We hope this will help you make informed decision as a first-time homebuyer or if you are planning to move-up.
Physician loan program features:
Program is available for residents, fellowship, and medical professions. Medical professions includes MD’s, DO’s, DMD’s and DDS’s. Program is excellent for physicians who are just getting started. Limited to 2 financed properties.
No income history required. Start date must be within 90 days of loan closing. Documentation such as a contract is required. Excellent for doctors who are relocating.
1099 contract is acceptable and we will use the base payment for new employment if there are less than 2 years history.
Employer down payment assistance allowed as a secondary financing.
Student loan payment calculation: 1) payment from income-based calculations maybe used with documentation 2) If student loan debt is on deferment for a minimum of 12 months from the end of the month of closing, it can be excluded from the DTI ratios (documentation required)
Max loan amount and LTV: Applies to all states accept NY
Up to $2,000,000 loan amount, 10.01% down payment, 2-4 months reserves based on loan amount, No mortgage insurance
Example: $2,222,469 purchase price- $2,000,000 loan -$222,469 downpayment
45% Debt-to-income (DTI)
Minimum of 720 FICO (Loan amount will be reduced for FICO between 680-719)
Up to $1,500,000 loan amount, 5% down payment, 2-4 months reserves based on loan amount, No mortgage insurance
Example: $1,578,947 Purchase price, $1,500,000 loan, $78,947 down payment
45% DTI
Minimum of 720 FICO (Loan amount will be reduced for FICO between 680-719)
Up to $1,000,000 loan amount 100% financing
45% DTI
720+ FICO