What is a Resident Home Loan

What are Resident Loans?

Resident loans continue to gain in popularity among recently graduated medical students as well as established doctors.  These resident loans are provided to you as a resident from a team that is committed to giving you an excellent mortgage option with customer service that is unrivaled.  The mission of resident loans is to help out those looking for their first home.

The Difficulty With Buying Your First Home

Resident loans have been created to assist those who just finished medical school and may be facing a mountain of student loans and an inability to obtain a traditional mortgage.  Buying a first home can be difficult and stressful.  Mortgage interest and other fees that can drain your finances can be avoided with large down payments, but many do not have the initial funds upfront. Resident loans are aimed at helping recently-graduated medical students to obtain financing in a simple and effective fashion.  

Deferred Student Loans Won’t Drag Down Your Mortgage

Most newly-graduated medical students are looking for a mortgage, but have acquired numerous student loans.  If your student loans are in a deferred status, they will not be factored into the calculation of your debt-to-income ratio when applying for resident loans.  This can help a new resident obtain a mortgage for a first home without having to worry about student loans hindering the chances of getting an excellent mortgage deal.

Avoid Mortgage Insurance – PMI

The majority of newly-graduated medical students do not have a lot of cash in the bank.  This means that they are not going to be able to put the 20% down that is necessary to avoid having to pay mortgage insurance on a monthly basis.  The great thing about resident loans is that they offer a mortgage without the requirements of mortgage insurance.  Lenders see residents as having less risk than any other type of person who is applying for a first-time mortgage.  For this reason, lenders are far more lenient in terms of waiving the requirements, e.g. the payment of mortgage insurance.  Thanks to the benefits of resident loans, you can save the money you would be throwing away on mortgage insurance.

Competitive Rates Are in Focus

Competitive rates are another major selling point of resident loans.  The rates that you get through resident loans are some of the lowest that you could qualify for anywhere.  Factoring this into the other major benefits that these type of loans provide make them a great option for first-time homebuyers who have just finished medical school.

Resident loans are all about helping recent graduates of medical school.  New residents want to get out in the world.  Being able to purchase a home rather than renting is a great way to start building up equity, and home-ownership is a major asset to pair with the great degree earned.  If you qualify, resident loans can help get you there.


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