Quick answer
- Who it may fit
- Eligible medical professionals whose contracts or student debt complicate standard financing.
- Down payment & cash to close
- Cash contribution and reserves depend on the lender and profession; include closing costs separately.
- Insurance & fees
- Mortgage-insurance treatment, rate and fees vary by lender; compare with conventional.
- Key eligibility
- Eligible credentials, employment contract, occupancy and lender credit rules apply.
- Main tradeoff
- Flexible qualifying may cost more or leave a larger balance at lower down payments.
Down payment is not total cash to close. Educational guidance pending licensed review.
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Physician and similar professional programs recognize that a resident, fellow or newly credentialed professional often has significant student debt and a short earnings history but a strong forward income path. Eligible professions and treatment of student loans differ by lender.
- Physicians, dentists and, at some lenders, other licensed professionals
- Residents and fellows with a signed employment contract
- Borrowers whose student-loan balance complicates standard qualifying
- Down-payment expectations are often lower than a comparable jumbo option
- Student-loan debt may be treated more favourably than under standard guidelines
- A future employment contract may be usable to qualify, subject to program rules
- Eligible professions, degrees and credential requirements vary by lender
- Pricing may differ from a standard conventional loan
- Occupancy requirements typically apply
- A lower down payment means a larger balance and more total interest
These are the factors an underwriter typically reviews. They are not a checklist of requirements, and meeting them does not guarantee eligibility or approval.
- A qualifying profession and credential under the specific program
- An employment contract or verified current employment
- Credit review, and asset review appropriate to the program
- Owner-occupancy of the subject property
All loans are subject to credit, income, property and underwriting approval. Nothing on this page is a loan offer, an approval, a rate lock or a commitment to lend. Programs, rates and terms are subject to change without notice.