The good news is after years of schooling, countless sleepless nights, and unforgiving exams, you’ve graduated medical school. You are now officially a doctor. Congratulations! The bad news is you’ve likely racked up impressively amount student loans and likely have no work history. Exactly how are you supposed to be able to buy a home with all the debt and lack of experience?
Doctor’s loans were designed for exactly this kind of scenario, and they are a very different type of home loan compared to other more common loans like conventional loans. Doctors, dentists, and veterinarians are the only people who qualify for these loans. They generally require a small down payment of five percent or less, and they generally don’t require private mortgage insurance. Instead of requiring W-2’s or pay stubs that loan applicants usually don’t have, a contract as evidence of future earnings can be accepted for doctor’s loans.
If you’re a doctor looking to start your new life chapter, we can help. Michelle McGregor Home Loans has over 10 years of experience, and our team has the know-how you need to pair you with a home loan that makes sense. For more information or to schedule an appointment, contact us online or by phone today.