Doctor Program Attributes:
Below are some of the key features and specifications of our program. Please note that if you do not meet these criteria precisely, exceptions may be granted on a case-by-case basis.
A 5% down payment is required for properties up to $850,000; a 10% down payment for properties up to $1 million; and a 15% down payment for properties up to $1.5 million. Exceptions may be available with a 10% down payment for properties up to $1.5 million.
No private mortgage insurance (PMI).
No penalties for early repayment.
A debt ratio of 45% is permitted (exceptions may be approved at higher DTIs when accompanied by compensating factors).
Available options include 30- and 15-year fixed-rate loans, as well as 5-, 7-, and 10-year adjustable-rate mortgages.
Interest-only options available for 89% loan-to-value.
A credit score of ideally 700, with loans up to 850 FICO; 720 for amounts up to 1 million; and 740 for up to 1.5 million (exceptions may be considered).
Reserves of two to six months are required, depending on the number of years outside of residency. However, the reserves may be transferred as a gift or allocated to a retirement account.
Permitted to close up to 60 days (exceptions may be granted for up to 90 days) prior to commencing new employment with a completely executed employment agreement.
The physician must have graduated from residency or fellowship within the past ten years.
Highly adaptable student loan calculation methods. A payment of $0 is permitted in certain circumstances.
MD, DO, DPM, DDS, DMD, Residents, and Fellows are eligible to participate in the program.