Mortgages for Veterinarians?

[Thomas Waski]

Hi BP,

My fiance is a veterinarian and because of this has little savings in the bank. I think this is a problem most people with advanced degrees may have, but has anyone gotten any special mortgage or loans for this - I've heard of 'Professional Loans' - is this a thing? We are planning to purchase a home in NJ next year, but would love to hear what others have to say or if anyone else has come across this.

Also, what tax advantages are there to purchasing after marriage vs before?

Thank You,
Tom

[Andrew Postell]

@Thomas Waski yeah, sorry we couldn't really answer this one definitively.  Certainly willing to help in any way we can but sometimes you have to post pretty personal stuff to find out what's available to you.  Keep us posted if you need any other direction here.

Now, for PMI there are two options to avoiding it - "Lender Paid" PMI or "Borrower Paid" PMI. Meaning, you can actually pay your PMI upfront, in full. And sometimes there's a pretty good discount to do this. So if you want the Lender to pay the PMI, they would increase the rate slightly, and boom - no more PMI....but your rate is higher for the life of the loan. Just keep that in mind. But if you want to pay for it in full, then it would be a 1 time big charge...but if your PMI is $100 per month, and you would have it for 60 months, but they are willing to negate it for $3600...that's like a 50% discount. So maybe that would make sense? Everyone's profile, loan type, etc. would affect the fee for the "Borrower Paid" but do ask your loan officer about it and they can show you a quote.

Hope this helps!