Residents, fellows, and attending physicians face unique challenges regarding debt and income when they begin their careers. Most young physicians enter the workforce with a pile of student loans and credit card debt from the high costs of obtaining their degree and training. However, unlike most professions, their first job typically pays very well and affords them the opportunity to reward themselves for years of hard work. The First Western Trust Medical Loan understands these unique situations and have created a solution, designed specifically to allow physicians, anesthetists, and dentists the opportunity to put zero or little down on a home purchase with flexible guidelines.
Who Qualifies? What are the benefits? What are the features? What are the requirements?
Unique loan program for medical & legal professionals that allows for zero or low-down payment options to purchase residential real estate.
Who Qualifies: MD, DO, DDS, DMD, CRNA
What are the benefits: High loan amounts with little or no down payment and no mortgage insurance, no escrow reserves, and any student loans that are deferred for 12+ months is not counted.
What are the features of the First Western Trust Medical Loan:
- Loan amounts from $600,000 – $1,500,000
- Down payments from ZERO to 10%
- No mortgage insurance
- No escrow reserves collected at closing.
- Student loans that are deferred 12+ months are ignored.
- Property types: Single family, condominium, duplex, or triplex
- Residency types: Primary residences and second homes
What are the requirements:
- Must be within 60 days of the start date for new employment contract if in residency or fellowship program.
- Minimum FICO 720 (exceptions considered)
- Maximum DTI 45% (exceptions considered)
Where is this program eligible:
If you are considering purchasing residential real estate anywhere in the US and would like a free consultation to discuss your purchase options or if there are any questions you have about the mortgage process, I am always happy to be a resource.
Adam Hubbell – MLO | Mortgage Loan Originator | First Western Trust
Direct 480-241-4194 | firstname.lastname@example.org