Physician's Loan Program
We want to take care of the people who help take care of us.
THERE'S NO REASON TO WAIT
Get in touch and get the home you always wanted.
We offer a loan program for practicing and resident physicians and dentists with certain medical designations.
- 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.
Program for medical physicians with an MD, DO, OD, DDS, DMD or DPM degree both practicing physicians and residents
Purchase, Rate & Term Refinance
1-4 Family, Condominium, PUD
LOAN AMOUNT MAXIMUM
Residents - $548,250
Practicing Physicians - $1,000,000
Credit score and LTV determine transactional maximum loan amount
15, 20 and 30 year fully amortized
5/l and 7/1 with Index = l yr. CMT - 2/2/6 caps. 2.25 Margin
Floor equals Margin
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
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
Refinance Reduce the maximum LTV/TLTV by 5%
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
Permitted (follow agency guidelines)
PRIVATE MORTGAGE INSURANCE
Not required regardless of LTV
Student loans for physician applicants with deferred payments
are not included in the DTI