Asked by Dave, Burlington, VT • Tue Feb 24, 2009
I wanted to see if anyone had any tips about obtaining a mortgage in Vermont for a surgical subspecialty resident. A few banks offer doctor loans with no PMI, no money down, and they don't count medical school debt against you (as it can be deferred during residency) when determining the amount they will loan you for purchase of a house/condo. This is b/c we are good financial risks with great future earning potential. Unfortunately, I have been unable to find any such offers in VT. Currently, I have enough to make a 10% downpayment but if my med school debt is counted in my debt ratio it is unlikely I would qualify for a mortgage. I know if I had 20% then PMI is no issue and I can get a loan easily. I wanted to see if anyone had any suggestions. My understanding is 80-10-10s are a thing of the past. Additionally, the loan would be for 6 yrs so a 5 yr ARM is less attractive.
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