in both ways and would be happy to answer any additional questions. Best of luck!
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June 16
If you are interested in buying a home, then the first steps to buying a home would be to speak with a lender that fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to get pre-approved for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Connecting with a lender is a great way to kick start your home buying process. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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May 02
Good morning!

Congratulations on completion of your education.
You shouldn't have any difficulty in qualifying as long as you are flexible in the actual closing date on the purchase of your new home. Depending on your income, the purchase price of your home and other liabilities - you may find that you can qualify on only your income.
As for the type of loan - with good credit scores a conventional loan or if either of you has served in the military, reserves or National Guard - the VA Home loan would be your best option.

But most importantly look for an experienced individual that will ask all the right questions during the initial interview so you aren't surprised with underwriting conditions late in the process.

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May 02
Welcome back to the Show Me State! I am just a few miles down I44! If your husband will be w2'd and not a contract employee then an offer letter with no contingencies will work perfectly. In fact, you can buy and close on a home before he gets his first pay check. Based on the credit history information you provided and the down payment you have all you really lack is the house and offer letter! Good luck
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May 01

The big question to ask your husbands future employer is how will your husband be paid?  Most dentist clients that I have dealt with have been 1099 due to the expenses that your husband is going to be able to write off.  If your husband will be W2, he will need to provide his dental contract to determine if he is able to get a loan.  The problem with the contracts is the probation period that they often put in the contracts. 

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May 01
Hello, These are all great questions. There are several different options that will be available to you as a doctor. The best thing to do, is to contact a few mortgage professionals and have them put together the best loan option for your specific scenario. Feel free to give me a call if you have any questions. I would be happy to explain to you all of your options. Regards. -David
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May 01
 
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