The Advisor

The NON-Conforming Doctor Program provides financing for purchases of primary residences to medical doctors who have completed their medical residency within the most recent 36 months.  
This new program has a maximum loan amount of $850,000 and is available with the following NON-Conforming products:

•    30 year fixed
•    15 year fixed
•    ALB 10/1 ARM
•    ALB 7/1 ARM
•    ALB 5/1 ARM
 
This program will not allow interest only payments and mortgage insurance is not required we also will not allow Non-Occupant co-borrowers with this product.
 
Our Employment requirements for this product are that the Dr. must have completed their medical residency in the most recent 36 months and be a practicing medical doctor verified by obtaining a copy of their license.
 
Borrowers with less than six months left in their residency who have accepted a permanent position as evidenced by a fully executed employment offer letter are also allowed subject to the following requirements:
 
Income form the permanent position is to be used to calculate debt ratios and verified liquid funds must be verified and sufficient to cover PITI until residency is complete and new position is started.
 
All borrowers will be required to have 5% post closing liquidity where both retirement and non-retirement funds can be used.
 
A minimum credit score of 720 is required along with their housing debt ratio not to exceed 33% and their total debt ratio not to exceed 38%.
 
Eligible properties will be single family detached, single family attached, long with PUD's and condominiums.  Borrowers may already have only one other financed property and the maximum Loan To Value and Combined Loan To Value is not to exceed 89.99%.