Unlocking homeownership: A mortgage program with flexible qualifying criteria to help newly-licensed medical professionals purchase a home
For many doctors, dentists, and veterinarians, buying a home early in their careers can feel out of reach. High student debt, limited savings, and potential future income, often make traditional mortgage approval difficult. To address this unmet need, Golden 1 offers a unique professional mortgage program.
The program is tailored to the specific homebuying challenges of new healthcare professionals, offering greater flexibility and affordability to help them achieve the goal of homeownership sooner.
How these mortgages differ from regular home loans:
| Feature | Standard mortgage | Professional/medical mortgage |
| Down payment | Typically 5 – 20% | As low as 0 – 5%1 |
| Debt-to-income (DTI) ratio | Strict limits | More flexible, especially with student loans |
| Income consideration | Based on current income | Future income potential considered |
| Eligibility | Open to all | Limited to specific professions (e.g., MD, DDS, DVM)2 |
Quick definitions:
- DTI (debt-to-income ratio): The percentage of your monthly income that goes toward paying debts. A lower DTI makes it easier to qualify for a mortgage.
- Future income potential: Lenders may use signed job contracts or industry salary data to estimate your future earnings – especially helpful for residents or new associates.
Real-life benefits for early-career medical professionals
New doctors, residents, and other medical professionals often carry significant student loan debt and may have limited savings. As a result, qualifying for traditional mortgages can be challenging due to high debt-to-income ratios.
Professional mortgage programs can factor in future earnings – such as a signed employment contract – allowing borrowers to qualify for 0% down payment loans, potentially financing up to 100% of the purchase price.1 This type of financial support may empower them to live closer to hospitals or clinics, reducing commute times and improving work-life balance.
Independent practice owners
Professionals like dentists or veterinarians who are starting their own practices often face high startup costs. The specialized mortgage program from Golden 1 Home Loans offers more flexible qualification criteria, making it possible to buy a home near their business while managing substantial start-up expenses. This proximity can enhance their brand presence and reduce daily stress.
How to prepare financially before applying for a mortgage
Even with flexible programs, preparation is key. Here’s how to get financially ready:
- Check your credit score: Aim for a strong score (typically 700+) to access the best rates.
- Reduce unnecessary debt: Pay down credit cards or personal loans to improve your DTI ratio.
- Build a savings cushion: Even if the down payment is low, you’ll need funds for closing costs and moving expenses.
- Avoid large purchases: Hold off on buying a car or financing big-ticket items before applying.
- Get pre-approved: This gives you a clear budget and shows sellers you’re serious.
Why lenders offer these programs
Lenders see professionals as low-risk borrowers. Even if they carry substantial debt, their career trajectories and earning potential mitigate the risk associated with taking on additional debt. In addition to supporting newly-licensed healthcare professionals, professional mortgage programs help credit unions and banks support healthy growth in the communities they serve.
Start building a more secure financial future
Professional and medical mortgage programs are more than just financial tools – they’re a smart way to support your lifestyle and career goals. Whether you're starting a residency, launching a practice, or expanding your professional footprint, a professional mortgage program can help you unlock the goal of homeownership and start building a more secure financial future.
Contact a Golden 1 Home Loan Advisor
Ready to explore how Golden 1 can help you achieve your homeownership dreams? Contact a Golden 1 Home Loan Advisor today to discuss your goals and see if you’re eligible to benefit from this flexible new mortgage program. Our advisors are local experts dedicated to helping you every step of the way.
1 Maximum combined loan to value (CLTV) with Employer provided subordinate financing meeting Fannie Mae Subordinate financing in second lien position. Limitations apply.
2 Eligible professionals include but are not limited to: Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Medicine (DMD), Doctor of Dental Surgery (DDS), Doctor of Veterinary Medicine (DVM), Doctor of Pharmacy (PharmD), and Medical Residents.
This is not a commitment to lend. All loans are subject to approval. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions.
