Lender and servicer Guild Mortgage has introduced a new mortgage option designed to make it easier for medical professionals to buy their first home.
Under the Guild program, qualified medical professionals, including those who have just graduated from medical school, can qualify for a home loan with up to 100% financing, no required mortgage insurance, and the ability to exclude student debt from their debt-to-income ratio. The program offers loans up to $850,000.
“At Guild, we’re always looking for new ways to make a difference for first-time homebuyers, often with niche mortgage options and initiatives,” says Mary Ann McGarry, CEO of Guild Mortgage, in a release. “While medical professionals have always been considered heroes, the pandemic helped everyone become more aware of just how much those in medical professions sacrifice. Guild wanted to do its part to help those who have invested so many years of their lives in preparing to serve others and save lives. Our new program makes homeownership affordable and achievable at the earliest stages of their careers, so they don’t have to wait to buy a home.”
Erin Watts, Guild’s vice president of product strategy, says the initiative will provide more options to those in the medical field who may not have qualified for a traditional loan because of student debt or lack of funds for a down payment.
“With this program, Guild is creating a path to homeownership that meets the specific needs of medical professionals of all types,” Watts says. “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. 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. It’s Guild’s way of saying thank you to the medical community.”
Medical professionals eligible for Guild’s medical professional mortgage program include those working as a medical resident, medical doctor, medical fellow, chiropractor, pharmacist and doctors of dental medicine, ophthalmology, osteopathy, surgery, dental surgery, optometry, podiatric medicine, veterinary medicine and psychiatric medicine. A minimum credit score of 700 and a debt-to-income ratio of no more than 43% are required to qualify.
To take advantage of this program, Watts says it is best for medical professionals to connect with a loan officer in a local Guild branch who will be able to confirm eligibility, answer questions and help with the application process. Proof of present or future employment must be supplied.