101% Financing Now Available For Qualifying Residents, Fellows, CRNA, PA, DPT, DVM, DDS, NP, RN, PharmD, And Other Medical Professionals
Early in one’s medical career, saving for a home loan down payment is tough. In many cases, it’s not even in your financial best interest because you may have high interest student loans, credit cards, or other consumer debt acquired as you complete your medical training.
That’s one of the primary reason why physician home loans A.K.A doctor mortgages were created. To help doctors overcome the challenges with mortgage financing that most young physicians face. Most doctor mortgage programs allow for the following:
- Low Down Payments- Physician loans typically require zero to ten percent down.
- Elimination of Monthly Private Mortgage Insurance Premiums- This can save you tens of thousands over the life of your loan.
- Ability to Close Prior to Start of Employment- Most doctor loan programs will enable you to close up to 60, sometimes 90 days before you start your new employment. This is such a convenience for relocating families taking a new position in another state.
- More Flexible Student Loan Guidelines- Many physician home loan programs will exclude completely or allow you to qualify on an Income Based Repayment amount, as opposed to a fully amortizing payment.
- Ability to Finance an Independent Contractor- Most conventional loans require a twenty four month history of being self-employed or an independent contractor. Doctor mortgages however, can be more flexible with this requirement and in some instances will not require any history at all.
We are excited to announce that many of these same benefits are now available to qualifying medical professionals. With the release of our new program, we now offer up to 101% financing, allowing you to finance your entire purchase price plus 1% of your closing costs or interest rate buydown.
This program is run in conjunction with one of our bond programs (which is how we get to 101% financing) and does have income limits that are specific to the area you are looking to purchase. Not all medical professionals will qualify.
Program Highlights:
- 30 Year Fixed
- No Monthly Mortgage Insurance
- Close up to 90 Days Before Your Employment Begins
- Primary Residence Purchases Only
- 660 Minimum Fico Score
- Debt to Income Ratios up to 50%
- High Balance Loan Amounts Allowed
- No First Time Homebuyer Requirement
- Single Family, PUD, Condominium’s, and Modular Homes ok (no duplex or multi-units)
- Seller Paid Closing Costs Allowed up to 3% of Purchase Price
If you are a medical professional seeking a loan with minimal or no down payment, we would love to hear from you.
Program available in: AL, CO, CT, FL, GA, IL, KY, MD, NC, NJ, TN, UT & VA
Click here to schedule your complimentary consultation
Josh Mettle NMLS #219996 is an industry leading author and mortgage lender, specializing in financing physicians, dentists, CRNA, and other professionals with highly specialized professional loan programs. You can get more great real estate and mortgage advice here or his by visiting his book site. Josh is also a fourth generation real estate investor, and owns a number of rental homes, apartment units and mortgages. Josh is dedicated to helping physicians and other professionals become more financially aware and able; listen to “Physician Financial Success” podcast episodes or download Josh’s latest tips and advice here.
Josh Mettle
Area Manager & Sr. Loan Officer
385-355-2130 O
801-699-4287 M
eFax 866-574-5371
josh.mettle@fairwaymc.com
2063 E 3900 S, Salt Lake City, UT 84124
NMLS#219996
*Debt-To-Income (DTI) ratio is monthly debt/expenses divided by gross monthly income.
**Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI) restrictions, and property limits. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Copyright©2019 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender. AZ License #BK-0904162. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367. Licensed by the Department of Business Oversight under the California Finance Lenders Law, NMLS #2289. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License. Licensed Nevada Mortgage Lender. Licensed by the NJ Department of Banking and Insurance. Licensed Mortgage Banker- N.Y.S. Department of Financial Services. Rhode Island Licensed Broker & Lender.