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Why Physician Home Loans Fail: How To AVOID THE LAND MINES for a FLAWLESS HOME PURCHASE
At last―a no B.S. guide for physicians. Look behind the curtains of mortgage banking, discover the real landmines and learn how to make a flawless home purchase.
In the post-meltdown world of mortgage banking, physicians face more challenges and have a higher rate of underwriter decline than any other professional client we advise. It’s shocking but true. Spend a few minutes in physician chat rooms where the topic is “mortgage” and you are likely to read nightmare after nightmare horror story. It’s emotionally devastating to see what a botched home loan and closing can do to a family.
Within these pages, seasoned physician mortgage professional and fourth-generation Utah real estate investor, Josh Mettle, exposes the land mines and provides unique solutions to seamlessly overcome the pitfalls nearly all physicians face.
You will
• How to avoid the landmines that most commonly lead to surprising last minute declines.
• How student loans (including IBR and deferment) affect how you qualify for financing.
• How to find a true mortgage and real estate specialist in your hometown.
• What specifically to look for in a real estate and mortgage advisor.
• A step-by-step guide, which virtually guarantees you a flawless home purchase.
The challenges you’re likely to face are commonplace within your field, but can be embarrassing, expensive, and painful to learn firsthand. There is no bigger disappointment than finding out your loan was declined by an underwriter at the last minute forcing you to scramble to find temporary housing. Avoid that agony by educating yourself with a few simple precautions contained within these pages. Physician home loans are a “niche” loan practice, which is why you won’t find the information contained in this book anywhere else. When it comes to securing a physician home loan you don’t need a general practitioner, you need a super specialist.
In the post-meltdown world of mortgage banking, physicians face more challenges and have a higher rate of underwriter decline than any other professional client we advise. It’s shocking but true. Spend a few minutes in physician chat rooms where the topic is “mortgage” and you are likely to read nightmare after nightmare horror story. It’s emotionally devastating to see what a botched home loan and closing can do to a family.
Within these pages, seasoned physician mortgage professional and fourth-generation Utah real estate investor, Josh Mettle, exposes the land mines and provides unique solutions to seamlessly overcome the pitfalls nearly all physicians face.
You will
• How to avoid the landmines that most commonly lead to surprising last minute declines.
• How student loans (including IBR and deferment) affect how you qualify for financing.
• How to find a true mortgage and real estate specialist in your hometown.
• What specifically to look for in a real estate and mortgage advisor.
• A step-by-step guide, which virtually guarantees you a flawless home purchase.
The challenges you’re likely to face are commonplace within your field, but can be embarrassing, expensive, and painful to learn firsthand. There is no bigger disappointment than finding out your loan was declined by an underwriter at the last minute forcing you to scramble to find temporary housing. Avoid that agony by educating yourself with a few simple precautions contained within these pages. Physician home loans are a “niche” loan practice, which is why you won’t find the information contained in this book anywhere else. When it comes to securing a physician home loan you don’t need a general practitioner, you need a super specialist.
134 pages, Paperback
First published March 28, 2014
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Displaying 1 - 5 of 5 reviews
October 11, 2023
Short book with very little info repeated over and over. Also a bit self-promoting. All the information in the book could be summed up in a short blog post. Basically it warns of a few pitfalls that doctors can fall into, usually if they are trying to purchase a home without a down payment and prior to moving to an area and prior to starting at their job. It does have a couple good bits of advice that are then repeated over and over again. They are:
-don't just get preapproved, ask for full income and underwriting approval for your loan, because often that is where loans get turned down last minute due to large amounts of debt doctors have
-trying to buy your house without having started your job yet (ie without pay stubs) creates challenges and some lenders won't be willing to do this
-1099 contracting status creates some challenges as well
-If you haven't been making payments on your loans, the lenders will make an automatic calculation for your loan payments and this may prevent you from getting a conventional loan.
As well as a few other minor points
If you are planning on renting for a bit after you start your job to save up for a down payment, all the while making payments on your loans on an Income based repayment (IBR) plan, then pretty much none of the above pitfalls apply to you and I wouldn't recommend it. Unfortunately this is my situation and I found it pretty useless. If you are planning on buying a house while in a transition before starting your new job or while your loans are in forbearance, it's probably worth a read because it could save you quite a bit of hassle.
-don't just get preapproved, ask for full income and underwriting approval for your loan, because often that is where loans get turned down last minute due to large amounts of debt doctors have
-trying to buy your house without having started your job yet (ie without pay stubs) creates challenges and some lenders won't be willing to do this
-1099 contracting status creates some challenges as well
-If you haven't been making payments on your loans, the lenders will make an automatic calculation for your loan payments and this may prevent you from getting a conventional loan.
As well as a few other minor points
If you are planning on renting for a bit after you start your job to save up for a down payment, all the while making payments on your loans on an Income based repayment (IBR) plan, then pretty much none of the above pitfalls apply to you and I wouldn't recommend it. Unfortunately this is my situation and I found it pretty useless. If you are planning on buying a house while in a transition before starting your new job or while your loans are in forbearance, it's probably worth a read because it could save you quite a bit of hassle.
February 22, 2022
Great information. Easy to read, you can skip to relevant sections and since it is so repetitive the information really sticks.
October 31, 2016
Informative, but could have been 10 pages
Redundant communication of a few important pieces of information. A bit of self advertising as well. Probably still worth it for the pearls.
Redundant communication of a few important pieces of information. A bit of self advertising as well. Probably still worth it for the pearls.
November 3, 2014
Very helpful if you are a physician looking to buy a home.
February 7, 2016
Good book, although I think the author over sells the capabilities of physician home loans.
Also, it's still a huge hassle to do everything.
Also, it's still a huge hassle to do everything.
Displaying 1 - 5 of 5 reviews