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A doctor mortgage program is specifically catered to someone that is going to be taking new employment in the medical field. When a doctor takes on new employment at a different hospital or clinic, there are usually contracts put into place. These contracts lay out details like income, employment dates, benefits, etc. Typically, lenders won’t approve a mortgage if someone hasn’t started their new employment and cannot show a month of pay stubs. This can be a common problem for doctors that have a contract in place, but don’t start the new employment for 4-6 months.
A doctor mortgage loan, under a portfolio program, will accept the contract in place as new employment and income. Typically, the contract must have no contingencies involved. So, if the contracts states it’s pending based on a background check, the background check needs to be completed and removed from the contract.
The doctor mortgage program is also great for resident that is looking for a new job. Once they land that new job, right out of school, and secure a contract to show employment and income, they can be pre-approved for a mortgage. Many new doctors right out of medical school land a nice paying salary and many look to by a home right away. This portfolio mortgage program is a great fit for most situations like this.