Press Release (ePRNews.com) - HONOLULU - Dec 04, 2017 - With more than half of Hawaii’s doctors on the home stretch to retirement and dozens more priced out of the state each year, the doctor shortage is weighing more heavily than ever on Hawaii’s health care system. To turn the tide on these dismal numbers, leading residential mortgage lender Compass Home Loans offers a Doctor Loan program to help physicians afford the high cost of putting down roots in Hawaii.
There are a number of factors contributing to the nationwide physician shortage, from the challenge of recruiting doctors in rural areas to the growing number of physicians competing for a limited number of institutional positions in lieu of opening their own private practices.
“Despite their high earning potential, it can be difficult for new doctors to secure home financing,” said Jon Whittington, President of Compass Home Loans, LLC. “Medical graduates can easily amass a sizeable amount of debt and don’t begin to earn significant income until they are several years along in their careers.”
Our Doctor Loan program is designed to help Hawaii’s medical professionals stay in the islands.
Jon Whittintgon, President, Compass Hawaii
Mortgage lenders evaluate home loan applicants based in large part on the applicant’s debt-to-income ratio, which compares their pre-tax gross income against their monthly debt payments. A high debt-to-income ratio can prevent hopeful homeowners from qualifying for a loan.
As a result, physicians throughout the state are relocating to the mainland in pursuit of a lower cost of living and a greater return on their investment in terms of both time and money. Through the Doctor Loan program at Compass Home Loans, however, doctors and dentists can qualify for a loan on their dream Hawaii home with a down payment as low as five percent and more flexible qualification requirements regarding student loan debt.
“Due to Hawaii’s high home prices and comparatively low physician wages, the state is constantly losing doctors to the mainland,” said Andrew Kim, Compass Home Loans, LLC, Executive Vice President. “Our Doctor Loan program is designed to help Hawaii’s medical professionals stay in the islands.”
According to U.S. News & World Report rankings for 2017, the average medical student at the University of Hawaii at Manoa graduates with roughly $160,000 in debt. Compass’ Doctor Loan program excludes certain student loan payments from a doctor’s debt-to-income ratio, reducing the high debt-to-income ratio that would otherwise hinder a new doctor’s ability to finance a home in Hawaii.
“We believe Hawaii’s hard-working physicians deserve a competitive edge in the market,” Whittington said. “We’re able to support these medical professionals through our Doctor Loan program and are eager to do our part to work toward a solution to the state’s dire physician shortage.”
Visit www.CompassHawaii.com for more on how the Doctor Loan program at Compass Home Loans helps local physicians finance a home earlier in their career, allowing them to remain in Hawaii and meet the growing demand for medical services in the islands. For prospective homeowners not in the medical field, the company provides a variety of home financing options for all major Hawaiian Islands from its head office at 1357 Kapiolani Boulevard, Ste. 1450, next to Ala Moana Center.
About Compass Home Loans, LLC
A full-service, Hawaii-based mortgage banking company, Compass Home Loans, LLC is licensed as a Hawaii Mortgage Loan Originator Company and a sponsored third party originator authorized to originate FHA and VA loans. NMLS# 1194719. Compass Home Loans, LLC is regulated by the Hawaii Division of Financial Institutions.
If you have any concerns regarding this press release, please contact the Author / Media Contact / Business of this press release. ePRNews is not resposible for the accuracy of the news posted and do not endorse, support any product/ services/ business mentioned and hereby disclaims any content contained in this press release.