At Ross Mortgage, our team is dedicated to ongoing product innovation to meet the needs of every client we serve. Our mission is to have a mortgage solution for every customer, no matter where they are on their life journey—which is why we’re excited to introduce the Doctor Loan, a mortgage for medical professionals. We’ve heard from loan officers, industry partners and customers that a mortgage made for medical professionals is in high demand, and feedback from our community is of the utmost importance to us. That’s why we decided to take what we heard and put it into action in the form of the Doctor Loan.
As a medical professional, we know you’ve put in countless long hours and have spent many years building your ideal career. While this loan is made for all medical professionals, there are a few benefits that are particularly appealing for new professionals just beginning a career in the medical field.
We know finding a place to live during a residency (and beyond) can be stressful. While newer medical professionals might not have a substantial down payment or a large savings account, that doesn’t mean they can’t get into a home. With great benefits and financial flexibility, the Doctor Loan can help make any medical professional’s dreams come true!
Physicians with good credit, limited assets and potentially high student loan debt are eligible for this medical professional mortgage. As long as you have a minimum degree of M.D., D.O., D.M.D., D.V.M. or D.D.S., you can apply for the Doctor Loan.
Not starting the next chapter of your medical career just yet? No problem! The loan closing can be within 60 days of the start date of employment. This means you can close on your home even if you haven’t started your job yet. If you’re thinking of relocating to another state for your residency, this loan option is tailored to adapt to your needs, too.
No proof of two-year employment required.
When applying for a mortgage, homebuyers typically have to show they have two solid years of employment in the same industry. We understand that new medical professionals may not have that level of experience yet. With the Doctor Loan, applicants are only required to provide an executed employment contract with a guaranteed salary or hourly rate, and a stated number of hours to be worked.
We know how long hours and looming debt can feel. We understand medical professionals must focus heavily on school for a number of years, which means they may not have had the time or resources to start saving for a down payment on a home just yet. The Doctor Loan can get you into your dream home with a low down payment and no private mortgage insurance (PMI) up to $750,000, whether you’re looking to buy a home or build one from the ground up! That way, you don’t have to stress about student loan debt affecting your credit score or eligibility, either.
Whether you’re using your hard-earned money or financial gifts from family members, the funds used toward your closing costs can come from alternative sources. Sellers contributions that follow agency guidelines are also applicable.
No prepayment penalty or restrictions on residency.
We want you to be able to focus on your career as you settle into your new home. Don’t let deadlines and fine print stress you out! Your life is moving quickly, and we’re ready to keep up with you. The Doctor Loan ensures you’re not penalized if you pay the loan off early.
Does this sound like the perfect prescription for your lifestyle? Send us a message! We’d be happy to put you in touch with an experienced member of our lending team who can discuss details of the Doctor Loan with you.
Tim Ross is CEO of Ross Mortgage Corporation and a lifelong mortgage lender. He has served as president of the Mortgage Bankers Association of Michigan and two terms as a governor on the Residential Board of Governors with the Mortgage Bankers Association of America. Today, Tim is an active participant, charter member and past director of America's Mortgage Cooperative and recently served as the Chairman of the Mortgage Industry Advisory Board for the State of Michigan. Outside of work, Tim enjoys running, golfing and participating in triathlons.