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Is a Medical Doctor Mortgage Program Right for You?

If you’re a recent medical school graduate or a resident, settling down and purchasing your dream home might be your next big goal. But even with a stable job and income, many young doctors face a unique challenge when they apply for a home loan.

According to the Debt, Cost and Loan Repayment Fact Card prepared by the Association of America Medical Colleges, the average physician graduates from medical school owing $183,000 in student loans. Since mortgage lenders evaluate income and debts when qualifying applicants for a mortgage, owing a significant amount of medical debt is often an obstacle to homeownership. 

You need a mortgage program that accommodates your unique circumstances. Cherry Creek Mortgage’s medical doctor home loan program can help qualified physicians receive financing to purchase or refinance a residential property. This is an affordable alternative if you’ve been turned down for traditional financing.

Here is what you can expect from this program:

  • Low down payment. Get a residential mortgage loan with a down payment as low as 5% on sale prices up to $682,500, or a down payment as low as 10% on sale prices up to $1,665,000.
  • Flexible debt-to-income requirements. Student loan payments deferred for more than 12 months are not calculated in your total debt-to-income ratio.
  • No private mortgage insurance (PMI)
  • Fixed-rate mortgages. Predictable monthly mortgage payments allow for easier budgeting as you pay off student debt.
  • Flexible qualifying requirements. Future income can be used for qualifying purposes, but only if new salary begins within 60 days of closing.

Bottom Line

We make every effort to provide specialized underwriting for your distinct needs. Between low down payments and no private mortgage insurance, our physician loan program is perfect whether you're a recent graduate or an established doctor.