It aims to help doctors who can’t qualify for a traditional loan due to student debt
Guild Mortgage has launched a new program that aims to make it easier for medical professionals to qualify for a mortgage.
The program offers qualified medical professionals – including those who have just graduated from medical school – loans up to $850,000, no required mortgage insurance, and the ability to exclude student debt from their debt-to-income ratio.
Erin Watts, vice president of product strategy at Guild, said that the program will give 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.
“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,” Watts said. “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 mortgage program include medical residents, medical doctors, medical fellows, chiropractors, pharmacists, and doctors of dental medicine, ophthalmology, osteopathy, surgery, dental surgery, optometry, podiatric medicine, veterinary medicine, and psychiatric medicine. Guild also requires a minimum credit score of 700, a debt-to-income ratio of no more than 43%, and proof of present or future employment.
“At Guild, we’re always looking for new ways to make a difference for first-time homebuyers, often with niche mortgage options and initiatives,” said Guild Mortgage CEO Mary Ann McGarry. “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.”
Read more: Guild Mortgage establishes Northeast foothold with RMS merger
Earlier this year, the lender took its business to the next level by acquiring Residential Services Holding (RMS), a retail originator based in Maine. Guild said the move enabled it to grow its market share in the Northeast region.
