Physicians, dentists, pharmacists and veterinarians are eligible for the Fulton Bank doctor loan program. Be sure to explore all options to find the right fit. Depending on the lender, there also might be options for those still in residency or fellowship.Įach of the following New Jersey physician mortgage lenders has its own requirements, loan terms and financing options. 9 Lenders worth exploring for New Jersey physician mortgage loansĪlthough they’re generally referred to as a physician mortgage loan, some lenders will extend the program to dentists and other high-earning professionals. So, it’s important to limit your home purchase to how much you can realistically afford regardless of how much you qualify for. You’ll likely qualify for more than you think with a physician mortgage loan. However, because a New Jersey physician mortgage loan is a type of jumbo loan (in some cases up to several million dollars), you should exercise caution when moving forward with this mortgage option. The ability to use an employment contract or job offer letter as proof of future income in order to qualify.Favorable treatment of student loan debt when assessing your debt-to-income (DTI) ratio.Interest rates that compete with jumbo mortgage loan options if you plan to finance over $548,250, which is usually the conventional loan limit.
Other potential benefits of a New Jersey physician mortgage loan include: Anything less will likely require you to carry PMI which can cost hundreds extra every month. In contrast, a conventional mortgage loan will typically need a down payment equivalent to 20% of the home’s purchase price. One of the biggest perks is that physician mortgage loans don’t require PMI even with 0% down. Sometimes called a “doctor mortgage”, a physician mortgage loan is a low down payment mortgage option for physicians and certain other medical and dental professionals. Should you take out a New Jersey physician mortgage? New Jersey physician mortgage loans: How do they work? Here’s what you need to know about physician mortgage loans in New Jersey.ģ. This type of loan has exclusive perks, such as mortgage options with no down payment, no PMI and favorable consideration of student loan debt. If you’re a doctor or a dentist, you might qualify for a New Jersey physician mortgage loan. This can only add to concerns about getting approved for your dream home. However, like many states during the pandemic, homes are going for much higher than the asking price in a seller’s market. New Jersey physicians do pretty well for themselves, with the average physician salary for the state coming in at $215,980. But considering physician student loan debt is usually well over $200,000, finding a mortgage loan can be challenging with such a high debt load.Īccording to data from New Jersey Realtors, the median home price for a single-family home in New Jersey is $460,000.
Unlike with a conventional loan, there is no private mortgage insurance (PMI) requirement when using a physician mortgage loan program.New Jersey physician mortgage loans are designed to benefit physicians, dentists and other high-earning medical professionals by offering financing options with little or no money down.Results of the mortgage affordability estimate/prequalification are guidelines the estimate is not an application for credit and results do not guarantee loan approval or denial. If your gross monthly income is $6000, then your debt-to-income ratio is 33 percent ($2000 is 33% of $6000).
For example, if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000 ($1500 + $100 + $400 = $2000). Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out. Your debt-to-income ratio is calculated by adding up all of your monthly debt payments and dividing them by your gross monthly income. Subject to individual program loan limits. You should review your personal situation, and work with your financial advisor, to decide how much you can comfortably afford to borrow. Even though you may qualify for the amount listed above, it may not be suitable for you.
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