Physician Mortgage question

[ndoman87]

Hi,

I don't want to get into a debate about the pros and cons of buying a house out of residency. I have done my research.

My question is do mortgage companies/banks that offer physician loans give you a loan amount based on what you are making now as a resident or will they tskemy ained contract and what I'm going to make and use that number? We are not trying to buy an expensive house. We are staying within our means, just trying to figure this out.

Seems like they should take my signed contract and what I will make, correct?

Thanks,

Nick

[CordMcNally]

Most, I believe, will take a signed contract. However, if you are staying within your means, you may qualify on your current income. We ended up qualifying without a signed contract and they never used it.

[Peds]

You need to have a signed contract and they will look at that.

Something like 40-50% of new grads find a different job a few years out.

[hightower]

Yes they will take a contract. I bought a house before residency with a signed contract for my residency salary. I know u dont want to debate, but making sure you actually like your new position before you buy might be wise.

[adventure]

Usually they use the contracted amount in the debt to income ratio.

 

We found they'll offer way more than we could afford. Literally. As in, as a resident they'd give a 1 million mortgage. 0% down. No closing. The monthly payment was double what the monthly earnings were or something nuts. Stick to what you need to filter out the noise you'll encounter.

[Gamma Knives]

My experience with a physician mortgage leaving residency was they accepted the signed contract within 3 months of starting (can't close more than 3 months prior to starting your attending job).