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Dr. Gilbertson had two unique challenges. As he talked to numerous conventional lenders before making his way to us, he found that his down payment was not sufficient and that a closing date before starting employment was impossible with those he had spoken to. He was stepping into his first attending position, with a substantial income of about $260,000 a year. The trouble was that he had not yet received a dime of that salary, making closing funds tight. He only had sufficient funds for about a 5 percent down payment. He and his wife had already found and commenced construction on a beautiful, brand-new home for around $425,000. He could easily aﬀord that on his new salary, but his low down payment limited his loan options, because a conventional loan requires more money down to avoid costly monthly mortgage insurance. The initial lenders Dr. Gilbertson spoke to also would not allow him to close on a conventional loan until he had two full paycheck stubs. Because of his start date and how the payroll worked at his hospital, he would have to have been on the job for about 40 days before he received his second paycheck stub. This meant that Dr. Gilbertson would, essentially, have had to move himself, his three children, and his spouse into temporary housing, which is tough to find for a family of five, and work for 40 to 50 days before closing on the new home. That didn’t appeal to him or to his wife. When Dr. Gilbertson came to us, we were able to find a physician home loan product for him that included a low 5 percent down payment, required no mortgage insurance, and allowed a closing date that was a full 30 days before he started his employment contract. He was able to relocate, move in, get situated, and start his employment thereafter.
Dr. Gilbertson’s story is commonplace among our newly attending physician clients. The biggest issues typically being little money for a down payment and the need to close before the new position start date. The physician home loan products are geared to accommodate these situations, oﬀering a common-sense approach to home financing that conventional and other traditional loans lack.
Hi, I’m Josh Mettle. Author of Why Physicians Home Loans Fail. I wrote this book to help
physicians avoid the landmines for a flawless home purchase. We are offering you a chance
to download my book for free by visiting www.fairwayphysicianloans.com.
If you have any questions at all, please feel free to reach out to me or anyone on our fairway team at 855-260-9932.