Home Buying in Dallas>Question Details

Matricaria_k, Home Buyer in Dallas, TX

I am a dentist and my pay is based on the amount of money we collect from patients and insurance companies. Will I qualify for a mortgage?

Asked by Matricaria_k, Dallas, TX Fri May 4, 2012

Although I have only been at this job for 10 months, I was working as a resident at a hospital with significant lower but steady income. I do have tax return for 2 years. The estimate monthly payment will be about 15-20% of my income and I have no other debt.

Help the community by answering this question:


There are some banks that would give you a mortgage. There are some things you will probably want to do before so you can get a better rate. But just ask around. Maybe ask some other dentists in your area that have had more time in the profession. http://www.smilebeautifully.com/newbury-park-dentist.html
1 vote Thank Flag Link Wed Oct 1, 2014
I agree, Mike. I would think it would also depend on what kind of dentist you are. Are you a pediatric dentist, family dentist, cosmetic dentist, or a different kind? My uncle is a family dentist and didn't have a problem getting a mortgage.
Flag Mon Nov 3, 2014
I work for Compass. If I understand your position correctly, you are a 1099 employee and have been for 10 months. Technically you are self-employed and in most cases to get approved on an "agency" loan, you would need 2 years of self-employed tax returns.

However, on the Professional loan, you could be approved as long as that averaged 10 months of income met ratio guidelines. You would need a letter from your employer stating that you are not responsible for any business expenses. Your 2011 tax return would be helpful.

With that being said and without knowing your income or purchase price, I would think that you could be approved for a mortgage loan with no major issues on our product.

We also do this loan for Physicians, Lawyers, and CPA's as well. The minumum down payment we require is 5%, and can do this loan up to $1 Million, again depending on income and credit scores.

Should you have any questions, feel free to call me. My office number is 972-705-2806. It sounds like you would be fine.
1 vote Thank Flag Link Fri May 4, 2012
I think that you should get in touch with an agent. They will be able to guide you through this process. They will be able to help you apply. If your income is constant and isn't looking like it will decrease by a large number then you should be fine. http://www.lindanicholsdentistry.com/About-Us/
0 votes Thank Flag Link Tue Jan 6, 2015
I would think so. I wouldn't see why not. If you can prove that you have a steady income then you should be able to. You can always just go for it and see if you make it. http://www.galluccidental.com/welcome/
0 votes Thank Flag Link Thu Nov 20, 2014
I am looking for a dentist in nanaimo. I have 3 kids, and we all haven't been to the dentist in quite a long time. We just moved into the area. Thanks http://www.wadson.ca
0 votes Thank Flag Link Tue Oct 21, 2014
Most lenders have specific plans for those in the medical fields
0 votes Thank Flag Link Thu Oct 9, 2014
You should be fine.Sit down with either an experienced Realtor (see link below) and ask them for the names of a couple of their preferred lenders or speak to a local lender in your area If you have access to a credit union this would also be an excellent place to ask about getting pre-approved for a mortgage.
0 votes Thank Flag Link Sun Sep 28, 2014
Depending on how you claimed on your taxes last year, and if you cna prove that you have steady income, there should be a clear way to get financing. I would be happy to visit with you and see if we can find you a place and get you hooked up with a good lender. I have several that I work with.
0 votes Thank Flag Link Sun Sep 28, 2014

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
We finance all types of loan programs at a simplified interest rate of 4%. Please contact us today for your requested loan amount.

Email #: brooks.fncss@live.com
Tel #: (724) 318-5092

{Only serious inquiries}
0 votes Thank Flag Link Tue Nov 12, 2013
Hello Matricaria,
We would be more than happy to assist you. Please feel free to contact us so that we can get you with the right mortgage loan officer that specializes in clients with your special situation. We look forward to working with you soon.


Alicia Carter REALTY
Alicia Carter
469 628 5971
0 votes Thank Flag Link Tue Nov 12, 2013
Buy/Sell through me and I'll move you for FREE*!!!

You should be able to get a loan, I have a lender I know personally that can help you with this situation. I would be happy to help you find the right property for you and your family.


