At last¿a no B.S. guide for physicians. Look behind the curtains of mortgage banking, discover the real landmines and learn how to make a flawless home purchase. In the post-meltdown world of mortgage banking, physicians face more challenges and have a higher rate of underwriter decline than any other professional client we advise. It¿s shocking but true. Spend a few minutes in physician chat rooms where the topic is ¿mortgage¿ and you are likely to read nightmare after nightmare horror story. It¿s emotionally devastating to see what a botched home loan and closing can do to a family. Within…mehr
At last¿a no B.S. guide for physicians. Look behind the curtains of mortgage banking, discover the real landmines and learn how to make a flawless home purchase. In the post-meltdown world of mortgage banking, physicians face more challenges and have a higher rate of underwriter decline than any other professional client we advise. It¿s shocking but true. Spend a few minutes in physician chat rooms where the topic is ¿mortgage¿ and you are likely to read nightmare after nightmare horror story. It¿s emotionally devastating to see what a botched home loan and closing can do to a family. Within these pages, seasoned physician mortgage professional and fourth-generation Utah real estate investor, Josh Mettle, exposes the land mines and provides unique solutions to seamlessly overcome the pitfalls nearly all physicians face. You will learn: ¿ How to avoid the landmines that most commonly lead to surprising last minute declines. ¿ How student loans (including IBR and deferment) affect how you qualify for financing. ¿ How to find a true mortgage and real estate specialist in your hometown. ¿ What specifically to look for in a real estate and mortgage advisor. ¿ A step-by-step guide, which virtually guarantees you a flawless home purchase. The challenges yoüre likely to face are commonplace within your field, but can be embarrassing, expensive, and painful to learn firsthand. There is no bigger disappointment than finding out your loan was declined by an underwriter at the last minute forcing you to scramble to find temporary housing. Avoid that agony by educating yourself with a few simple precautions contained within these pages. Physician home loans are a ¿niche¿ loan practice, which is why you won¿t find the information contained in this book anywhere else. When it comes to securing a physician home loan you don¿t need a general practitioner, you need a super specialist.
JOSH METTLE, A 12-year veteran of the mortgage business, he leads The Mettle Group, a professional mortgage practice based out of Salt Lake City, Utah. The group currently practices in eleven states advising physicians, dentists and PAs on how to prepare and flawlessly purchase their next home. Josh is proud father of Zander (4) and Aria (2), devoted husband to Hillary and regularly competes in Spartan obstacle races, where he is a perennial top 50 finisher. In his spare time¿Josh co-owns and co-manages 100 rental homes and apartment units with his wife and his mother, Cynthia Hale, who blogs at: www.MotherOfAllLandlords.com You can find and follow Josh at: www.joshmettle.com
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A NOTE FROM THE AUTHOR FOREWORD by James M. Dahle, MD/AKA: The White Coat Investor INTRODUCTION Genesis of a Mortgage Debacle Huge Confl ict in Mortgage Lending Why Write a Book About Mortgage Loans for Physicians? What Are the Danger Zones? About the Author CHAPTER 1: THE RENT-VERSUS-BUY CONUNDRUM Problems and Challenges Physicians Face When Buying a Home Common Challenges What Criteria Should I Use to Choose a Mortgage Lender? How to Navigate Through the Many Mortgage Products Out There CHAPTER 2: WHERE DO I START? FIND A REALTOR OR A LOAN OFFICER? Why Preapproval Is Not Enough! Six Things to Do When Searching for a Mortgage Lender How to Find an Awesome Realtor How to Buy a New Home a Long Way From Home CHAPTER 3: THE PHYSICIAN HOME LOAN How Can I Find a Physician Home Loan Lender in My City? What Is the Difference Between a Physician Home Loan and a Conventional Loan? Physician Home Loan FAQs CHAPTER 4: HOME LOAN OPTIONS FOR THE GRADUATING MED STUDENT GOING INTO RESIDENCY Why Resident Physicians Struggle the Most Typical Challenges Resident Physicians Face FHA or VA Home Loan Conventional Home Loan Physician Home Loan How Do I Know Which Loan Is