Ollie123, Home Buyer in Cuyahoga Falls, OH

Can I get approved for a home loan if I am a medical student?

Asked by Ollie123, Cuyahoga Falls, OH Tue May 18, 2010

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10
Hi Ollie, If you are an MD, DO, DPM, Resident or Established Physician - the following bank rep will provide you with 0% (zero) down 100% loan and No MI with Preferred Client rate and standard costs.

Asst. Vice President / Sr. Mortgage Officer / Tom R. Callahan / thomas.callahan@53.com
Fifth Third Savings
Offering 100% Lending within Alabama, Florida, Georgia, Tennessee, South Carolina, North Carolina, West Virginia, Kentucky, Missouri, Wisconsin, Michigan, Indiana, Ohio, Illinois, Pennsylvania, New Hampshire. And New York with 5% down.

Mr. Callahan has been recognized nationally as a ranking leader within the mortgage industry and has assisted hundreds of Physicians within Northwestern Memorial Hospital and Univ of Chicago Medical Center in my new home town.

Best wishes to you! Sarah Jones, MD
1 vote Thank Flag Link Tue Jan 28, 2014
Answer: You will be eligible upon graduation and Match Day letter of employment in hand.

Our group highly recommends a Doctor Loan that offers more flexible terms such as No MI, 0% down and requires a credit of 680 by utilizing Bank portfolio capabilities. Our medical focus group has had numerous members of staff contact:

http://www.DoctorMortgageAlliance.com

They were amazed at the programs available to Medical Resident Doctors/Physicians.
The alliance was created by Medical professionals to simply direct fellow professionals in the right direction for obtaining the best mortgage deal available today. I like it - people helping people, is what it is all about!
Rates have been reported recently as low as 3.500% on a 5 year fixed/arm, to 3.750% on a 7 year fixed/arm term. Other terms such as a 10 year fixed/arm and 30 year and 15 year fixed terms are available.
The alliance has Loan Officers who have been professional with vast experience.
For those looking to purchase a home we encourage you to email:

info@doctormortgagealliance.com or call at 800-385-0766 – they are very busy so email always seems to work best.

A mortgage banker will contact you in a timely manner to discuss options.

Good luck with searching for your new home! Sarah Jones, MD

http://www.doctormortgagealliance.com
1 vote Thank Flag Link Mon Oct 14, 2013
You need to show income to be approved for a loan. I doubt you have enough time to work and be a medical student. You do have another option however. You can have a non-occupant co-borrower on an FHA loan.
1 vote Thank Flag Link Tue May 18, 2010
Medical Student Matching to Residency Program = Absolutely!
My RE group endorses Mr. Callahan as others stated before.
We hope this is helpful:
Our contact's at Cleveland Clinic, Ohio State University Wexner Medical Center &
Metro Health Medical Center, OH - Relocation Depts provided the following as a contact: (taken from program brochure)

* Tom R. Callahan / thomas.callahan@53.com / 904.591.6722
* Vice President / Sr. Mortgage Officer
* Fifth Third

So - If you are an MD, DO, DPM, Resident, Fellow, or Established Physician - the following bank rep will provide you with:

* 0% (zero) down, 100% financing
* No PMI
* Preferred Client Rate
* Loan amounts to $1.5ML - down payment may vary
* Condo's allowed
* 680 credit

Our Medical Relocation Dept recommends this program as well in - Alabama, Georgia, Tennessee, South Carolina, North Carolina, West Virginia, Kentucky, Missouri, Wisconsin, Michigan, Indiana, Ohio, Illinois, Pennsylvania, New Hampshire & Florida.

We must say as well that the service level provided has been excellent.
Mr. Callahan has been recognized nationally as a leader within the mortgage industry and has assisted hundreds of Physicians.

Best wishes to you!
T. J.

Real Estatehttps://secure.53.com/mlo/thomascallahan
0 votes Thank Flag Link Wed Mar 26, 2014
This site shows physician loan providers:
http://usphysicianhomeloans.com/
0 votes Thank Flag Link Mon Mar 24, 2014
Hi Ollie,

You may want to contact Rae Drake with Fifth third Bank.
I have referred her for the past 10 years to my buyers and she has always performed professionally.
She puts her clients interest first and is extremely knowledgable of the industry and the banks programs.
They have a great Doctor Program- She is even married to a Physician.
You can reach her at 352-514-1829 or rae.drake@53.com

Good Luck,
Bernedette- Realtor in Vero Beach, Florida
0 votes Thank Flag Link Sun Jan 26, 2014
I would suggest looking for a home offered on land contract or rent-to-own. Especially if you have income that is not your own.
0 votes Thank Flag Link Thu Nov 14, 2013
A few years ago there were a couple different loan products available for medical residents to secure a mortgage. Not any more. Like Maureen said, Huntington is a good choice. They are the only Ohio bank I know of that has a medical resident loan program. Actually, I believe it is a physician's loan for doctors of all kinds but is especially helpful for residents.
I have a medical resident in contract at the moment, here in Columbus, through this loan product. She has not yet started her residency (so, in essence, has no actual income at this time) but because she has great credit, she was able to put nothing down.
Think about that in this lending environment. Nothing down, medical school loans stacking up and no current income. Good luck Ollie123. If you're looking in Cuyahoga Falls, call David below, I've met him and he's a nice guy who gets it.
0 votes Thank Flag Link Tue May 18, 2010
Like was said before, if you have good credit and some income you may qualify for a special loan for the medical profession. Our mortgage company has special plans now and it only takes 5 minutes to find out. You may email me anytime if you have questions. I am close by.
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Tue May 18, 2010
There are physician's loans for doctors. I know residents can get them, and that they do not have the traditional debt to income ratios. There are very few banks that do them though. One we have here is Huntington Bank. Not sure if you will qualify, but if it does not work for you now, it might in the near future.
Web Reference: https://www.huntington.com/
0 votes Thank Flag Link Tue May 18, 2010
Maureen Fran…, Real Estate Pro in Birmingham, MI
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