Physician Mortgage Loan

[Edward Kanive]

I am a resident physician and my wife is a medical student. We currently live in a 1BR condo that we currently have a mortgage for. The place sold for 59 grand and now we owe right around 50 grand and have since renovated the bathroom and did a lot of fixes to the place.  We have been blessed with a child and now found out we have another on the way. Obviously we won't fit in a 1 BR. I was going to re-do the kitchen and then begin renting our place if possible. The way to make this possible is to use a physician loan for the next property. We have a lot of student debt (750k) and that is not calculated for physician loans in D/I ratio is my understanding.

Has anyone used these? Can you use it on your second home? This might not be a bad idea to buy homes with 0 down? Anyone have qualms with this? It could really expedite my purchases each time as to allow me to not have to save for down payments and instead could put that money to renovations.  Income is limited to 65 k/year until June 2020 and then wife will be in residency and I will be attending where the jump in salary will be 5-6x that number.  Curious if a physician loan is a possibility for me right now or for multiple properties? Anyone have success with these in the past?

Any help is appreciated,

Eddie