Truly the Best Option? A True Story: Dr. Schwartz s Near-Disaster Lessons Learned CHAPTER 5: HOME LOAN OPTIONS FOR THE RESIDENT OR FELLOW GOING INTO PRACTICE Typical Challenges New Attending Physicians Face FHA, VA, or Down Payment Conventional Home Loan Physician Home Loan A True Story: Dr. Gilbertson Lessons Learned CHAPTER 6: HOME LOAN OPTIONS FOR SELF-EMPLOYED AND 1099 CONTRACTOR PHYSICIANS How Underwriting Views Self-Employed and 1099 Contractor Borrowers Income Verifi cation for 1099 Contractor Physicians Income Verifi cation for Self-Employed Physicians Conventional, FHA, VA Physician Home Loan A True Story: Dr. Finkel Lessons Learned CHAPTER 7: WHAT TO EXPECT AT THE CLOSING How to Prepare for the Closing Important Communication Between Your Lender and You Settlement Statement Review Your Cash to Close Timing of the Closing Signs of Trouble: When to Ask Questions Closing Remotely Before You Arrive at Your New Home FAQs About Your Home Loan Closing CHAPTER 8: COMMON MISTAKES WHEN BUYING A HOME Failing to Insist on a Full Credit and Income Approval Deciding on a Lender Purely Based on Cost Missing Purchase Contract Deadlines A True Story: Dr. Fish Lessons Learned CHAPTER 9: KEY POINTS FOR PHYSICIANS Overview of the Life of a Loan A True Story: Dr. Peters s Perfect Transaction Lesson Learned Six Steps to a Flawless Home Purchase 1. Choose a Mortgage Professional Who Can Educate and Truly Guide You 2. Verify Your Lender s Reputation 3. Obtain a Credit and Income Approval 4. Carefully Select Your Realtor 5. Stay in Communication 6. Be Proactive APPENDIX A APPENDIX B
A NOTE FROM THE AUTHOR FOREWORD by James M. Dahle, MD/AKA: The White Coat Investor INTRODUCTION Genesis of a Mortgage Debacle Huge Confl ict in Mortgage Lending Why Write a Book About Mortgage Loans for Physicians? What Are the Danger Zones? About the Author CHAPTER 1: THE RENT-VERSUS-BUY CONUNDRUM Problems and Challenges Physicians Face When Buying a Home Common Challenges What Criteria Should I Use to Choose a Mortgage Lender? How to Navigate Through the Many Mortgage Products Out There CHAPTER 2: WHERE DO I START? FIND A REALTOR OR A LOAN OFFICER? Why Preapproval Is Not Enough! Six Things to Do When Searching for a Mortgage Lender How to Find an Awesome Realtor How to Buy a New Home a Long Way From Home CHAPTER 3: THE PHYSICIAN HOME LOAN How Can I Find a Physician Home Loan Lender in My City? What Is the Difference Between a Physician Home Loan and a Conventional Loan? Physician Home Loan FAQs CHAPTER 4: HOME LOAN OPTIONS FOR THE GRADUATING MED STUDENT GOING INTO RESIDENCY Why Resident Physicians Struggle the Most Typical Challenges Resident Physicians Face FHA or VA Home Loan Conventional Home Loan Physician Home Loan How Do I Know Which Loan Is Truly the Best Option? A True Story: Dr. Schwartz s Near-Disaster Lessons Learned CHAPTER 5: HOME LOAN OPTIONS FOR THE RESIDENT OR FELLOW GOING INTO PRACTICE Typical Challenges New Attending Physicians Face FHA, VA, or Down Payment Conventional Home Loan Physician Home Loan A True Story: Dr. Gilbertson Lessons Learned CHAPTER 6: HOME LOAN OPTIONS FOR SELF-EMPLOYED AND 1099 CONTRACTOR PHYSICIANS How Underwriting Views Self-Employed and 1099 Contractor Borrowers Income Verifi cation for 1099 Contractor Physicians Income Verifi cation for Self-Employed Physicians Conventional, FHA, VA Physician Home Loan A True Story: Dr. Finkel Lessons Learned CHAPTER 7: WHAT TO EXPECT AT THE CLOSING How to Prepare for the Closing Important Communication Between Your Lender and You Settlement Statement Review Your Cash to Close Timing of the Closing Signs of Trouble: When to Ask Questions Closing Remotely Before You Arrive at Your New Home FAQs About Your Home Loan Closing CHAPTER 8: COMMON MISTAKES WHEN BUYING A HOME Failing to Insist on a Full Credit and Income Approval Deciding on a Lender Purely Based on Cost Missing Purchase Contract Deadlines A True Story: Dr. Fish Lessons Learned CHAPTER 9: KEY POINTS FOR PHYSICIANS Overview of the Life of a Loan A True Story: Dr. Peters s Perfect Transaction Lesson Learned Six Steps to a Flawless Home Purchase 1. Choose a Mortgage Professional Who Can Educate and Truly Guide You 2. Verify Your Lender s Reputation 3. Obtain a Credit and Income Approval 4. Carefully Select Your Realtor 5. Stay in Communication 6. Be Proactive APPENDIX A APPENDIX B
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