Doctor Program Attributes: Terms and Conditions:
- No private mortgage insurance.
- Availability for closing is offered 90 days prior to the commencement of employment.
- A minimum FICO score of 700 is required to qualify.
- Maximum allowable debt-to-income ratio of 45%
- Medical professionals may borrow up to 100% of the property value, with a maximum of $1,250,000; 95% financing up to $1,500,000; and 90% financing up to $2,000,000.
- Most lenders mandate that training must have been concluded within the past 10 years; however, Alliant Credit Union imposes no such restriction.
- Conforming and non-conforming
- Fixed and Adjustable Rate
- 30- and 15-Year Fixed, 5/6, 7/6, 10/6 Adjustable-Rate Mortgages
- PROFESSIONAL TITLES: MD, DO, DDS, DMD, Resident, Fellow, DVM, DPM
- STRENGTHS: Student loan debt is excluded from qualifying ratios when deferred for a minimum of 12 months.
- Ability to utilize an income-based repayment plan if not deferred for a period of 12 months
- There is no restriction regarding the amount of time that has passed since the completion of training.
- Financing options are available for single-family homes, condominiums, and two-family owner-occupied residences.
- Permissible for both warrantable and non-warrantable condominiums
- Accessible to United States citizens, lawful permanent residents, non-permanent resident aliens, and foreign nationals.
- For other professionals, we offer Our First Time Homebuyers program, which provides financing options of up to 100% with no PMI.
Alliant Credit Union, NMLS: 197185. - Rates, terms, and conditions are subject to modification. The 5/6, 7/6, and 10/6 adjustable-rate mortgages provide a fixed interest rate during the initial term of the loan and subsequently convert to a 6-month adjustable-rate mortgage thereafter. The interest rate and monthly payment may be subject to bi-annual adjustments, calculated based on the 30-day average Secured Overnight Funding Rate (SOFR), plus a margin of 2.75 percentage points, with a maximum lifetime limit of 5%.
- Rates may fluctuate depending on risk factors such as, but not limited to, loan-to-value ratio, credit score, and debt-to-income ratio.
- Mortgages are available in all jurisdictions, with the exception of Maryland. Loan approval, interest rate, and down payment requirements are determined by creditworthiness, the amount financed, and the borrower’s capacity to repay. Rates, terms, and conditions are subject to modification and are contingent upon creditworthiness and collateral approval.
- Rates may fluctuate depending on risk factors such as, but not limited to, loan-to-value ratio, credit score, and debt-to-income ratio.