Student Loans and How They Impact a Physician Loan

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I want to talk to you a little bit about student loans. You probably as a doctor know more than you want to know about student loans, but I want to talk about how they correlate to mortgage underwriting guidelines, and specifically with a physician loan how we look at those and how they’re addressed.

On a conventional loan and also on an FHA loan, they look at student loans and anything that’s going to reenter the repayment period within twelve months has to be counted against your debt to income ratio. Now that can really be a challenge, because if you’re coming out of a residency and you’re going right into practice, most the of the time, your payments are going to start within that first twelve months of starting into practice. Which means we have to count it against you, and if you’re like so many of the physicians I work with with a large number of student loans out there and maybe starting at an income that maybe isn’t enough to offset that, it can put you in a situation where your debt to income ratio is too high.

So, the beauty about a Physician Loan is, they don’t look at that. Anything that is currently not in repayment, they don’t count at all against your debt to income ratios, which of course will allow you to qualify without a co-signer and potentially for a higher loan amount.

So, that’s it about student loans for doctors, if you have any other questions, I welcome you to shoot me an email or give me a call. I’d love to help you into your next home.

Please call Josh with any questions you have about Physician Loans at 801-747-1210.

Josh Mettle is a top producing mortgage lender specializing in financing Physicians, Dentists and Medical Professionals at Citywide Home Loans. Check out his site http://www.utahphysicianhomeloans.com/ for medical professionals. Josh is also a fourth generation real estate investor, and owns a number of rental homes, apartment units and mortgages. If you’re ready to buy or sell residential real estate, get Josh’s latest free tips, tools and newsletter at http://www.utahphysicianhomeloans.com/ and be sure to check our FREE Relocation Package for Physicians. To learn more about Josh, go to http://www.joshmettle.com.

Josh Mettle

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Citywide Home Loans NMLS #67180 801-747-0200

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Student Loans and How They Impact a Physician Loan