*some restrictions apply, contact me for details*
0 votes Thank Flag Link Fri Nov 8, 2013
It depends what your income is and your tax records for the last two years. You should try to get prequalified by a lender.
0 votes Thank Flag Link Fri Nov 8, 2013
Before answering this question, would you PLEASE look at when the question was asked? It's been over a year. I would think that the dentist would have certainly found a way to get the loan by now, don't you agree?
0 votes Thank Flag Link Thu Sep 19, 2013
Why, I certainly do agree that THIS dentist has found a lender by now...however, there are any other dentists and doctors who search these forums for answers to their questions and I have actually had people call me from posts that are 2 years old. So please mind your manners on this open forum and sheath your claws, sir, and save the "smart" comments for someone besides myself. Not nice to pull the little girl's ponytail on the playground...tsk, tsk.
Flag Thu Sep 19, 2013
We have doctor/dentist loans just for doctors such as you. Please call me at 972-854-3270.
0 votes Thank Flag Link Thu Sep 19, 2013
Contact investors with opportunities to purchase turnkey real estate investments in growth markets which specializes in identifying exceptional turnkey investment opportunities for its clients where the potential returns are high and the risks low. I can help you out with the one which has over 200 combined years of experience investing in real estate and teaching others the principals and fundamentals of real estate investing in Texas. For any query or suggestions, you can consider the following as a helping hand.

Kamran Baluch
2943 Thomas Ave
Dallas, TX 75204
The #1 destination for real estate investors
0 votes Thank Flag Link Tue Sep 10, 2013
Have you found a lender yet? If not, give me a call at 469-371-2899 and I'd be happy to connect you with the lenders that I usually work with. I'd be happy to assist you in your home purchase, too.

If you want to browse around to find the most current homes available on the market then check my website at http://www.dfwdreamhomes.net.

Take care,
Susie Kay, Realtor®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240


Servicing your real estate need is my priority!
0 votes Thank Flag Link Tue Aug 27, 2013
Hey Susie, This post is over a year old!!
Flag Tue Aug 27, 2013
This question was asked over a YEAR ago. I'm sure that he/she has probably found a property and financing by now.
0 votes Thank Flag Link Wed Jul 31, 2013
ummmm YES. :) Just pick any lender and get pre qualified for free. Then pick one of us Realtors.
0 votes Thank Flag Link Wed Jul 31, 2013
we would average you income base what you have made in the last 10 mos and get letter from employer and 2011 tax returns
0 votes Thank Flag Link Wed Jul 31, 2013
Normally lenders want two years of net earnings. Income from a 1040 verses a 1099 will be viewed differently by many lenders. That being said some banks that portfolio their loans may be willing to give you a loan based on potential future income.
0 votes Thank Flag Link Fri Jun 21, 2013
That's a good question, but my question to you is why would you ask a community of unknown Internet users? There's no reason to encourage these people to be honest. No reason at all, considering most people don't have a sense of character considering it's no longer taught properly in public or private schools. They just get a brief, a heavily skimmed down understanding of it which is not enough. Just go to a bank and they'll be happy to tell you, you don't even have to pull through with getting the mortgage, but I wouldn't suggest telling them while they're looking into it. Just say you're thinking about it. Great job by the way! You're like the Lethbridge dentists when it comes to pay I reckon. :)
0 votes Thank Flag Link Thu Jun 20, 2013
Flag Thu Jun 20, 2013
First you have to clarify your position. Are you 1099, W-2 or is this your own practice? If it's your own practice and you started it from scratch 10 months ago you will not be eligible for mortgage financing. You will need at least 1 full years business tax return to show the NET cash flow the business has. If you are a 1099 contractor you need a letter stating that your position will continue for at least the next 2 years. If you are deemed a per diem sub contractor, again, you will need at least 1 tax return showing this income. If you are W-2 you should be fine as long as your employer states that your employment is stable and likely to continue. Also that there was not more then a 30 day gap from when you left your residency and joined the current practice.

I was the president of Benchmark Mortgage Inc. in NJ. I am also an accountant with a Masters of Taxation. If you need further assistance putting your paper work together for a lender shoot me an e mail at joe.benchmark@comcast.net. If I can help all I ask in return is that if I am ever in the Dallas area you hook me up with a free cleaning.

0 votes Thank Flag Link Wed Jun 5, 2013
Hi Matricaria_k, Consult a mortgage lender.
0 votes Thank Flag Link Wed Jan 16, 2013

I have worked with BBVA Compass on several professional loans and they do a great job. Bill earlier said he was with Compass, so give him a call. I can also give you a few other loan officers I have worked with at Compass, but they all offer the same product.

If you would like to work with someone who is familiar with the healthcare profession, in addition to being a real estate agent I am also a registered nurse in the Pediatric ICU at Children's Medical Center Dallas (part time) and have helped several of the doctors, nurses, and pharmacists here purchase homes. I understand your busy schedule and hectic lifestyle, and I would be happy to help you out.

It's more than real estate. It's RAYL-Estate!

