WHAT IS A PROFESSIONAL MORTGAGE ?
* PHYSICIAN/RESIDENTS LOAN * DENTISTS LOAN
Our Exclusive Professionals Mortgage loan is truly designed with your busy schedule in mind. Our program offers Physicians, Residents and Dentists a mortgage with No Down Payment, No MI.
And deferred student loans are not calculated in your debt-to-income ratios, and further flexibilty will be applied to file underwriting.
Frequently Asked Questions:
Q: Who in the medical field qualifies for the Professional loan?
A: Medical residents, existing or newly licensed medical doctors (MD). These include but are not limited to:
- Doctors of Philosophy (Phd) effective July 2009
- Doctors of Dental Science (DDS)
- Doctors of Dental Medicine (DMD)
- Dental surgeons specializing in oral and maxillofacial surgery
- Doctors of Optometry (OD)
- Doctors of Ophthalmology (MD)
- Doctors of Podiatric Medicine (DPM)
- Doctor of Osteopathy (DO)
- Resident Doctors
Q: Are the Doctor and Dentist loans available in all 50 states ?
A: Unfortunately not in all states. State eligibility changes do occur and much more frequently today than in previous years. Currently approximately 18 states are eligible.
Please fill out our short contact form so that we may determine if your state is eligible for the program.
Q: Can I re-finance with a Professional loan program?
A: Yes with a slightly lower loan-to-value requirement.
Q: Do I have to be a U.S. Citizen or permanent resident to qualify?
A: Yes
Q: If I am still a medical student, can I qualify for the doctor loan?
A: Unfortunately, the program requires you to be a practicing resident or doctor.
Q: Can I get the Professional loan as an M4 before I start Residency?
A: It is possible, but you will have to provide your signed residency contract before you close. You will usually receive your contract 3-4 weeks after match day. You must also have enough funds to cover the mortgage payments until you start receiving income from residency. This may differ among various lenders, so it is always recommended you ask your loan officer before making plans.
Q: My student loans are deferred. Wouldn't conventional mortgage financing programs overlook this debt in my debt-to-income ratios?
A: No. If you were to quit your residency at any time with deferred student loans still pending, those loans would become active again, thus normal mortgage programs would count this as current, active debt. The Professional Mortgage is the only loan program that allows lenders to not count this debt.
Q: How do student loans affect my ability to get a mortgage?
A: With traditional, conforming mortgage loans, your student loans are calculated into your debt-to-income ratio.
Q: What does my FICO score need to be for the Professional Mortgage ?
A: While there is no magic number, your score should be at least 680 to get the absolute best terms. Some lenders will allow for 650.
Q: What are the loan options for the Professional Mortgage ?
A: There are several options available - 40 year fixed, 30 year fixed, 15 year fixed, 5/1 ARM, etc. Please contact us for more information including rates and fees.
Q: What types of properties are eligible for the Professional Mortgage ?
A: Single family homes, townhomes, and condominiums.
Q: Because this is such a unique program, will I be overcharged on interest rates and fees?
A: Absolutely not. In addition to 100% financing and NO MI, this program has very favorable interest rates and the fees are comparable or better than most conventional mortgage programs.
Q: Aren't there other loans out there with better terms?
A: As of right now, the doctor loan is the ONLY conventional mortgage loan available that requires NO Down Payment with NO MI. That in itself makes this program offering unmatched with most lenders. And in addition to the fact that deferred student loans do not count towards the debt-to-income ratios.
Q: What is MI or as sometimes referred PMI ?
A: Mortgage Insurance (MI) or Private Mortgage Insurance (PMI) is not required on the Professional Mortgage Program. Physicians, Resident Doctors, and Dentist have been evaluated as less risk for some select lenders. These lenders have made a huge exception to lending policy to waive this insurance requirement.
As further explanation, other common place lenders without the strength and stability simply can not afford to make this exception and therefore require it as part of the clients payment. The insurance is to offset losses taken by these common place lenders should you not be able to make your payment.
DoctorMortgageAlliance has positioned itself with only the strongest and most stable of lenders. MI is not required on any of the Professional loans they provide. For additional information just click here.
Q: What is a declining market?
A: A declining market is an area in the country that is determined to be declining by automatic underwriting systems used by Freddie Mac and Fannie Mae. This is a new regulation, instated January 2008. These areas sometimes require 5% down to qualify for the doctor loan in most cases. Exceptions can be made depending on the strength of the file.
Q: Am I obligated to use the lender you connect me with, or accept his offer?
A: Absolutely not. You can shop around (and we encourage you to do so) until you find someone that offers the rates and terms you are most satisfied with.
Q: If I send DoctorMortgage Alliance my contact information, will I get bombarded with phone calls?
A: No. Unlike many online services who give your contact information to four or more lenders, we connect you directly with only one qualified, national lender who specializes in this unique type of mortgage. If you are unsatisfied with any part of your lender's performance or rates, politely tell him or her you have found another lender and you will not be contacted again unless you request they do so.
Q: Is DoctorMortgageAlliance a lender, bank or mortgage broker?
A: No. We are simply a referral platform that connects Professionals with lenders that have been determined to have the best rates, and can deliver service excellence in this difficult market. We do not originate any loans and therefore cannot answer specific questions about rates, loan amounts, etc.
Q: Are there any fees associated with using Doctor Mortgage Alliance?
A: Absolutely not. There are no fees, obligations, requirements or pre-payments whatsoever. Our sole purpose is to connect you the Professional with lenders you may not have access to locally that specialize with Physicians/Residents, Dentists, and CPA's on a daily basis.
Q: After I submit my information, when can I expect to hear from a lender?
A: You will be contacted within hours of submitting the request for application or additional information. In the rare case that you are not contacted, please get back in touch with us and we will do our best to have someone contact you immediately.
Q: How will a lender contact me?
A: It is best to use the "Contact Us" or "Apply Now" tab and complete the short form. Then you will receive a phone call to clarify and confirm your request. Afterwards a lender will call you to discuss the details of the loan program as it relates to your needs and concerns.
Our lending partners are very sensitive to your busy schedule and will go out of their way to accommodate you. If you prefer e-mail only, please tell your lender and he will call only when absolutely necessary.
Q: Will my information or email address be shared or sold to other companies?
A: Absolutely not. We do not publish, list or sell your private information to anyone other than the sole lender you are matched with. For more information, see our privacy and security policy.
Q: Is it difficult for me to work with a lender that does not live in my area?
A: Absolutely not. Due to the nature of the Professional Mortgage program and the limited amount of lenders that offer it, working with a lender across the country is very common. With access to email, e-fax, scaning and phone, you will be able to provide the lender with all the information needed and vice versa.
Please note: This FAQ is not meant to be a comprehensive list of all Professional loan program guidelines and is not legal advice. Mortgage programs may change without notice, so please consult with your individual loan officer when you have any specific questions.
