New Doctor Purchase Program and Established Doctor Program
Established Doctor must be: Licensed medical doctor (MD or DO degrees only) who has completed residency AND Employed by a hospital or physician group as a non-resident > 12 months OR Self-Employed for at least 2 years Note: A psychiatrist is eligible but must have an MD and be licensed; A Doctor of Osteopathy (DO) is an eligible doctor type.
States Available: FL, IL, KY, MO, MI, OH, PA, TN, WV, GA, AL, NC, SC, WI
FICO CREDIT SCORE: 720 FOR 100% FINANCING 680 FOR 95% FINANCING
LOAN TO VALUE: 100% FOR A PURCHASE AND 95% FOR A REFINANCE
Eligible Property Types:
- Detached Single Family Residence
- Attached/Detached Condominiums
- Attached/Detached PUDs
Ineligible Properties(Jumbo Loan Amounts Only):
- Attached housing located in the state of Florida
- 1-Unit properties only
- Investment properties and second homes are ineligible
- Construction to Permanent (C/P) and Lot Loans are ineligible
- All condominiums must be submitted to the Condo Review Department
- If at any time multiple valuation products are obtained, the most comprehensive valuation must be utilized.
New Doctor Purchase Borrower must be:
- In residency or set to begin new residency within 90 days of closing OR
- Has been employed as a non-resident for < 12 months
Note: A psychiatrist is eligible but must have an MD and be licensed; A Doctor of Osteopathy (DO) is an eligible doctor type.
The following document must be obtained if borrower is a Graduate of Medical School:
- Copy of current medical license
- Non-contingent contract (from hospital or physician group) signed by all parties and stating ALL of the following:
- Start date (must not be more than 90 days past Note date)
- Length of contract
Note: A non-contingent offer letter signed by all parties and stating all the required terms is acceptable.
The following document must be obtained from borrowers who are Pre-Graduates of Medical School:
- Contract or offer letter (from a hospital or physician group) signed by all parties contingent on the borrower’s receipt of their medical license
- Contract or offer letter cannot contain any additional contingencies