Medical Professional Mortgage Program
This specialized mortgage program offers high loan-to-value financing for eligible medical professionals. The program has no state-specific restrictions; the Chris Jordan Mortgage Team currently offers it for eligible properties in Maryland, Washington, DC and Virginia.
Program Highlights
- Up to 97% loan-to-value financing on loan amounts up to $2,000,000
- Up to 89.99% loan-to-value financing on loan amounts up to $3,000,000
- No mortgage insurance
- 30-year fixed-rate and adjustable-rate mortgage options
- Maximum debt-to-income ratio of 50%
- Minimum credit score of 700
- Minimum loan amount of $500,000
Which Medical Professionals May Qualify for This Mortgage Program?
- Medical Doctor (MD)
- Doctor of Osteopathy (DO)
- Doctor of Podiatric Medicine (DPM)
- Doctor of Dental Surgery (DDS)
- Doctor of Dental Medicine (DMD)
- Doctor of Veterinary Medicine (DVM or VMD)
- Doctor of Ophthalmology (MD or DO)
- Doctor of Optometry
- Doctor of Psychology
- Physician Assistant who holds a medical license
- Doctor of Anesthesiology
- Radiologist
- Doctor of Psychiatry (MD or DO)
- Doctor of Pharmacy (PharmD)
- Certified Registered Nurse Anesthetist (CRNA)
- Nurse Practitioner (NP)
How Are Deferred Student Loans Treated for Medical Professional Mortgages?
If student-loan repayment is deferred for more than 12 months, the payment may be excluded from the debt-to-income calculation. If repayment is scheduled to begin within 12 months of the application date, the lender must use either 0.5% of the outstanding loan balance or the documented payment shown on a current statement from the financial institution.
Important Eligibility Details
- Specific property-flipping rules apply to homes purchased by the seller within the previous 90 days.
- Borrowers cannot own more than four financed residential properties.
- The minimum loan amount is $500,000.
- Minimum credit-tradeline requirements apply.
Is This Program a Good Fit?
The lowest down payment is not automatically the best structure for every borrower. Credit, debt-to-income ratio, reserves, property eligibility, loan amount and long-term plans must all be reviewed. We can compare the available fixed-rate and adjustable-rate options and explain the estimated payment, cash required and total financing costs. Depending on the loan amount and borrower qualifications, we can also compare jumbo mortgage alternatives.
Ready to discuss the Medical Professional Mortgage Program? Call (240) 670-5090, email us directly or begin your prequalification online.
Program terms, interest rates, loan limits and eligibility requirements are subject to change. Not all borrowers or properties will qualify. This information is not a commitment to lend.
