You probably know more than you want to know about student loans, but Iâ€™d like to tell you a little about conventional, FHA and how Physician Loans or doctor home loans look at those student loans that you might have. If you have student loans that are coming out of deferment or coming into repayment within the next twelve months, then your conventional and your FHA loans have to count those against you. If theyâ€™re deferred out greater than 12 months from the date you close then we donâ€™t have to worry about it in conventional world.
A Physician Loan, so long as youâ€™re not in repayment will not count those at all. So, hypothetically youâ€™re coming out of a residency, you have $250,000 worth of student loans and those student loans arenâ€™t going to start into repayment until November. Youâ€™re planning on buying a home in early June or early July. With a conventional or FHA loan, we would have to factor in those student loan payments, contact your student loan provider, get estimated payments, take a worst case scenario then factor that against your debt to income ratio. If you qualify, great, no problem. If you donâ€™t qualify, sorry, your loan would be declined.
With a Physician Loan or doctor home loan, so long as we close prior to the start date of those repayments, we donâ€™t count them against you at all. So, itâ€™s definitely an avenue you should look at if you are being told student loans could cause you a problem qualifying for your next home mortgage, we should definitely talk. I should look at your particular situation and then let you know how to proceed from there. thanks so much for tuning in, it would be my pleasure to help you and answer any questions you might have. Iâ€™d invite you to reach out to me at your convenience.
For more information, please visit http://oregonphysicianhomeloans.com.
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