Special loan incentives offered for Physicians with student loans will allow higher loan amounts.
For most recent graduates of medical school, the burden of student loan payments forces them to settle for a lower priced home. In some cases, it stops them from buying a home altogether.
Today’s lending guidelines are “ratio driven”, where the applicant’s debt is compared against their gross income. All credit card, alimony, child support, student loan, or any other payments showing on your credit report (or disclosed on your application) are taken into account.
If an applicant meets certain requirements, Bank of America’s new offering allows Physicians the following advantages:
- Student loan payments not taken into account when calculating ratios.
- Employment can start up to 60 days AFTER purchasing a home.
- As low as 5% down.
More details can be found on this downloadable flyer: Dr. Loan Flyer
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