Doctor and Professionals Loan Program

The Lender Doctor and Professionals Loan Program provides for up to 100% financing for certain professionals. Lender-paid mortgage insurance (LPMI) will be purchased by lender.

Available Products: Fully amortizing 5/6, 5/5, 7/6

Maximum Loan Amounts

• $2,000,000 for professionals who have completed their residency.
• $1,000,000 for professionals who are currently residents/interns/fellows.

Maximum LTV

Property Type	Maximum Loan Amount	FICO 680-699 LTV/TLTV	FICO 700-719 LTV/TLTV	FICO 720+ LTV/TLTV
1 Unit/PUD/Condo	$1,000,000	90%	95%	100%
	$1,500,000	90%	95%	95%
	$2,000,000	90%	90%	90%

Eligible Occupancy and Property Types

• Purchase only
• Primary residence
• 1 unit properties
• Attached or detached properties
• Warrantable condos
• PUDs
• Cannot own multiple properties

Eligible Borrowers

• U.S. Citizens
• Permanent Resident Aliens

Borrowers must also meet one of the following employment criteria, to be accompanied by written verifiable documentation.

• Licensed/Medical Residents/Interns/Fellows
• Medical Doctors (MD)
• Doctors of Osteopathy (DO)
• Doctors of Podiatric Medicine (DPM)
• Doctors of Optometry
• Dental Medicine-Dental Surgeons, Orthodontists, General Dentists Doctors (DMD/DDS) of only
• Doctor of Veterinary Medicine
• Attorney
• Chiropractor (DC)
• Certified Public Account (CPA)
• Physicians Assistants
• Nurse Practitioners

Notes:

• PhD in a non-medical profession are not eligible
• Psychologists are not eligible.
• Only one borrower on the loan application is required to meet the definition of an eligible doctor in order to qualify for the Doctor Loan Program.

Reserve Requirements

• Follow FNMNDU requirements.
• Gift funds are eligible to satisfy reserve requirements.
• Funds received from an employer recruitment loan are eligible to satisfy cash reserve requirements.

Additional Reserve Requirements

• If employment will begin within 30 days after the closing date, an additional 2 months of reserves are required.
• If employment will begin 31-60 days after the closing date, an additional 3 months of reserves are required

Deferred Student Loans

• Student loan debt may be excluded from the DTI calculation with documentation to evidence deferment for at least 12 months. Note: If there are multiple borrowers on loan with deferred student loan debt, the exclusion of student loan debt only applies to the borrower(s) with the designations meeting the program requirements.

Appraisal Requirements

• Regardless of AUS, a full appraisal is required. A second appraisal or field review is required >$1m.

Insurance Requirements

• Follow FNMA requirements.

LPMI -Recapture Addendum

• Recapture fee -If loan pay’s off earlier than 36 months (3 year’s) the lender’s credit for the LPMI will be added to the payoff.
• No exceptions.

If you are a doctor, healthcare provider, lawyer, or certified public accountant and are interested in purchasing or refinancing a home, the Doctor and Professionals Loan Program may be the right option for you. Our team of experienced mortgage brokers can help you navigate the process and find the best loan options for your specific needs. Click here to contact us or call (561) 717-6826 for a quote.

Additional restrictions may apply. Please inquire. All loans are subject to credit approval.