Q: How Does The Professionals Loan Work?
The Doctor and Professionals Loan provides up to 100% financing for certain professionals. Lender-paid (LPMI) mortgage insurance will be purchased by the lender.
Who is the Professionals Mortgage for?
100 % financing Mortgage For Doctors, Attorneys, Certified Public Accountants, Medical Professionals: Licensed Medical Residents, Interns, Medical Doctors, Doctors of Osteopathy, Doctors of Podiatric Medicine, Doctors of Optometry, Doctors of Dental Medicine, Dental Surgeons, Orthodontists, General Dentists, Doctors of Veterinary Medicine, Chiropractors, Nurse Practitioners, Physician’s Assistants
What Are The Stipulations?
- It must be a primary Single-family home.
- The maximum back-end debt-to-income ratio is 43%.
- Student Loans – Do Not count student loans in the debt-to-income ratio calculation.
- Lender-paid (MI) mortgage insurance is included in the pricing hand as an (MI) mortgage insurance early prepay recapture fee of -1% if paid off within 3 years. (MI) mortgage insurance payment is determined by credit and Debt to income ratio. The MI payment will be determined and included within the signed disclosures.
What Are The Credit Score Requirments?
- 720 =100% Financing
- 700 = 95% Financing
- 680 = 90% Financing
What are the Loan Terms:
- 100% Financing to $1,000,000
- 95% Financing to $1,500,000
- 90% Financing to $2,000,000
Who Is Eligible?
• PhD in a non-medical profession are not eligible
• Psychologists are not eligible.
• Only one borrower on the loan application is required to meet the definition of an eligible doctor to qualify for the Doctor Loan Program.
Florida Professionals Preffered:
- Loan Type 15 & 30-Year Fixed
- Loan Amounts Up to $2 Million $500,000 to $2 Million Up to $1.5 Million
- LTVs Up to 100% Up to 80% Up to 80% / 90% CLTV
- Occupancy types Primary only Primary, 2nd Home & Investment Primary & 2nd Home
- Borrower Eligibility List of Professionals Typical Typical
- Qualifying Ratios 43% Up to 50% Up to 50%
- Minimum Credit Score 680 680 680 Primary, 700 2nd Home
- Condominiums Warrantable Warrantable – See Guidelines Non-warrantable considered
- Closing Costs Credit No No Yes – 2%
- Cash Out Refinance No Yes – Up to 50% LTV Yes – Up to 70% LTV
- Gift Funds Yes – See Guidelines Yes – Per FNMA Guidelines Yes – Per FNMA Guidelines
- Escrow Waivers Yes – See Guidelines No Yes
- ARM Indexes SOFR & 5 Yr CMT 1 Yr CMT SOFR & 5 Yr CMT
- Asset Depletion Option No Yes Non-warrantable considered
- Post-Closing Liquidity N/A 12 mos. PITI – Retirement funds at 100% Per FNMA DU
- LLC’s Allowed No Yes Non-warrantable considered
- Property Types 1 Unit Only 1 Unit Only 1 Unit Only
Jumbo and Super Jumbo Mortgage Options Include:
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Bridge-to-Sale – Help clients access their listed property’s equity before its sale.
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Bank Statement– Use multiple income streams for qualification, including personal or business bank statements.
- Foreign National – Non-Resident– Jumbo Super Jumbo refinance up to 15 MM with CPA letter on independent CPA firm’s company letterhead properly dated.
- Asset Depletion– Increase client purchasing power by calculating assets into qualifying income, without liquidating.
- Cross-Collateralization– Access Jumbo home equity to purchase a new home without having to sell first. Cashout up to 100% of a home’s value by securing the loan against an additional free and clear property.
- Condo Condotel – Super Jumbo Condo and Condotel Florida mortgage lenders for Unique properties.
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Pledged Asset – Leverage assets (stocks, mutual funds, etc.) without liquidating. Jumbo cashouts up to 90% of a home’s value by pledging security assets or savings.
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DSCR– Jumbo DSCR loans for investment properties using only 1007 rental income to qualify.
- Bad Credit Florida Jumbo Mortgage– Jumbo mortgage exceptions with unforeseen circumstances.
