Doctor Program Attributes:
- Physicians and Dentists (MD, DO, DDS, and DMD) – including fellows and practicing professionals (must have patient care responsibilities as part of their duties).
- Purchase and Rate Term Refinance of Primary Residence Only
TERMS:
30-year, 20-year, and 15-year fixed-rate options
7/6 and 10/6 Year Adjustable-Rate Mortgages
Must have completed Residency/Fellowship within the past five years for MD/DO or dental school graduation to qualify for a 100% loan, and within the past ten years to be eligible for a down payment of 5% or 10%. More than ten years have elapsed since the completion of Residency, Fellowship, or Graduation, and such individuals are not eligible for the program.
May not possess ownership of more than one additional financed property.
Can be completed within 90 days of the commencement date with an employment contract as a W-2 employee or a 1099 independent contractor, accompanied by a guaranteed salary.
Two years of 1099 income history — For debtors with less than two years of 1099 income documentation, an employment contract indicating salary details is required.
1-unit single-family residence, duplex, townhouse, and Fannie Mae warrantable condominiums only
A 100% loan option up to $1 million is available in AZ, CO, IL, OR, WA, and WI, with a minimum credit score of 680.
A 95% loan-to-value option up to $1.5 million is available in AZ, CA, CO, FL, ID, IL, NV, OR, UT, WA, and WI, with a minimum credit score of 720.
89.99% to $2 million loan option available in AZ, CA, CO, FL, ID, IL, NV, OR, UT, WA, and WI (minimum credit score of 720)
A larger down payment may be necessary if the credit score is below 720.
Maximum debt ratio of 45%
Four months’ worth of reserves of the total payment, including taxes and insurance, are required.
Gifts from family members are permitted to cover the entire down payment, closing costs, and reserves.
Maximum Loan Amount is $2 million
Borrowers must possess a minimum of three legitimate tradelines, each established for a minimum of 12 months, and none of which are authorized user accounts. (Alternative credit tradelines, such as rent payments, mobile phone bills, utility bills, and cable bills, for example)