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The Doctor Mortgage Loan Calculator – How Much Can I Borrow As A Resident?

February 5, 2016 by Ricardo Leave a Comment

doctor mortgage loan

Thinking about getting a doctor mortgage loan?

You’re probably wondering how much you can borrow and what type of home you can purchase. This is a difficult question to answer without knowing your individual situation. As a new resident, you’ll probably earn around $45,000 per year in most markets, so you won’t be able to afford a luxury home just yet unless you have a large down payment you are willing to part with.

Factors such as the amount of consumer debt you hold, your credit score and if you’ll have a co-borrower will impact the amount you can borrow with a doctor mortgage loan.

The good news is since physician loan lenders don’t include your student loans in the debt-to-income ratio, you’re more likely to actually be able to qualify for a mortgage. Keep in mind that banks who don’t offer the doctor loan will not extend credit to you in the majority of cases because your substantive student loan debts will be considered a risk.

You can use this calculator from Zillow for a rough guideline on monthly payments and what you might be able to afford. The calculator below is designed for conventional mortgages, but it can be used as a doctor mortgage loan calculator just as well. Most online calculators are fairly accurate, although you should always talk to your lending officer to get the facts.

When you use the calculator, make sure you click on the advanced tab and uncheck PMI, as doctor loans do not require you to pay for mortgage insurance.

You’ll also want to input the other fields with local data. For example, how much is the property tax in the area you’ll be purchasing in?

You can find out property tax rates here.

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Testimonials

“My husband and I used Doctorloanusa.com to obtain a physician loan for our new house. The lender that we were connected with was wonderful and went above and beyond our expectations. We love our new house and we have you to thank for this mortgage program. I have referred several of my friends to your site, and specifically to the physician loan lender that helped us.”

– Dr. Bryant

“Our physician mortgage lender was absolutely amazing throughout the process. He made himself available at all hours of the day to help us with whatever we needed. We looked at several other companies and their service could not compare to our experience with him.

Most other companies did not understand our situation as new physicians with medical school debt, but he made the mortgage process easy and gave us a great doctor loan package. We could not be more happy with our experience!”

– Doctors Jessie & Bill L.

“We want to thank you both for all of your hard work on our doctor loan.  You were timely, efficient and even had a sense of humor! Awesome.”

– Dr. Voni S.

“We are moving in on Friday and we are so excited. This is a life-changing event and our dream home could NOT HAVE HAPPENED if it was not for all your hard work, especially in our unusual situation. Thank you so much for working to get the loan and you are OUR HERO!.

– Dr. Ellen G.

“Thank you so much!  I have been through this process before and I can say that this was a much smoother process and I credit you with facilitating that. The home we purchased is exactly what we wanted and where we wanted it. This would not have happened without your help and mortgage program.

We run across many people who are in the same position as Gaby and I – relatively fresh out of training, a lot of earning potential, but not a whole lot of savings… I will gladly give your name to them if I learn they are shopping for a physician loan. Thank you again!”

– Dr. D.F.

“You and your team did an outstanding job within such a short amount of time. Thanks for making it happen! Kudos!”

– Donte D, REALTOR®

“Thank you so much again for working so diligently with me to obtain our new home.  We had a setback with the moving company but finally got our belongings back. We are settling into the new home. Thanks again!”

– Dr. Geoffrey M.

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