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DOCTOR LOANS

This is not a commitment to lend.  Not all borrowers will qualify for the loan programs listed.  All program terms and conditions are subject to change and may be discontinued without prior notice.  Contact loan originator for program questions and scenarios.  

At a Glance

Minimum Down Payment/ Equity

3%

Minimum Down Payment to avoid PMI

20%

PMI (Private Mortgage Insurance)

Discounted Premium

Min/ Max Loan Amount

$100,000 - $850,000

Loan Repayment Terms

30 years

Amortization

5/5 LIBOR ARM

Prepayment Penalties

None

DOCTOR LOANS

Home Financing Tailored for Physicians

Our doctor loan program was designed with the needs of medical doctors. Qualifying physicians can purchase a home with as little 3% with a maximum new loan amount of up to $650,000; or with as little as 5% with a maximum loan amount of $850,000.  

 

 

Qualifying medical doctors:  Medical Doctors, Dentists, Dental Surgeons, Newly-Licensed Medical Residents (employed or soon-to-be employed)

 

Program Type: 5/5 LIBOR ARM   Margin: 2%  Caps: 2/2/5  (the interest rate adjusts only one time every 5 years)

 

Deferred student loans are not counted in Debt-to-Income (DTI) calculation if deferred > 12 mos after closing

 

Occupancy Types: Primary Residence and Second Home (Investment properties not eligible)

 

Eligible Property Types: Single Family Detached Homes, Townhome, PUD, Condos  (Non-warrantable Condos considered on a case-by-case basis)

 

Down Payment Minimum:

  • 97% LTV (3% down payment) up to a max new loan amount of $650,000  / 4 months reserves required (NOTE: reserves can be gifted from a family member)
  • 95% LTV (5% down payment) up to a max new loan amount of $850,000 / 6 months reserves required (NOTE: reserves can be gifted from a family member)

Other Features:

  • Private Mortgage Insurance (PMI) - Doctors receive reduced PMI Premiums.  PMI only applies if the down payment is less than 20%.  
  • Doctor pays no Intangible Taxes at closing, saving the doctor potentially thousands in closing costs.

 

For applicants with prior Housing Events (i.e. - Bankruptcy, Foreclosure, Short Sale, Deed-in-Lieu): the programs follows Conventional guidelines for waiting periods.

 

Call us today at (813)928-9610 for more information or apply today.

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3 easy steps.  No cost/obligation

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(813) 928-9610

Financing Solutions Tailored for Physicians