Product Type
Medical Professional Mortgage
Eligible Borrowers:
MD, DO, DDS, DMD, PharmD, DVM, VMD, DPM, CRNA (DNAP or DNP), Residents & Fellows
Minimum Credit Score:
680 (720 for loans above $1.5M at 100% LTV)
Down Payment:
0% Down (100% LTV Available)
Minimum LTV:
90.01%
Reserves:
None required up to $1.5M at ≤95% LTV | 3 Months $1.5M-$2M | 6 Months $1.5M-$2M at >95% LTV
Mortgage Insurance (PMI):
Not Required
Prepayment Penalty:
Not Allowed
Loan Term:
15, 20, 25, 30 Year Fixed | 5/6, 7/6, 10/6 ARM
Interest Only:
Not Available
Loan Amount Min:
$100,000 (Fixed) | $350,000 (ARM)
Loan Amount Max:
$2,000,000
Occupancy:
Primary Residence Only
Asset Types:
Single Family, Warrantable Condo, PUD, Modular Home
Number of Units:
1 Unit Only
Transaction Types:
Purchase | Rate & Term Refinance | Delayed Financing
Cash Out:
Not Available
DTI Ratio:
Up to 50% (90.01-95% LTV) | Up to 45% (>95% LTV) | 45% Max on ARM and 15yr Fixed
Employment:
Active Practice Required | Residents & Fellows Eligible with Executed Employment Contract
Student Loans:
May Be Excluded from DTI for Borrowers Currently in Residency or Fellowship
Underwriting:
Full Manual Underwrite Required | No AUS
Product Specifics:
No PMI | No Down Payment | Future Income Qualifying for Residents & Fellows | Non-Warrantable Condos Not Eligible
Geography:
All U.S. States (Guam, Puerto Rico, and U.S. Virgin Islands Not Eligible)
