Starting your residency or new job is exciting. But finding a new home, moving in, and balancing it all around your start date at the new hospital
or medical practice is much more stressful. While some doctors and medical professionals are willing to rent first, and ultimately move twice, most doctors we work with choose to find their perfect home and only move once
before the full schedule of your new job begins. Even though most home mortgages require historical employment, there are some great physician home mortgage programs that will enable you to close on a home months
before starting your residency or new job.
You don’t have any historical paychecks at your new job yet, so it’s more difficult for a doctor loan underwriter to determine if you will be a major risk to them or not. There’s simply nothing to look at when writing your doctor home loan before you start your residency or job. But here’s how it works:
According to the “conforming loans” regulations, borrowers are given a 60-day window to write secondary mortgage loans to eligible homebuyers. The doctor mortgage lenders are able to use a signed and executed job contract to help you close on your new home up to 90 days before the actual start date of your residency or new job.
Some banks will still require proof of liquid cash to cover these two months of payments, but once you’ve provided our executed contract the best doctor mortgage lenders can use your new starting salary when calculating your debt-to-income ratio, often even ignoring your student loan payments in the calculations.
Occasionally we work with doctors who would benefit closing on their new home more than 60 days prior to start date because of their spouse’s new career, family or professional travel plans, or other unique situations. But is that even feasible?
Not for doctor loan programs who strictly comply with the conforming loan regulations. Banks still choose to comply with those regulations because it helps them to mitigate the risk of writing your loan, but some still opt for flexibility when building a relationship with a practicing physician or dentists.
In our experience, while you want a great doctor home loan program, it’s even more important to choose a doctor-focused loan officer who is vetted and experienced in working with the unique needs of medical professionals.
That’s why we’ve built an extensive network of doctor home mortgage programs and loan officers who have proven themselves to do what it takes to serve your needs and get you into your new home on your timeline.