Doctor Loan Program for Physicians & Dentists
PRMI Doctor Loan Program for Physicians, Dentists & Medical Professionals
Buy your home with up to 100% financing and no PMI—even with student loans.
Program Highlights & Key Benefits
- Purchase of Primary Residence or Rate/Term Refinance
- Minimum Credit Score 680
- 100% Financing up to $1,000,000
- Loan amounts up to $2,500,000 (with reduced LTVs)
- No Mortgage Insurance (PMI)
- Fixed and Adjustable-Rate mortgage options
- Employment Contract accepted for qualifying income
- Maximum DTI 50%
- Gift Funds allowed
- Non-Occupant Co-Borrowers allowed (non-occupant income ? 50% of total qualifying income)
Who Qualifies for the Doctor Mortgage Loan Program?
At least one occupying borrower must hold a valid license in one of the following approved medical fields:
- Doctor of Dental Surgery (DDS)
- Doctor of Dental Medicine (DMD)
- Doctor of Optometry (OD)
- Doctor of Ophthalmology (MD)
- Doctor of Podiatric Medicine (DPM)
- Doctor of Osteopathy (DO)
- Doctor of Veterinary Medicine (DVM)
Not Eligible: Chiropractors.
Additional requirements:
- Borrower must be actively engaged in the eligible profession (e.g., an MD not actively practicing is not eligible).
- Completed residency within the last 10 years or currently a resident, fellow, or intern.
Eligible Property Types
- 1–2 Unit Primary Residence
- Fannie Mae Warrantable Condominiums
- Planned Unit Developments (PUDs)
- Townhomes
- Modular Homes
- Non-Warrantable Condos (restricted to 89.99% LTV)
Ineligible Property Types
- Investment Properties or Second Homes
- Manufactured Homes
- Properties held in Irrevocable Trusts
Doctor Loan Credit Score & Down Payment Guidelines
With a Minimum 720 Credit Score
| Loan Amount | Minimum Down Payment |
|---|---|
| Up to $1,000,000 | 0% Down |
| Up to $1,750,000 | 5% Down |
| Up to $2,500,000 | 10% Down |
With a Minimum 680 Credit Score
| Loan Amount | Minimum Down Payment |
|---|---|
| Up to $750,000 | 5% Down |
| Up to $1,500,000 | 10% Down |
| Up to $2,500,000 | 25% Down |
No PMI is required on the Doctor Loan Program.
City of Wilmington Delaware First Start Homebuyer Down Payment and Settlement Assistance Program is a new program to help Delaware First Time home buyers purchasing in the City of Wilmington, Delaware. The program is designed to promote homeownership in the city limits and is available beginning November 13, 2023. The down payment program will provide eligible homebuyers with loans of up to $15,000 for down payment and settlement costs for purchasing a home within the city of Wilmington. You can apply for the program by calling the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE
Fix & Flip Loans
Fix & Flip Loans are short term, real estate loans used to purchase and rehab a property to sell as soon as possible which is typically in 3 to 12 months. These loans are called Hard Money Loans and are used only for investment property projects. Real Estate Fix & Flip Loans allows real estate investors to leverage the banks money to acquire the property and receive the money needed to fix the property to be sold. Whether you are a beginner real estate investor or a seasoned pro, the John Thomas Team with Primary Residential Mortgage can help you with all your Hard Money Loans and Fix & Flip Loans by calling us at 302-703-0727 or APPLY ONLINE.
Sussex County Homebuyer Assistance Housing Trust Fund
Sussex County Homebuyer Assistance Housing Trust Fund is a Delaware Down Payment Assistance Program for homebuyers purchasing in Sussex County, Delaware. The program provides between $10,000 and $30,000 of assistance for down payment and/or closing costs. Prospective homebuyers must be purchasing the home to be their primary residence. If you would like to apply for the Housing Trust Fund Homebuyer Assistance program give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE
What is the Sussex County Homebuyer Assistance Program?
The Sussex County Housing Trust Fund (SCHTF) is providing Direct Home Buyer Assistance to people purchasing a primary residence in Sussex county. The down payment assistance program is being administered by Sussex County Community Development & Housing Department (CD&H). The DPA Funds are available until December 31, 2024 or until the funds run out. Sussex County intends to use the Homebuyer Assistance funding to provide affordable homeownership opportunities to qualifying homebuyers purchasing homes in Sussex County Delaware.
Conventional One Time Close Construction Loan
The Conventional One Time Close Construction Loan is a home mortgage that allows borrowers to purchase a lot, build a home and obtain a permanent mortgage all combined into one first mortgage loan with one closing. It is a great option for borrowers wishing to build their own home with a private builder. If you are interested in a conventional OTC construction loan, then give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE
Conventional One Time Close Construction Loan Highlights
The Conventional OTC Construction Loan has all of the following features which make it a great option for building your own new construction home:
PRMI Home Advantage Plus Loan Program
PRMI Home Advantage Plus Loan Program (HAP) is just what you need to compete against other home buyers in this low inventory and multiple offer real estate market. Make your offer unique and stand out to the seller by using the Home Advantage Plus Loan Program. Call the John Thomas Team with Primary Residential Mortgage today at 302-703-0727 to get started or APPLY ONLINE.
What are the Benefits of the Home Advantage Plus Program?
The following are the benefits of using the PRMI Home Advantage Plus Loan Program:
- Cover Up to 9% Appraisal Gap if Home Appraises Low
- Finance Lender Required Repairs into the HAP Loan
- Repairs are done after closing so no delays
- Finance a New Appliance Package into your HAP Loan
- Finance Upgrades into the HAP Loan with your home purchase:
- New Carpet or Flooring
- Update Bath and/or Kitchen
- Many Other Options as Well
- Can be Combined with 5% Down Payment Assistance Program (620 Minimum Credit Score)
- Can have a Non-Occupying Co-Borrower if NOT using DPA Program
What are the Requirements to Qualify for a Home Advantage Plus Mortgage?
The minimum requirements to be eligible for HAP mortgage loan are as follows:
HECM to HECM Refinance
What is a HECM to HECM Refinance Loan?
A HECM to HECM refinance is refinancing an existing Reverse Mortgage with a new Reverse Mortgage. A HECM Reverse mortgage loan is an abbreviation for a Home Equity Conversion Mortgage (HECM). The process works for someone who currently has an existing HECM that wants to refinance into a new HECM. If you would like to apply for a HECM Reverse Mortgage Refinance please call the John Thomas Team at 302-703-0727 or APPLY ONLINE
What is a HECM?
HECM or Home Equity Conversion Mortgage is FHA’s reverse mortgage product specifically for senior homeowners 62 years old and older. With a Reverse Mortgage Loan the equity in the home makes the mortgage payments and borrower is only responsible for typical expenses such as taxes, insurance and HOA fees. Having a Reverse mortgage loan has many of the same benefits of owning a home free and clear without the monthly mortgage payments. The HECM has the following benefits:
Reverse Mortgage Loan Process
Reverse Mortgage Loan Process
A Reverse Mortgage Loan frees homeowners 62 years of age and older from the obligation of monthly mortgage payments* by allowing them to borrower against the equity in the home. Unlike a traditional “Forward” mortgage that makes payment from your household income, the Reverse Mortgage uses the equity in the home to make a payment every month so the loan balance goes up each month. The first step is understand the Reverse Mortgage Loan Process. If you would like to apply for a Reverse Mortgage please call us at 302-703-0727 or APPLY ONLINE
