The direct answer
A physician may be able to close before beginning a new job when the lender accepts qualifying future-employment income. This is not the same as qualifying on projected income without documentation; the contract and timing must satisfy the selected program.
What the lender reviews
Expect review of the signed contract or offer, start date, salary structure, contingencies, residency or fellowship completion, licensing requirements, employment gaps, cash reserves and the mortgage payment due before income begins.
Work backward from the first payment
Map closing, moving expenses, orientation, first paycheck and the first mortgage payment. Preserve enough liquidity for delays and avoid relying on an exact payroll date.
Compensation can be more complex than salary
Guaranteed base pay is usually easier to document than productivity bonuses, call pay, signing bonuses or ownership distributions. Do not assume every line of a compensation package will qualify immediately.
Common mistakes
Waiting until after an accepted offer, assuming an unsigned letter is sufficient, spending the signing bonus before documenting it, and ignoring a gap between closing and employment.
Prepare for a useful physician mortgage review
The first conversation is most productive when it connects career timing with the complete purchase plan. Exact documents can wait for the secure application, but these facts reveal which financing paths deserve comparison.
- Medical designation and current training or employment stage
- Signed contract, start date and compensation structure when relocating
- Student-loan balance, repayment status and required payment
- Target price, property type, location and expected time in the home
- Available funds, desired reserves and competing uses for cash
Frequently asked questions
Is an offer letter enough?+
It depends on the program. The lender may need a fully executed, non-contingent contract and evidence that licensing, training or other conditions will be satisfied.
Will bonuses and productivity income qualify?+
Guaranteed base compensation is generally easier to document. Variable components may require an earnings history or additional support.
How much cash should remain after closing?+
There is no universal amount. Build a reserve plan that covers the move, employment gap, first payment, emergencies and any lender-required reserves.