Somebody Get Me a Doctor Loan!

“Robert Spinosa, the doctor will see you now.”

“Hello Mr. Spinosa, what brings you in today? Annual check up?”

Well, actually you, Doc. You’re bringing me in today. I hear you’re trying to buy a house.

“Uhhh, how did you know?”

Maybe it’s the aura of the student loans that I could sense from the waiting area. We both know medical school doesn’t come cheaply, right? So I just figured I’d come in for a sort of annual check-up for both of us and find out if your student loan payments have been in deferment or forbearance for a year or more?

“A few of them are — yes.”

Great. Did you know in that on our doctor loan we can exclude those payments from your debt-to-income ratio? Your “DTI?” That can make it materially easier to qualify.

“Wow! You mean that as a doctor, there’s something I actually did not know?”

Well, let’s not dwell, Doc…

“Yeah, but we don’t have a 20% down payment saved up. What with completing my medical degree, getting signed on here at the clinic, and with our first child on the way, saving for a down payment has taken a bit of a financial back seat, if you will…”

We will. In fact, we’ll allow a 5% down payment up to a loan amount up to $1MM. That’ll get you into a property worth about $1,050,000. And if you have access to gift funds, a 10% down payment will get you up to a loan amount of $1.5MM. So there, your purchase price range increases to about $1.6MM. And not only that…

“…hold on a minute. You’re saying that if I come up with 5% and our parents gift us another 5%, we have a 10% down payment and can begin to think about affording a median-priced home here in our area? It doesn’t seem plausible. Is there a catch?”

No catch. And no PMI if you can make a 10% down payment. It’s really a great program. Specifically tailored to medical professionals like you, as well as surgeons, dentists and veterinarians — basically those that have gone through medical school.

“What about the process? Is it invasive?”

….uhh, I turn 50 in a few years. Let’s just say you win that one, Doc.


Next patient, please, 


Robert J. Spinosa

Vice President of Mortgage Lending

Guaranteed Rate

NMLS: 22343

Marin Office: 324 Sir Francis Drake Blvd., San Anselmo, CA 94960

Berkeley Office: 1400 Shattuck Ave., Suite 1, Berkeley, CA 94709

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate. In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

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