Deferred loans during training
Loans in deferment, in forbearance or on an income-based plan with no payment due are left out while you are in residency or fellowship and the loan rests on that income. In practice, they count as on any mortgage.
Livingston, Essex County
Doctor and dentist loans in Livingston, NJ
For Livingston physicians, dentists and other licensed medical professionals, in training or in practice: what a doctor loan does differently, who it is for, what it is not for, and the papers to gather. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch, in Monmouth County, and we lend across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Where are you in your career?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Livingston housing
Owners, larger houses and clinicians
Livingston has about 31,500 residents and about 10,700 homes in the Census Bureau’s American Community Survey for 2020 to 2024, and owners occupy an estimated 88.9 percent of the occupied homes.
About 1,400 employed residents, an estimated 8.9 percent, work as health diagnosing and treating practitioners, the Census group that covers physicians, dentists and other clinicians. The median value of owner-occupied homes is about $821,100.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Livingston, and we lend across New Jersey.
Homes and work
- Health care jobs: about one employed resident in ten works in a health care practitioner or technician occupation
- Detached houses: an estimated 84.5 percent of homes
- Four bedrooms or more: an estimated 52.5 percent of homes
- Value range: an estimated 66.2 percent of owner-occupied homes are valued from $500,000 to $999,999
- Mortgaged: an estimated 65.1 percent of about 9,300 owner-occupied homes
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
What it does
A loan that reads the career
An ordinary loan reads a resident’s file as a large debt and a small income. A doctor loan reads the career instead, in four ways.
A contract can count
A signed employment contract for a position that starts after closing can count, within the program’s limit on the start date, with savings to cover the payments until the first paycheck.
No mortgage insurance
The program is built so that the down payment is not the obstacle it is on an ordinary loan, and it charges no mortgage insurance. How much of the price it finances depends on the loan size and your credit.
Above the conforming limit
The program reaches well above the conforming loan limit, so a higher-priced home does not push you into a separate jumbo program with its own down payment rules.
See doctor loans and physician mortgages for the full program.
Who it is for
The degrees, the home and the limits
At least one borrower whose income is used holds a listed degree and is in practice, residency, fellowship or internship. Not sure your degree is on the list? Ask before you rule it out.
The loan is for the home you live in: a house, a planned-unit development home or a condominium in a project that meets the program’s rules, bought or refinanced without cash out. It is not for a second home, a rental or a cash-out refinance, and it is not a loan without documents: an underwriter reviews every file by hand, and the home is appraised in full.
If you already have a down payment, ask for an ordinary fixed-rate or jumbo quote as well, and compare the two.
The listed degrees
- Physicians: MD and DO
- Dentists: DDS and DMD
- Others: pharmacists, veterinarians and podiatrists
- Advanced nursing: nurse anesthetists with a doctorate, and nurse practitioners with a master’s or doctorate
- In training: residents, fellows and interns who hold one of these degrees
Be ready
What to gather
A credit score requirement applies, along with a minimum length of credit history and a waiting period after a bankruptcy, foreclosure or short sale; tell your loan officer any dates at the start.
Own a practice, or buying into one? Say so on the first call: an owner’s income is documented differently from an associate’s paycheck, and if this program does not fit the way yours is shown, alternative documentation options for business owners may.
Documents for a doctor loan
- Degree: your degree and licence, or a letter confirming your residency or fellowship
- Income: pay stubs and W-2s, or the signed contract or offer letter with title, start date and pay
- Student loans: statements showing deferment, forbearance or your income-based payment
- Savings: statements for closing costs, any down payment and the savings you keep
- Status: photo ID, and proof of permanent residency or your visa if you are not a US citizen
Questions
Questions from Livingston clinicians
Do you lend in Livingston?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License, and we lend across New Jersey. You can check the licence on NMLS Consumer Access (opens in a new tab).
Do you have an office in Livingston?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County, and we lend across New Jersey. Call 732-686-9999 to talk with a licensed loan officer.
I am in residency. Do my student loans count against me?
Not if they are deferred, in forbearance or on an income-based plan with no payment due while you are in training. Loans with a payment due count as on any mortgage.
My new position starts after closing. Can I buy now?
Yes, on a signed contract or offer letter showing your title, start date and pay, within the program’s start-date limit, with savings to cover the payments until then.
Can I use it for a second home or a cash-out refinance?
No. It is for a one-unit home you live in, bought or refinanced without cash out. For a second home, ask about our jumbo loans.
I own my practice. Does the program fit?
Tell your loan officer at the start. A practice owner’s income is documented differently, so the fit is checked before you apply.
Talk with a loan officer near you
Get a quote online, or call us and talk it through with a licensed loan officer.
What happens next
- Tell us about your loan. A few quick questions about the property and the loan you want. No credit check to start and no obligation.
- A licensed loan officer reviews your answers and follows up with you, usually within one business day.
- This is a request for a quote, not a loan application and not a commitment to lend.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.