Can a Medical Resident Find a mortgage?
October 31st, 2007 categories: Columbus News, For Home Buyers, Mortgage/Finance
Occasionally I will work with a Columbus area Doctor looking for a home in Central Ohio. Often, they are moving here from out of state to work at the Ohio State University Hospital systems, Ohio Health Hospitals or Mount Carmel. It's not hard for these women and men to find a mortgage that suits them since they're already medical professionals who've been working in the field for some time. What if you're moving to Columbus to be a Resident, Intern or Clinical Fellow?
You've seen Scrubs, E.R. and Grey's Anatomy so you realize these folks work endless hours for not as much money as they'd need to buy the house they'd like. And, by the way, they have enormous student loan payment challenges.
Some local banks have a program designed specifically for this scenario. I know that Fifth Third has what they call a Medical Residency Mortgage Program designed to help medical professionals qualify for a mortgage when their student loan will be either deferred or in a period of forbearance for at least 12 months from the origination date of the mortgage. There are other programs too. And don't ask them if working in a hospital is just like it is on TV. I don't think they like that. Call me when you're ready and we'll find the house.
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