Mortgages for Interns

[peachd]

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I've come across some Web sites such as this one:
http://www.ehow.com/list_6709273_mortgage-programs-doctors.html

How large of a mortgage might the typical M.D. intern (PGY-1) be offered, assuming that he/she has no credit card or auto loan debt, a credit score >700, and a spouse who already makes a solid salary ($50,000) with no student loan debt and also has a credit score >700?

Assume that the intern's student loan debt is $200,000.

 

[MacVA]

I've come across some Web sites such as this one:
http://www.ehow.com/list_6709273_mortgage-programs-doctors.html

How large of a mortgage might the typical M.D. intern (PGY-1) be offered, assuming that he/she has no credit card or auto loan debt, a credit score >700, and a spouse who already makes a solid salary ($50,000) with no student loan debt and also has a credit score >700?

Assume that the intern's student loan debt is $200,000.

PM me.

 

[DOCTOR LOAN PRO]

Peachd,
Banks typically want to see that your total monthly mortgage payment (principal, interest, taxes, and insurance), plus other monthly debt obligations due not exceed more than 33-45% of your monthly income. The debt to income calculation and guidelines will vary a bit depending on the loan program (FHA, VA, Conventional, Doctor Loan, ECT&#8230😉, and each individual bank or lending institution. I would also recommend completing a budget and determining what you feel comfortable in paying monthly. Just because a bank is willing to lend you a certain amount of money does not necessarily mean that amount will fit into your budget.

 

[live2theedge]

I am a resident. Wanting to refinance a house we have had since the beginning of Medical School. It has been appraised and we are fine there. The problem we can't seem to overcome is the student loans. The companies we have tried working with refuse to accept the student loan company explanations of how deferment works.
How does a person overcome the debt to income ratio that comes with the typical debt of medical school?

 

[pguin]

I am not sure if refinancing works differently, but I am just starting my intern year and am in the process of closing on a condo after getting a 0 down mortgage loan even though i have >$200,000 in student loan debt. I am going through 5/3rd who has a policy that they do not take student loan debt into the equation as long as the loans are currently in deferment. You may want to ask the different mortgage broker's to check on their banks policies regarding this. My mortgage lender at 5/3rd did not even realize that this was their policy and initially did not pre-approve me for the loan until I asked her to check into it.
I'm not sure as to the policies of other banks but I do know the BankofAmerica and Huntington bank also offer mortgages with terms aimed at residents.

 

[live2theedge]

The latest problem was with BOA.