Physician's Loan Program

We want to take care of the people who help take care of us.

We offer a loan program for practicing and resident physicians and dentists with certain medical designations.

The Basics

• No income restrictions
• 720 minimum credit score
• Borrow up to $1M
• Purchase or refinance
• Fixed or adjustable rates available

Up to 100% Financing

• Borrowers can finance up to 100% for loan amounts
• $750,000 or less. Thinking bigger? We’ll go up to 95% on loans up to $1,250,000. Not looking to purchase? We also offer rate and term refinance options.

NO PRIVATE  MORTGAGE INSURANCE  (PMI) REQUIRED

• The normal PMI requirement on mortgages with less than 20% down is waived  through this program, even if your borrowers put nothing down!

The right mortgage partner can make all the difference.  Apply with Core Mortgage Today.

Our reputation for our high level of service, paired with attractive loan programs, quick turn times and competitive rates, sets us apart from our competitors.

Our friendly and knowledgeable team will partner with you to take care of your borrowers, finding the mortgage option and rate that works best for them.

With our borrower-centered approach, we make the loan process as effortless  and efficient as possible. And rest assured, we’ll keep you and your borrower informed  every step of the way.

As your trusted partner, we’re dedicated to building strong relationships and providing expert guidance to help you build your business and serve your customers.

DESCRIPTION

Program for medical physicians with an MD, DO, OD, DDS, DMD or DPM degree both practicing physicians and residents

LOAN PURPOSE

Purchase, Rate & Term Refinance

Primary Residence

PROPERTY TYPE

1-4 Family, Condominium, PUD

APPRAISAL REQUIREMENTS

Full appraisal

LOAN AMOUNT MAXIMUM

Residents - $548,250
Practicing Physicians - $1,000,000
Credit score and LTV determine transactional maximum loan amount

FIXED RATE

15, 20 and 30 year fully amortized

ARM

5/l and 7/1 with Index = l yr. CMT - 2/2/6 caps. 2.25 Margin
Floor equals Margin

T&I ESCROW

Required for all loans with LTVs greater than 80% or HPML’s

MINIMUM CREDIT SCORE

720 (Use lowest score)

MAXIMUM LTV /TL TV RATIOS

Credit score dictates maximum LTV and loan amount

SUBORDINATE FINANCING

Purchase LOAN AMOUNT, MIN. SCORE, MAX LTV/TL TV
Up to $750,000, 720, 700%
Up to $1,000,000, 740, 95%
Up to $7,000,000, 720
90% Up to $1,250,000, 740
90%, 90%
Refinance Reduce the maximum LTV/TLTV by 5%

INCOME

Practicing Physicians full income documentation

Residents: Must provide documentation of residency (contract).
The employment start date must be no more than 60 days from
the loan closing. A paystub is not required if employment has
not started.

SELLER CONTRIBUTIONS

Permitted (follow agency guidelines)

GIFT FUNDS

Permitted

PRIVATE MORTGAGE INSURANCE

Not required regardless of LTV

SPECIAL NOTES

Student loans for physician applicants with deferred payments
are not included in the DTI