Your Mortgage: Just what the doctor ordered

People who choose to be a medical doctor normally do so for a combination of reasons. This can include the ability to help patients improve their lives while getting paid well to do it. Getting through the requirements to become a medical doctor is long and expensive. Many newly licensed medical doctors have significant student loan debt, and this could inhibit their ability to qualify for a home purchase. Enter the Doctor Loan, which is specifically designed to offer favorable home loan terms for medical residents, medical school graduates and practicing medical doctors. 

This loan, offered by Fountain Mortgage, has some key features that make it unique and advantageous for those with the following medical degrees:

One of the largest advantages of the Doctor Loan is that there is no jumbo loan category as there is with conventional loans. Regular conventional loans have a loan limit of up to $647,200 and anything over that amount falls into the jumbo loan category. Jumbo loans typically have higher rates and higher equity requirements. 

Eligible borrowers of this loan can put as little as 3 percent down on a home, too. Some standard features of conventional lending still apply like mortgage insurance (if less than 20 percent equity exists) and qualifying debt-to-income ratios. Here is the cool thing though … if you are a newly graduated medical student and have a heavy student loan debt burden, the monthly payments associated with those student loans aren’t used in the debt-to-income calculations if they are deferred for 12 months. Another cool thing is that we can accept pending job contracts as secured employment and income proof in the event someone hasn’t officially started working yet. 

Not many lending institutions have the leverage and experience to offer the Doctor Loan. Of those that do, most are out-of-town banks that have no real connection to Kansas City. Founded and headquartered in Kansas City, Fountain Mortgage is proud to have the Doctor Loan as part of its expansive product lineup. Contact our team for specific questions about this product or to set up a complimentary mortgage consultation. 

This weekly Sponsored Column is written by Fountain Mortgage. Located in Prairie Village, Fountain Mortgage is dedicated to educating, and thus empowering, clients to make the best financial decision possible for their situation. Contact Fountain today.

Fountain Mortgage NMLS: 1138268