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Doctor Mortgage Paperwork—What Documents Will I Need to Qualify?

June 10, 2016 by Ricardo Leave a Comment

doctor mortgage

Gathering the right documents for a doctor mortgage isn’t any more difficult than a regular mortgage.

That being said, you’ll want to be as prepared as possible and start compiling the necessary paperwork before you apply. It will make the loan process much smoother and help your loan officer get your loan done and closed on time.

Ask your loan officer what specific documents you’ll need to qualify for a doctor mortgage. This is not a comprehensive list and each bank has different requirements, so use this as a starting point.  

  • Government-issued photo ID with full name, birthdate and current address.
  • Social Security number.
  • If you’ve just been matched to a residency program, provide your employment contract.
  • Two years of 1040 Personal Tax Returns.
  • W2’s from your last two years of employment, if applicable.
  • If you’re practicing, include the past two month’s pay stubs.
  • Two years of your employment history.
  • Proof of alimony, child support or other maintenance income (if applicable).
  • All information, including address and lender information and documentation for any real estate you own.
  • If you’re putting money down on your doctor mortgage, have verification ready to document the source of the down payment funds.
  • Property information: purchase price, address, year built, type of property (single family home, town home, condo, etc).
  • Payment history from phone payments, cable TV, electricity bills, ect.
  • Statements from checking and savings accounts from the past 3 months.
  • Statements from retirement funds (IRA, 401K) and other investments for the last three months.
  • Recent statements from all credit cards.
  • Contact information for home owners association (if applicable).

If self-employed, you’ll be required to supply additional documentation, which will potentially include:

  • Tax returns from your business for the previous 2 years.
  • K1 statements showing income and percentage of ownership for the previous 2 years.
  • A year to date P&L statement and Balance sheet.

Remember, it’s your responsibility to provide the necessary documentation on time so your loan officer can process them and share with underwriting. You do not want to be the one that is holding up your own closing.

One final word of caution—don’t be surprised if you’re asked to provide additional docs as the process gets underway. This happens with conventional loans and doctor loans alike. The banks don’t know what they don’t know, and will invariably come up with a few items they’ll need down the line. Try to remember that and always approach new requests as cheerfully as possible. Your lending officer will appreciate that and may even work a little harder and push to get underwriting to move faster. All in all, you want to do anything you can to get your bank the documents it requires.

Make sure you are prepared and can access things quickly. You’ll be happier and in your new home that much faster.

Be sure to read our Definitive Guide to Physician Loans for a lot more helpful information.

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“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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