– I Had $150,000 in Debt and Was Still Able to Buy a Home — Here’s How I Did It
September 9th, 2017

By Brian O’Connell | Sep 9, 2017 |

Mortgage shoppers with big household debt may be wondering if they can actually get a home loan, and if so, what are the best strategies to use – and how should they use them?

It’s certainly a good time to look, But can “deep debt” home buyers even sniff at a decent rate? Ask Dr. Goldie Winge.

“”Last year, I bought the house of my dreams despite having a medical school debt of over $120,000,” says Dr. Goldie Winge, a board-certified anesthesiologist with a self-proclaimed passion for real estate, who resides in Rancho Cucamonga, Calif. The key to securing a home loan with big debt is to have excellent credit and good financial reserves.

“The physician loan I used required six months of mortgage payment reserves,” she says. “They counted 50% of the money in my retirement accounts towards my reserves, which was very helpful.” (A physician loan allows medical professionals, who have accumulated high student loan debt as well as personal debt while pursuing their degree, to get good financing on a mortgage, says Tal Frank, President of Physician Loans, in Columbus, Ohio.)