Brian Rayl
Keller Williams Elite Park Cities
0 votes Thank Flag Link Sun May 13, 2012
im an underwriter and you should have no concern getting approved, go through a smaller mortgage company, banks are too scared and take too long...
0 votes Thank Flag Link Sat May 5, 2012
Are you just starting your practice on your own or are you an associate? Depending on circumstances a professional loan may be the best route - we work with a team of industry leading mortgage professionals who should be able to help.

Feel free to contact me to discuss - I would welcome the opportunity to assist you.

Best regards,

Andrea Brooks
Keller Williams
0 votes Thank Flag Link Sat May 5, 2012
It's my understanding that you have to have done the same type of work for 2 years and have IRS returns for those 2 years. My recommendation is to talk with a lender, at no cost to you, and you can find out very quickly if you qualify, or what you have to do to qualify. Please call me at: 469-682-9737 and I would be glad to give you a couple of names!
0 votes Thank Flag Link Fri May 4, 2012
Yes sir you can qualify give me a call 214-557-3312
0 votes Thank Flag Link Fri May 4, 2012
Call me.
We may be able to get you a "professional" loan.
This if for doctors, dentists, etc who are just getting started but have potential for higher incomes.

Bruce Lynn
Keller Williams Realty
0 votes Thank Flag Link Fri May 4, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
You sound Golden to me! I also know that Compass Bank has special lending programs for dentists. Let me know and I can send you Tony's #.

Beau Beasley
214 966-2100
0 votes Thank Flag Link Fri May 4, 2012
Thank you all for the reply. I have been so frustrated. Wells Fargo refused to talk to me flat out. Chase already turned down my mortgage application because they are worried about my income stability. I have good credit (750s) and I am able to put down 25% of down payment.
0 votes Thank Flag Link Fri May 4, 2012
You're on the right track, but we need to put you in touch with the right lender. Most lenders probably won't like the 1099 type income, so we have to get you with the right one.
Flag Fri May 4, 2012
Contact me Matricaria at your convenience, I can help! There are special programs for medical professionals!! You need to talk to the right lender who has experience & knowledge of those resourses.
Flag Fri May 4, 2012
No reason why you should not be able to qualify unless there are some previous issues with credit. Many good lenders out there that we agents work closely with that will get you Pre Approved and on your way to owning a home. Love to help!
0 votes Thank Flag Link Fri May 4, 2012
Thank you!
Flag Fri May 4, 2012
Yes, you would need 2 years of tax returns, and if your business is an entity such as an LLC or S Corp then you would need to provide a copy of your business entity licesing, as well as your full business tax returns along with current P & L Statement. Your DTI is great so you should get good rates. How much do you have pulled together for a downpayment?
0 votes Thank Flag Link Fri May 4, 2012
And I am employed full time with W-2
Flag Fri May 4, 2012
About 25%
Flag Fri May 4, 2012
You may qualify for a professionals loan, I have a fabulous mortgage lady you should speak with Maryann Comparin at Fairway Mortgage maryannc@fairwaymc.com
0 votes Thank Flag Link Fri May 4, 2012
Thank you. I will shoot you an e-mail
Flag Fri May 4, 2012
Hi Matricaria,
Yes! You need to speak with a mortgage professional for guidance & to pre-qualify before starting your search for a home. I work with a few experienced bankers who work with Doctors & can help.
Click on my photo to Text, Call or E-Mail me. I will send you the contact information of local, reliable lenders with whom I have closed many transactions & care about their clients. Let me know if you have any questions. I will be happy to help you find a home that meets your financial & personal criteria once you know how much you qualify for or want to borrow.
Elizabeth Morgan
0 votes Thank Flag Link Fri May 4, 2012
Thank you, Elizabeth. I've already found a home and I was pre-qualified for the amount I want to borrow. But I still got rejected by their underwriting department 10 days before my closing date!
Flag Fri May 4, 2012
Call any lender of your choice and they will pre-qualify you usually for free or under $20.00 for credit report. They will let you know what is needed and the max you can spend.
Good luck.
0 votes Thank Flag Link Fri May 4, 2012
Great advice Kenny! Short & sweet!
Flag Fri May 4, 2012
I have lenders with loan programs designed specifically for dentists and health practioners. These are custom programs and that make exceptions to the
0 votes Thank Flag Link Fri May 4, 2012
That is what I have been told by my mortgage agent at Chase. But their underwriting department still rejected my application.
Flag Fri May 4, 2012
With 2 years tax returns you should not have any issues. I would be happy to help you find a great lender.

Kevin D. Brown
KDB Properties
0 votes Thank Flag Link Fri May 4, 2012
Thank you. I will shoot you an e-mail
Flag Fri May 4, 2012
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