Is the Doctor in?
Newly licensed doctors have a unique "Doctor Loan" option which makes buying that new home much easier by allowing a lower down payment than most all other jumbo-loan programs. While loan guidelines are subject to change, Private Mortgage Insurance (PMI) is waived on the Doctor Loan making the overall housing expense considerably lower.
As a Private Mortgage Banker, I understand the home financing challenges new doctors often face. -Dan Garza, PMB
Offered as a non-conforming loan, this program is for doctor-borrowers who are buying an owner-occupied property. This program is specifically for candidates who have completed their medical residency in the past three (3) years and also includes candidates with less than six (6) months left on their residency who have accepted a permanent position as evidenced by a written “offer of employment”.
Additional considerations/ restrictions:
- Loan amounts are allowed up to 89.99% of the home’s sales price.
- Maximum loan amount is $850,000
- Up to half of the minimum down payment may be a gift.
- Post-closing liquidity must equal 5% of the sales price and may include retirement funds.
- The maximum debt-to-income ratio may not exceed 38% of gross income.
- Eligible property types are limited to single family dwellings (attached or non-attached) and Condominiums.
- Borrowers may not own more than one other financed property.
- Loan program types are limited to 30 and 15 year fixed rate loans as well as ARM loans with initial lock-in periods of 5, 7, and 10 years.
- Minimum qualifying credit score of 720 is required.
- Construction-to-permanent purchase restrictions do apply.
- Additional restrictions may apply.
Obviously, the Doctor Loan program is targeted to those physicians who are embarking on new careers and whose financial outlook is expected to improve with time. Pricing, in terms of rates and closing costs are very competitive allowing every advantage available for those who qualify.
This is one of many programs designed to assist those borrowers with unique needs. For more information about this and the full menu of loan programs offered in today’s market place, feel free to contact me anytime. I have the ability to assist my valued customers throughout the nation. With 30 years of experience, there are few questions I cannot answer and I’m delighted for the opportunity to answer yours. My cell phone is best for immediate contact at 832-701-8780, or drop me an email; firstname.lastname@example.org. I’m here to help.
I am an employee of Wells Fargo Bank but the opinions expressed here are mine alone and do not necessarily reflect the views or policies of Wells Fargo Bank, N.A. / Image courtesy of stockimages / FreeDigitalPhotos.net
All rights reserved.