Doctor LOAn TO HOME Program
FREQUENTLY ASKED QUESTIONS
We try to anticipate questions you might have about Physician Homes USA’s PRODUCTS and SERVICES and provide the answers here. If you need additional information please send an e-mail. The FAQ below is not an inclusive or comprehensive list of all questions or scenarios that may or may not happen during the home buying process. The current and most up-to-date underwriting and real estate guidelines may change on a daily basis, and we recommend that you consult your Realtor and mortgage professional for any questions that do not show on our list below.
1- WHAT IS PRIVATE MORTGAGE INSURANCE (PMI) ?
Private Mortgage Insurance is a third party insurance that is enforced on a home loan if the buyer does NOT have at least 20% down payment. The insurance is enforced to protect the bank/lender in case the buyer defaults on the mortgage. Most physician loan programs DO NOT require this insurance to purchase a home.
2- HOW MUCH CAN I AFFORD IN A NEW HOME ?
Almost all physicians’ circumstances are different. This is why we network with and trust the mortgage professionals we connect you with at the beginning of the process. These mortgage professionals will work closely with you and determine what you feel comfortable with, using the industries most current mortgage guidelines. Rule of thumb is that you can afford 43% of your monthly pay BEFORE income taxes and other deductions. This 43% is inclusive of the new mortgage, current monthly loan debt, student loans, car loans, minimum payments on credit cards, etc. Other items may have to be included, and we have a network of mortgage professionals to answer those questions.
3- WHAT IS THE MINIMUM SCORE NEEDED TO QUALIFY FOR A PHYSICIAN LOAN ?
Depending on lender and final mortgage product needed, 680-720 is generally the lowest score range needed to qualify. This includes 100% financing in some cases.
4- CAN I MOVE IN TO A NEW HOME BEFORE I START MY FUTURE EMPLOYMENT ?
Yes! We have the ability to help you move in to a new home up to 90-days PRIOR to start date. This will depend on asset and credit qualification, so we do highly suggest we connect you with a mortgage professional sooner in the home search process. We have helped orchestrate successful pre-qualifications/pre-approvals by introducing physicians to a mortgage professional 6-12 months prior to employment start dates.
5- CAN MY STUDENT LOAN PAYMENTS BE IGNORED FOR QUALIFICATION ?
They can! If your next stop is residency or fellowship, we can ignore your deferred student loan payments. This includes Forbearance as well (depending on lender). By ignoring these future payments, we can help you qualify for a new home.
6- DOES UTILIZING PHYSICIAN LOANS USA'S SERVICES COST ME ANYTHING ?
No. Leaning on us to help you find the perfect match for your real estate needs does not cost you anything. We work closely with our real estate partners to ensure superior service and product offerings to our clients.
7- CAN WE REFER relocation warehouse TO ANY MEDICAL PROFESSIONAL ?
Please do! We are only as good as our customer service and real estate professional network, and if you feel we are worthy enough of being referred to a close colleague or friend in the health care industry (does not have to be a Physician or Dentist), we can help. Our network of real estate agents and mortgage loan professionals also have experience in working with medical professionals.