Getting a mortgage for residency

[chuck84]

Just unclear how this works. For my previous mortgage, we needed documentation of being employed for a couple of months to qualify. How does it work getting a house when moving and starting residency?

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[dermie1985]

Just unclear how this works. For my previous mortgage, we needed documentation of being employed for a couple of months to qualify. How does it work getting a house when moving and starting residency?

I just applied for one and sent in the offer letter (w/ start date and salary) from my program, which they used for calculating the mortgage rates, etc. They did end up putting in a stipulation that closing data could be no more than 60 days prior to starting my job, etc. so something to consider in how early you want to look (though at this point, that shouldn't be an issue depending on what state you're in and how long closing typically takes).

 

[Raryn]

Just unclear how this works. For my previous mortgage, we needed documentation of being employed for a couple of months to qualify. How does it work getting a house when moving and starting residency?

The GME office at your program's institution (or the HR office) should be able to provide you with an official employment verification, which lists your salary. Otherwise, your contract might even suffice.

 

[dggopal]

You should work with a lender who specializes/offers physician loans. They will be able to walk you through the process smoothly and also lay out your financing options and what they entail better than any of us can.

 

[Ray D. Ayshun]

Just unclear how this works. For my previous mortgage, we needed documentation of being employed for a couple of months to qualify. How does it work getting a house when moving and starting residency?

As dermie said, can't close til within 60 days of start. Need offer letter, doesn't have to include salary as long as you can get info from gme. Will have to use last years pgy1 salary if yours hasn't been released. Unfortunately, they cannot use spouses income unless it's in the city In which you'll be doing residency. Ie, must have job there now, or offer letter/contract.

 

[dggopal]

again I think different banks draft their own guidelines for the loans. The lender I am working with for example has a 90 day grace period from closing of escrow until my first day of work. Similarly they even are willing to give me a prequalification letter on the basis of an unexecuted copy of my contract. I think specific terms vary lender to lender. As far as physician loans are concerned as a whole, they offer a 100% financing option with a competitive interest rate with the the benefit of having no PMI.

 

[andrek82]

Just unclear how this works. For my previous mortgage, we needed documentation of being employed for a couple of months to qualify. How does it work getting a house when moving and starting residency?

http://whitecoatinvestor.com/personal-finance/the-doctor-mortgage-loan/ is a good place to go for a state by state guide to what loams are available. Also, I went to physicianloans.com and even though I matched in a state they don't service, they connected me with both a lender and real estate agent.