Medical professionals invest years in education and training before reaching their full earning potential. That career path can make traditional mortgage requirements challenging, particularly for borrowers with limited savings, significant student debt or relatively short employment histories. We offer a specialized medical professional loan program designed around the financial circumstances of doctors, dentists, pharmacists, veterinarians and other eligible healthcare professionals. Qualified borrowers may finance up to 100% of a home’s purchase price without monthly mortgage insurance.
Who May Qualify?
- Medical doctors (MD)
- Doctors of osteopathic medicine (DO)
- Dentists and dental surgeons (DDS)
- Pharmacists (PharmD)
- Veterinarians (DVM)
- Podiatrists (DPM)
- Certified registered nurse anesthetists (CRNA)
- Other eligible medical and healthcare professionals
Medical Professional Loan Highlights
- Financing above 90% loan-to-value and up to 100% of the purchase price
- Loan amounts from $100,000 to $2 million
- Debt-to-income ratios up to 50%
- No monthly mortgage insurance
- Available for eligible one-unit, owner-occupied primary residences
- Purchase and eligible rate-and-term refinance transactions
- Additional medical professions may be considered
Purchase a Home With Little or No Down Payment
Saving for a substantial down payment can be difficult for medical professionals who have spent years completing school, residency, fellowships, and other required training. This program may provide up to 100% financing, allowing eligible borrowers to purchase a primary residence without waiting years to accumulate a traditional down payment. The ability to finance more than 90% of the purchase price can also help borrowers preserve savings for closing costs, moving expenses, reserves, student loan payments and other financial priorities.
No Monthly Mortgage Insurance
Many mortgage programs require private mortgage insurance when a borrower finances more than 80% of a home’s value. That additional expense can add hundreds of dollars to the monthly housing payment. Eligible medical professionals can obtain high loan-to-value financing through this program without monthly mortgage insurance. Eliminating mortgage insurance can make a meaningful difference in the borrower’s total monthly payment, particularly on higher loan amounts.
Loan Amounts Up to $2 Million
Medical professionals purchasing in higher-cost housing markets may need more financing than standard loan programs provide. With available loan amounts ranging from $100,000 to $2 million, the program can accommodate a broad range of properties and purchase prices. High loan amounts remain subject to income, credit, debt-to-income, property, and underwriting requirements.
Debt-to-Income Ratios Up to 50%
Student loans and other obligations can make it difficult for medical professionals to satisfy the more restrictive debt-to-income limits imposed by conventional programs. Qualified borrowers may be approved with a total debt-to-income ratio of up to 50%, providing additional flexibility when calculating purchasing power. Approval at the maximum ratio is not automatic. The borrower’s credit history, employment, income, reserves, and overall financial profile will be considered.
Contact us to learn whether you qualify for up to 100% financing, no monthly mortgage insurance, and a medical professional loan of up to $2 million.
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