Securing a doctor mortgage doesn’t have to be stressful, especially when you know what to expect. Being well-prepared with the right documents will make the loan process smoother and help ensure your loan closes on time. While the specific requirements can vary from bank to bank, getting organized early will save you time and hassle down the road.
Our vetted lenders are here to guide you through every step of the process, making sure you have everything you need to qualify for your physician mortgage. Here’s a general list to help you get started, but remember—your loan officer will provide you with the exact details tailored to your situation.
Basic Documentation You’ll Need:
- Government-Issued Photo ID: Ensure it includes your full name, birthdate, and current address.
- Social Security Number: This is essential for the loan application process.
- Employment Contract: If you’ve just been matched to a residency program, have your employment contract ready.
- Personal Tax Returns: Two years of 1040 forms are typically required.
- W-2 Forms: Provide W-2s from the last two years if you’ve been employed.
- Pay Stubs: If you’re already practicing, include pay stubs from the past two months.
- Employment History: A record of your employment for the past two years.
- Proof of Other Income: If applicable, include documentation for alimony, child support, or other maintenance income.
- Real Estate Documentation: Provide information on any real estate you own, including addresses and lender information.
- Down Payment Verification: If you’re putting money down, be ready to document the source of those funds.
- Property Information: Details about the property you’re purchasing, such as the address, purchase price, year built, and type of property.
- Payment History: Recent bills, such as phone, cable TV, and electricity, to show consistent payment history.
- Bank Statements: Checking and savings account statements from the past three months.
- Retirement and Investment Statements: IRA, 401K, and other investment statements from the last three months.
- Credit Card Statements: Recent statements from all credit cards.
- Homeowners Association Contact Information: If applicable, provide this for your loan officer.
Additional Documentation for Self-Employed Doctors:
- Business Tax Returns: Provide tax returns from your business for the past two years.
- K-1 Statements: These should show your income and percentage of ownership for the previous two years.
- Year-to-Date P&L and Balance Sheet: This gives a snapshot of your business’s current financial standing.
Stay Prepared and Ready
It’s crucial to provide your loan officer with the necessary documentation promptly to keep the process moving smoothly. Remember, delays in submitting paperwork could hold up your closing date, and we want to avoid that at all costs.
Keep in mind that additional documents may be requested as your loan moves through underwriting. This is a normal part of both conventional and doctor mortgage processes. While it can be frustrating, staying positive and responsive to these requests will make a big difference. A cooperative attitude can even encourage your loan officer to push for a faster turnaround.
Being prepared and having quick access to all your documents means you’ll be in your new home that much sooner. And remember, our vetted lenders are here to support you every step of the way, ensuring that you’re fully equipped to navigate the mortgage process.
For more in-depth information, be sure to check out our Definitive Guide to Physician Loans. We’re here to help you achieve homeownership with confidence—so don’t hesitate to reach out!
