Is It Possible For Doctors To Purchase the Home of Their Dreams With A Home Loan Suitable To Their Line of Work? What If The Income Is Variable?

Are you a physician or resident? Whether you’re just starting your career or are farther along, have you heard that there are doctor home loans customized for you and your needs? These can be advertised as doctor loans, physician loans, doctor home loan programs, and similar names. 

Can I get a doctor’s home mortgage even if my income will be changing?

Yes — you can get a home loan that can fit your needs and provide you with flexibility in interest rates, amortization terms, payments, and loan requirements. You may be able to access a doctor home loan with no down payment required and that doesn’t require monthly mortgage insurance payments (PMI). 

Is there a jumbo mortgage for doctors?

Do you want to buy a single-family home that is worth more than $726,525 (or $484,350 in lower-cost counties in California)? You need a Jumbo mortgage. You can find jumbo mortgages designed especially for doctors. Access mortgages with flexible underwriting terms, varying down payment requirements, and a high loan-to-value ratio.

I have medical school debt — how does this affect my ability to get a doctor home loan?

This is one of the reasons for the doctor home mortgage programs. Lenders specializing in physician or doctor mortgages are experienced in qualifying you for the payment you can afford and a home loan that will help you to achieve your homeownership and financial goals. 

I’m relocating to a different community for work — how can I get a mortgage that will help me buy a home in my new community?

Your financial and employment/relocation needs will influence the home loan you choose. This is one of the most important reasons to work with a qualified mortgage specialist. They are experienced and work with many doctor home mortgage lenders. They can help you to select and qualify for the doctor mortgage that will help you to relocate and also meet your overall financial goals and needs.

Sources

 

Also key-wordy and answering questions I’m positive doctors will have. Based on doctor loan web pages (not just yours – there’s a lot of them and they are all very similar).

The COVID-19 Outbreak Has Caused Zillow to Pause Its Home Buying Program: Find Out How This Can Have An Impact On Your Home-Buying Process

COVID-19 Paused Zillow

Online real estate service Zillow has a home buying program in 24 states. It stopped the program March 23, 2020 due to COVID-19. As the pandemic has continued, home buying and selling has been changed in every state, including ones with no “stay at home” or “shelter in place” orders

In California, after initial disruption due to COVID-19, by the last week of March, real estate was added to the state’s “essential business operations.” This meant that home sales can continue, but precautions are advisable. A survey conducted by the California Association of Realtors in mid-March found that 54% of its members saw a decline in buyer interest. Some sellers have also backed out of their sales due to COVID-19, but the overwhelming majority were staying in the market.

California real estate pros are working virtually

The California Association of Realtors requested that all of its members should cease open houses shortly after Gov. Gavin Newsom announced that all Californians should stay at home starting March 19, 2020.

Before COVID-19, 75% of California’s realtors weren’t offering virtual tours or sales, but now they’re essential. Virtual closings are possible too, and are being used to continue the buying and selling process.

What does this mean for your home buying or selling?

Count on working with real estate professionals using technology. From virtual home tours to conducting the sales and negotiation process online, you can complete a real estate transaction without personal contact. Using virtual signing methods can eliminate the risk of virus contamination.

Interest rates are low and helping buyers and sellers

After the Federal Reserve lowered its interest rate to zero, interest rates increased for about a week. Real estate professionals found that trend hard to explain, but interest rates have adjusted and as of April 1, 2020, were lower than ever for all mortgage products, from 30-year fixed-rate loans to 15-year fixed rate home mortgages and 5/1 ARMs. Refinancing mortgage interest rates are also low, and experts predict that there will be many opportunities to refinance in the coming months.

California’s economic experts predict that with the $2 trillion Federal stimulus bill, the real estate market will not suffer much due to the COVID-19 crisis. The state’s economy is expected to recover quickly once the stimulus takes effect and people are back to work when the crisis is over.

Sources

https://www.fool.com/investing/2020/03/24/zillow-pausing-home-buying-through-zillow-offers-s.aspx
The Impact of the Coronavirus on the California Real Estate Market 2020