Tag Physicians Loan Program

Tag Physicians Loan Program

Doctor Loan Program for Physicians & Dentists

John Thomas August 10, 2022 Tags: , , , ,
featured image
PRMI Doctor Loan Program for medical professionals

PRMI Doctor Loan Program for Physicians, Dentists & Medical Professionals

Buy your home with up to 100% financing and no PMI—even with student loans.

If you’ve recently graduated from a medical program or are starting practice, student loan debt can make qualifying for a mortgage feel out of reach. The PRMI Doctor Loan Program—also known as a Physician Mortgage—is designed specifically for licensed medical professionals who want to purchase or rate/term refinance a primary residence with flexible underwriting and no mortgage insurance (PMI).

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)

Call the John Thomas Team: 302-703-0727Apply Online

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.

Keep Reading...