Final Piece of the Job Search: Financing Your New Home
Posted on 05/21/2014 12:24pm by Michael Lawrence
Mortgage Program Created Exclusively For Physicians
Quite a few of you are about to finish residency or fellowship, you’ve already taken the boards and you’ve also committed to that first opportunity. All that’s left is sizing up your white lab coat, ordering a new stethoscope and relocating to the home of your dreams close to your new job.
Lab coat, EASY! Stethoscope, EASY! Mortgage for that home? Well that’s a whole different matter all-together, especially in this day and age of credit restrictions.
Even though you’ve just signed on for that high-paying job, if you’re carrying school loans (especially in the 100’s of thousands) this can throw off your entire debt-to-income (DTI) ratio when qualifying for a mortgage loan.
As a result of this ratio, conventional lending may be difficult for many physicians to obtain.
But there’s an option: Fifth/Third Bank has created a program especially with you in mind….
- • School Loans not taken into account in DTI calculation (for residents and fellows).
- • Private Mortgage Insurance (PMI) is waived on loans with less than 20% down
- • “Make sense” underwriting
- • Loans up to $1.5MM
For details on the program please call Robert Curtis, Loan Officer 5/3rd Bank, at 773-732-9444 or robert.curtis@53.com. Tell him myMDcareers sent you!
