A physician loan is a mortgage solution designed to accommodate the unique financial needs of doctors, dentists, and medical residents1. Whether you have large amounts of deferred student loan debt2, need to move into a home before starting your first job, or have been practicing medicine for many years, our physician loan program can help.
- Available with certain eligibility requirements:
- Maximum LTV 97% (No Mortgage Insurance)
- Minimum credit score 700
- No mortgage insurance requirements
- Maximum loan amount $700,000
- Primary Residence – purchase only
- Condos allowed
- Non-Warrantable condos considered
- Gift funds allowed toward down payment, closing cost and reserves.
- Non-Salable ARM 10/6
- 1Available to medical residents who have completed their residency/fellowship and are beginning new employment or have less than 6 months of residency/fellowship remaining
- Existing medical professional practicing less than 1 year who have a minimum of a Medical Doctor (MD), Doctor of Osteopathy (DO), Doctor of Dental Surgery (DDS), Doctor of Dental Medicine (DMD), Doctor of Podiatric Medicine (DPM) degree and an employment contract or verification of terms of employment acceptance, Optometrist (OD), Gynecologist (GYN), Obstetrician/Gynecologist (OBGYN), and Master of Science (MS)
- 2Student loan debt must be in deferment or forbearance for 12 months after loan closing to avoid being counted in your debt-to-income calculations
- The donor must be an immediate family member or domestic partner who lives with the borrower
Call a loan professional to help at (855) 231-3700.
All loans are subject to credit approval. Programs are available only to qualified borrowers. Not all applicants will qualify for all program benefits. Please contact First Independence Bank to learn more about the program and the eligibility requirements.