The option to close on your loan 60-90 days before you start your new job. This is a popular feature for physicians who are moving out of state and want to get settled into their new home before starting work. The bank will use the income guaranteed in your employment contract. For finishing residents, this feature is used frequently around Match Day.
Medical school loans that are in deferment or IBR can sometimes be waived in your debt calculation. When qualifying for this program, the bank has the option to waive adding these payments to your debt to income ratio calculation. This allows you to qualify for a larger mortgage.
Higher Maximum Loan Amounts are available than regular conventional mortgage loans. Unlike regular conventional financing, Doctor loans offer higher loan limits allowing you to financing up to $850k/$1 Million (depending on the bank).
Banks require you to have a Good Credit Score. Because these loans have all of these features above, the banks set pretty high standards for your credit score. They are looking for borrowers with a 720 credit score or better.
