Closing Before the Job Starts
Program and regulatory figures verified October 9, 2026. Details change; confirm your scenario with us.
The gap between 150 days and 90 days is what decides whether a Tennessee resident can buy during match season or has to rent for a year.
The rule, plainly
Most physician portfolio programmes will qualify you on a signed employment contract with a start date no more than 150 days after the note date. Standard agency underwriting of future income works on roughly 90.
Sixty days of difference. It sounds procedural. On a residency calendar it is the whole question.
★ What that looks like on a Tennessee calendar
Tennessee residencies, like most, finish in late June. Attending contracts are typically signed in the winter or early spring before that.
| Start date | Earliest physician close | Earliest agency close |
|---|---|---|
| 1 July | ★ early February | early April |
| 1 August | early March | early May |
| 1 September | early April | early June |
★ The February column is why this matters. A resident who signs a Vanderbilt or Erlanger contract in January can be under contract on a house in February on a physician loan, and cannot on a conventional one. In a Nashville spring, those two months are the difference between choosing a house and taking what is left.
★ What the contract has to say
Three things, and the third is where files fail:
- A start date.
- A signature, yours and the employer's.
- A compensation figure covering at least 12 months.
An offer letter saying compensation will be determined later is not a qualifying document. Neither is a verbal. Neither is a term sheet. Send the executed contract.
The gap between closing and the first paycheque
You will own the house before you are paid by the new employer. Programmes handle that with a reserves expectation, and the amount is a lender term that changes, so we do not publish a figure. Ask and we will tell you what the current programme wants on your file.
★ A fellow moving from a residency stipend to an attending salary should plan for the moving costs and the first two months of payments out of savings, because that is when they fall.
★ One Tennessee-specific thing to do in that window
If you are a family medicine resident, the window before you finish training is also the only window in which the $200,000 Family Medicine Loan Repayment Incentive is open to you. The same spring in which you are house-hunting is the last spring in which you can apply.
Do that first. The house can wait a fortnight; the programme cannot wait a year. The incentive.
Mike Certo, NMLS #260555. (480) 296-6513 · mcerto@cfmtg.com.
Frequently asked questions
How long before starting work can a physician close on a home?
Up to 150 days before the employment start date on most physician portfolio programmes, measured from the note date. Standard agency underwriting of future income works on roughly 90 days, so the physician route opens about two months earlier.What does the employment contract need to show?
A start date, signatures from both you and the employer, and a compensation figure covering at least twelve months. An offer letter stating that compensation is to be determined does not qualify, and neither does a verbal offer or a term sheet.If I start on July 1 in Tennessee, when can I close?
Early February on a physician loan and early April under agency underwriting, counting back 150 and 90 days respectively from the start date. In a competitive Nashville spring those two months decide how much choice you have.Do I need reserves to close before my paycheque starts?
Yes. You will own the home before the new employer pays you, and programmes set a reserves expectation to cover that gap. The amount is a lender term that changes, so we quote it on your file rather than publishing a figure.Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. Educational content about physician mortgage financing, not a loan commitment and not legal, tax or financial advice. The Tennessee State Loan Repayment Program is administered by the Tennessee Department of Health and the Family Medicine Loan Repayment Incentive through the Tennessee Academy of Family Physicians, neither by Cornerstone; their terms, award amounts and application cycles are set by those bodies and change. Figures here carry the date we verified them against the programmes' own published materials. Physician-loan program terms, eligible degrees and overlays are set by the lender and change. All loans are subject to borrower, property and program qualification.