Medical Doctor Select

  • Terms:  15, 20, 30-year fixed loans.
  • Loan:  $50,000 to $636,150; 5% down payment required; 680 minimum credit score.
  • Loan:  $636,151 - $954,225; 10% down payment required; 720 minimum credit score.
  • No Minimum borrower contribution; all funds can come from a gift.
  • Eligible Property Types:  1 Unit Primary Residence; Single Family Residence; Warrantable Condo; PUD.
  • MI (mortgage insurance) required for less than 20% down.
  • Maximum of 4 borrowers; Non-Occupying Co-Borrower not permitted.
  • Reserve requirement determined per situation.
  • At least one borrower on the loan must have one of the following designations/profession
    • Medical Resident
    • Medical Doctor (MD)
    • Doctor of Dental Science (DDS)
    • Doctor of Dental Medicine (DMD) and dental surgeons specializing in oral and maxillofacial surgery
    • Doctor of Optometry (OD/Doctor of Ophthalmology (MD)
    • Doctor of Podiatric Medicine (DPM)
    • Doctor of Osteopathy (DO)
  • Income received from future primary employment that will be effective no more than 60 days from the Note Date may be used to qualify the borrower, with qualifications.
  • Residency
    • US Citizen:  A valid social security number (SSN) is required for all borrowers.
    • Permanent Resident Alien:  green card.
    • Non-Permanent Resident Alien:  call to verify Visa classification is eligible
  • Ineligible Borrowers:  Foreign Nationals; Borrowers with Diplomatic Immunity; Corporations, General and Limited Partnerships; Partnerships; Irrevocable Trust; Non-Occupying Co-Borrowers; Borrowers without social security numbers; Land Trusts; Life Estates; Real Estate Syndicates; Religious/Nonprofit Organizations; Non-Revocable Trusts; Co-signers: Borrowers applying for a loan will not take title are considered guarantors or co-signors and are ineligible. All borr owers must be on title.
  • Escrow holdbacks are not permitted.
  • Flips:
    • Less than 90 days with Value Increase Less than 20%.  A value increase greater than 10% but less than 20% from acquisition to the new sales price requires the appraiser to explain, document, and analyze as follows:
      • The appraiser must identify in detail all changes made and include photographs of the applicable renovation or improvement.
      • The renovation or improvement must be documented with receipts, invoices, or building permits.
      • Documentation must indicate that the renovation or improvements were completed after the seller acquired the property.
      • The appraiser must justify in detail that the renovation or improvements clearly impacted the increase in the new sales price from the acquisition.
      • Full appraisal required.
    • Less than 90 days with Value Increase more than 20%
      • The appraiser must identify in detail all changes made and include photographs of the applicable renovation or improvement.
      • The renovation or improvement must be documented with receipts, invoices, or building permits.
      • Documentation must indicate that the renovation or improvements were completed after the seller acquired the property.
      • The appraiser must justify in detail that the renovation or improvements clearly impacted the increase in the new sales price from the acquisition.
      • Full appraisal required.
      • If the value increase is not the result of documented improvements, a second full appraisal is required to support the value/sales price.

Guidelines change frequently, therefore, we do not guarantee accuracy.  Above is provided as a reference, to be confirmed with our team. Subject to change without notice.