That’s right – a physician mortgage loan only counts the total monthly payment you make through an Income-Driven Repayment Plan (IDR) as part of your total DTI. So, if your monthly payment toward your loans is relatively low due to a lower starting salary when you apply for your mortgage, your total DTI will be significantly lower than if you were to use your full loan value as part of your calculation.

Loan Limits

Through conventional mortgages, the most you can borrow for a conforming loan is between $548,250 in most areas and $822,375 in https://worldpaydayloans.com/payday-loans-va/ high-cost areas. Physician mortgages don’t have this same borrowing cap, which can provide more flexibility for physicians and their families. Keep in mind, however, that just because you can borrow more than you would be able to through a conventional loan doesn’t mean you should. Physicians should still look to borrow within (or below) their means to maximize their salary.

A recent study showed that physician mortgage rates are on par with conventional jumbo mortgage rates. Lees verder →

There are ways to minimize the financial damage caused by a period of unemployment, but you need to be proactive.

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Being unemployed and in debt is never easy. What can become too easy is avoiding or ignoring the situation at hand. But don’t fall into that hole because it will only make matters worse. Instead, you need to take steps to help minimize any financial fallout so that you can recover as quickly as possible once you secure new employment. There are a few ways you can ensure your finances can quickly see the light of day again.

Step 1: Apply for federal student loan deferment and CNC tax status

Government-issued debts often have built-in solutions for people who temporarily can’t afford to pay. They essentially offer ways to stop or avoid collection actions on things like federal student loans and IRS back taxes. Lees verder →

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