There aren't a lot of new mortgage products coming out these days. But a new one from Guild Mortgage really stands out.
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Hello, LOs!
There aren't a lot of new mortgage products coming out these days. But a new one from Guild Mortgage really stands out.
Under the new Guild program, qualified medical professionals – including recent med school grads – can obtain a purchase mortgage with up to 100% financing. The product doesn't require mortgage insurance, and the borrower can exclude student debt from their debt-to-income ratio. The program offers loans up to $850,000, with qualifying minimums being a 700 credit score and a debt-to-income ratio of 43% or lower.
The mortgage product is available for medical professionals working as a medical resident, medical doctor, medical fellow, chiropractor, or pharmacist and doctors of dental medicine, ophthalmology, osteopathy, surgery, dental surgery, optometry, podiatric medicine, veterinary medicine and psychiatric medicine.
"No matter the discipline or specialty, one thing all these medical professionals have in common is the large investment required to get started in their careers," Erin Watts, Guild's vice president of product strategy, said in a statement. "Guild understands that student debt can make it tough for new medical professionals to qualify for traditional mortgages. With this program, no down payment is required, and student debt is completely removed from the equation."
Given doctors' career earnings potential and the job scarcity, this would appear to be a pretty low-risk loan for Guild.
LOs – I'm curious to hear your thoughts on this. Do you see a future in additional profession-specific loans? Please share your thoughts by emailing me at jkleimann@housingwire.com.
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