Doctor’s loans make it easy for you to get the home of your dreams!
Median income in 2012 for doctors was $187,200, but that is for established doctors as well as doctors just getting started. First year interns are more likely to have salaries between $45,000 and $60,000. The average amount of student loan debt those interns may be saddled with averaged $166,750 in 2012.
Just a quick look at the following statistics regarding medical student loan debt paints a sobering picture of the financial reality many new physicians face. As the Association of American Medical Colleges reports:
- 79% of medical school graduates carry $100,000 or more of education debt
- 63% of medical school graduates carry $150,000 or more of education debt
- Median indebtedness is up 3% to $175,000
- Median 4-Yr. COA for class of 2014 is up 5% to $218,898 for public medical schools
- Median 4-Yr. COA for class of 2014 is up 3% to $286,806 for private medical school
Some may wonder how, or even if, they could obtain a house and more specifically qualify for a mortgage with such overwhelming financial obligations. We are happy to participate with a lender that understands the needs of physicians. We now have a program catering specifically to physicians in a medical residency or fellowship program. With this program we are able to omit student loan debt from the debt to income qualification. Can you benefit from this? Look at the specifics below and give us a call.
- Borrower must be in, or have recently completed, a medical residency program (A Medical fellowship program also qualifies)
- Student loans must be in deferment
- Deferment must not expire within 12 months of the loan date
- Loan must qualify via Automated Underwriting
- Credit Score minimum of 720