![]() In addition to different loan programs, Rocket Mortgage also offers the chance for you to tailor some of your terms. Use a physician mortgage loan calculator to determine if Rocket Mortgage’s other options make sense instead of getting a doctor mortgage loan. Additionally, you can apply for a refinance with this lender. You can get a 15 or 30-year fixed rate and adjustable-rate options. Rocket Mortgage offers different loan options, including fixed and adjustable-rate mortgages. However, Rocket Mortgage no longer offers USDA loans, so that’s one less no down payment option for your new home. The FHA loan has a down payment as low as 3.5% and the VA loan represents the ability to have a $0 down payment or 100% loan-to-value (LTV). If the purchase price of your home meets the requirements for certain loan programs, you might be eligible for lower down payments. With Rocket Mortgage, you can access different loan options with low fixed interest rates, relaxed underwriting criteria and other features. Rocket Mortgage physician mortgage loan pros Here’s what to consider when reviewing your choices with this lender. Like any mortgage lender, Rocket Mortgage offers advantages and disadvantages. Because Rocket Mortgage doesn’t disclose information about its programs, you might need to contact them directly for information. When reviewing your home buying options, including those for medical professionals, review the origination fees and closing costs. Rocket Mortgage physician mortgage loan: Pros and cons However, you can still learn about how you might be able to get a loan that can help you buy a home, even with debt payments for school. Rocket Mortgage doesn’t offer information on its specific programs for doctors and dentists to qualify for a primary residence. Physician loans provide relaxed underwriting requirements that make it possible to buy a home even when you’re making monthly payments from medical school. This is where a doctor mortgage loan program can help. As a result, their debt-to-income (DTI) ratios can make it difficult to qualify for a conventional mortgage. Medical professionals, such as doctors, dentists and veterinarians, often finish school with high loan balances related to their medical student loan debt. Doctor mortgage programs often recommend a minimum FICO credit score of 700.Rocket Mortgage doesn’t offer physician mortgage loans specifically for medical professionals.Various doctor and dentist degrees might qualify to finance a home purchase through Rocket Mortgage.Student Loan Forgiveness Calculator (w/ New SAVE Plan).
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