DOCTOR LOAN PROGRAM:
As of 2015, the average student loan debt of a doctor was estimated at $183,000. With the current prevailing student loan interest rate at 6.31% with an average length of repayment of 21 that is a estimated a total payment of $1,312.
With today’s rate still at historic lows hovering around 4%, that same $1,312 in student loan payments when applied to 30 year fixed mortgage that equates to $274,866 more buyer power!
With documentation supporting the length of the deferment or forbearance period being deferred status for a minimum of 12 months from the Closing date, this could be you!
Terms – 30 year, 15 year, 7/1 and 10/1 ARMs
Max Loan to Value – 95%
Max Loan Amount – $424,100
Minimum credit score – 720
Property Types – Single Family, PUD, Condo’s
-Who are in, or have recently completed a medical residency program and/or a medical clinical fellowship program.
-School transcripts or diploma evidencing the completion of the medical residency program and/or medical clinical fellowship program
-Eligible Medical Designation – Medical Resident, Medical Doctor (MD), Doctor of Dental Science (DDS), Doctor of Dental Medicine (DMD) and dental surgeons specializing in oral and maxillofacial surgery, Doctor of Optometry (DO), Doctor or Podiatric Medicine (DPM), Doctor or Osteopathy (DO), Pharmacist (RPH)
Income Commencing After the Note Date From Future Primary Employment:
-The borrower’s employment offer must be non-contingent and the non-contingent offer letter must be retained in the loan file;
-The borrower’s written acceptance of the employment offer must be retained in the loan file;
-The time frame between the Mortgage Note Date and the commencement of employment (the employment gap) must not exceed 90 days;
-Each mortgage must be a purchase transaction (Rate/Term is not allowed);
-The Borrower must have adequate cash reserves after the Note Date to pay the monthly housing expense, during the employment gap plus one additional month (gift funds or retirement savings is not allowed);
-The Borrower’s employer verifies in writing the employment effective date;
Income Received From A Salary Increase:
-The Borrower’s employer verifies in writing the amount and effective date of the salary increase and the documentation is retained in the mortgage file;
-The effective date of the salary increase must be no more than 90 days after the Note Date;
Student Loan Deferred – documentation supporting the length of the deferment or forbearance period. The deferred debt must remain in a deferred status for a minimum of 12 months from the Closing date.
Contact Zach and the Lucy Lending Team to get the ball rolling for your home purchase!
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