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Utah Physician Home Loans Blog


By Josh Mettle | Mortgage Broker
or Lender in Salt Lake City, UT

Can I really close on my home 30 days before receiving my first paycheck and how do I prove IBR?

Today I want to answer a question that was just asked by a client yesterday. He was originally told by another mortgage lender that he could close on the purchase of his new home doctor home loan up to 30 days prior to receiving his first pay stub. As he got closer to closing and the file made it’s way to an underwriter the story changed. So he called me and he said, “Can you really accomplish that?” And the answer is Yes! Our specifically trained or specially trained Physician underwriters will approve and will allow you to close on the purchase of your new home up to 30 days before you start your new job.

Oftentimes we will ask to get a paycheck stub after you received your 30 days, you’ve closed, you’re in your new home, everything’s taken care of with your loan. Then we will ask you to send your next couple of paycheck stubs. But absolutely will allow you to close up to 30 days before you start your new job. That will take a ton of stress off.

The next question that I hear is so often is what to I need to prove the payments on my new IBR? Often when you are coming out of residency and you are going into practice, you’ve got that deferment period of about 6 months. And during that period of time, you’re not going to get anything from your student lender that says you are in IBR and what your payments are, because they haven’t rolled you into your IBR, you’re in that deferment period. Of course, you do not want to forgo that. We have a solution for that. This is another problem that our client ran into at the last minute when getting a doctor home loan. So if this is something that you’re struggling with, or you have questions about, it would be my pleasure to answer those questions for you. I’d invite you to reach out to me at your convenience.

For more information, please visit http://oregonphysicianhomeloans.com.

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