Doctor Loan Program
PRMI Doctor Loan Program
If you have recently graduated from a medical program and our worried that your student loan debt will prevent you from qualifying for a mortgage, will the PRMI Doctor Loan Program may be just what you need. The Doctor Loan also called the Physician Loan Program has the following Features and Benefits:
- Low Down Payment (As little as 3%)
- Loan Amounts up to $1,500,000
- Adjustable Rate Mortgage Options Available
- Interested Party Contributions Allowed
You can get find out today if you qualify by calling the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or you can APPLY ONLINE
Who Qualifies for the Doctor Home Loan Program?
In order to qualify for the Doctor Mortgage Loan Program, at least one of the borrowers on the loan must be licensed in one of the following fields:
- Clinical Nurse Specialist
- Doctor of Dental Surgery
- Doctor of Dental Medicine
- Doctor of Optometry
- Doctor of Opthalmology
- Doctor of Podiatric Medicine
- Doctor of Osteopathy
- Doctor of Veterinary Medicine (DVM)
- Medical Resident
- Medical Doctor
- Nurse Anesthetist
- Nurse Practitioner
- Physician’s Assistant
- Registered Nurse
At Least one occupying borrower must hold a valid license within one of the approved medical fields listed above and meet the following requirements:
- Borrower must have completed residency within the last ten years or be a current medical professional resident, fellow or intern; and
- The Borrower must be actively engaged in the eligible profession (e.g. a MD not actively practicing is not eligible
On a purchase transaction all occupying borrowers MUST be first time home buyers (cannot own a home within the past 3 years) with the exception of the following scenarios:
- Employment relocation – professional borrower has accepted a new employment contract, or is newly employed by a business, beyond a reasonable distance from their current residence
- Divorce – In the event of a divorce in which the borrower has been legally displaced from their current residence and has no ownership interest in any additional real estate.
What are the Guidelines for the PRMI Doctor Mortgage?
In order to use the Physician Loan Program, borrowers must meet the eligible requirements listed above and must purchase an eligible property type. Eligible Property Types:
- 1 Unit Properties
- Fannie Mae Warrantable Condominiums
- Planned Unit Developments (PUDs)
- Modular Homes
Down Payment Requirements Are as Follows:
- You can put as little as 3% down up to $850,000 loan amount with a minimum 680 Credit Score.
- You can put as little as 5% down up to $1,000,000 loan amount with a minimum 700 Credit Score.
- You can put as little as 5% down up to $1,500,000 loan amount with a 720 Credit Score.
Loan Amounts greater than $850,000 require 6 months of reserves in the bank.
Mortgage Insurance Requirements:
All loans require mortgage insurance coverage according to the following guidelines:
How Do You Apply for the PRMI Doctor Loan Program?
If you are interested in finding out more about this unique mortgage loan program for Health Professionals or would like to apply, then give the John Thomas Team at Primary Residential Mortgage a call at 302-703-0727 or APPLY ONLINE.