Our fixed-rate and adjustable-rate Doctor Home Loans provide powerful advantages for both first-time and repeat homebuyers.
Your time is valuable, so we’ll come right to the point: Your long years of disciplined preparation for a well-paying career make you an excellent candidate for our Doctor Home Loan Program, which gives you these two key benefits:
- Your student loans may be excluded from your debt-to-income (DTI) ratio with evidence that payments are deferred for a minimum of 12 months after the loan closing date.
- Your projected income is acceptable with a guaranteed, non-revocable contract of employment, if you’re scheduled to start a new job within 60 days of the loan closing.
Which type of Doctor Loan should you do—fixed-rate or adjustable-rate mortgage? It depends on your circumstances and goals. Here are some key factors to consider:
- Fixed-rate mortgage: The rate and mortgage payment amount stay the same over the entire term (length) of the loan, so it is often a good choice for those planning to be in their house for more than 10 years. Our fixed-rate Doctor Loan Program has a 3% down payment for loans up to $484,350 in most counties, and a 5% down payment for loans up to $726,525 in specific higher-cost counties.
- Adjustable-rate mortgage (ARM): The rate and mortgage payment stay the same for the initial fixed period, after which the rate and payment may periodically adjust up or down. For example, for a 5/1 ARM, the rate and payment are fixed for the initial 5-year period, after which they may adjust up or down every year until the end of the loan term. An ARM may be a good choice for those planning to move before the end of the initial fixed period. Our Doctor Loan Program offers 5 /1 and 7/1 ARMs.
Eligible buyers include licensed Medical Resident, MD, DDS, and several other medical professionals.
Call your local Academy Loan Officer to see how our Doctor Loan can help you get into your dream home!
See sample scenarios here ►