You probably became a medical professional to help other people. But you also did it in the hopes you could build a beautiful life for yourself and your family. Part of the American dream is owning your own home. You may discover though as you embark on that journey that there are some challenges specific to medical professionals. Thankfully, there are also solutions.
The Challenge: High Income, But Also High Debt
Doctors and some other medical professionals need to undergo extensive schooling before they earn their credentials. In most cases, that means piling up a large amount of student debt compared to people with four-year degrees.
As a doctor, you have a high earnings potential and a solid career trajectory. But especially if you are near the start of your career, your debt-to-income ratio (DTI ratio) may not paint a full and clear portrait of your finances.
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Today's Mortgage RatesThe DTI ratio is one of the metrics used by lenders to decide whether or not to qualify someone for a mortgage. If your DTI ratio does not satisfy the typical requirements, you might find yourself struggling to qualify despite being able to afford a home.
Another issue is that you may be earning enough to buy a home earlier in your career than is typical for other professionals. As a result, your employment history could be shorter than what lenders typically are looking to see. That, too, can get in the way with a traditional mortgage application.
The Solution: Home Loans for Doctors
McGowan Mortgages understands the obstacles you face as a doctor or other high-earning medical professional who is ready to buy a home. That is why we offer home loans for doctors. You can also apply for a doctor loan if you are a nurse anesthesiologist, a resident, or a fellow. If you think you might qualify, but you are not sure, you can call us and ask. We’ll set up a consultation for you.
Features of Doctor Loans at McGowan Mortgages
- Apply for a mortgage with more flexible requirements for your DTI ratio and work history. We make it easy for you to verify your employment by showing us either an employment contract, or an offer letter. The start date can be up to 150 days from closing.
- We offer financing up to 100% of the purchase price depending on your qualifications and how much you are borrowing.
- Our loan amounts range up to $2,000,000, depending on borrower qualifications.
- No Mortgage Insurance required
Because financing can go up to 100%, you might be able to buy a home with zero down payment. That means you do not have to wait to purchase a home. You can move in immediately and start building equity, growing your wealth and living the lifestyle that you have worked so hard for.
Skipping a down payment also helps you to keep your finances more liquid and flexible in the meantime. That can make it easier to manage your monthly bills, buy furniture for your home, and settle into your new life.
Buy a Home in Missouri or Beyond
Your career doesn’t need to be an obstacle to buying a home. With a doctor loan, you are rewarded for the ambitious career path you have pursued, instead of being punished for your student loan debt. We help doctors and other medical professionals buy a home or refinance in Missouri or 40 other states quickly and easily. To get started, please give us a call at (816) 631-9687 to schedule your consultation.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
