New medical professionals have a difficult time qualifying for a home early in their careers because they often have a sizable student loan debt, which in turn makes it difficult for them to save up down payment funds early on. The BofA "Doctor" Loan aims to help this segment of people. The benefits of the Doctor Loan include:
--Low down payments. As little as 5% down on mortgages up to $1 million and 10% down on mortgages up to $1.5 million. (Minimum down payment requirements vary by property type and location.)
--Student loan debt may be excluded from the total debt calculation. This helps lower the applicants debt-to-income ratio, which helps them qualify for the mortgage loan.
--Delayed job starts are ok. The new position can start up to 60 days after the close of escrow of the home purchase.