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Portfolio Edge Medical Professional Loans

Medical Professional Loans

Medical Professional Loans


  • Unique opportunities to qualify more medical professionals actively practicing in one of the following professions:
  • Medical, Dental or Eye Doctor, Surgeon, Veterinarian, Pharmacist or Physician Assistant
  • Up to $2,000,000 loan amount and 50% DTI
  • 12-month deferred student loan debt excluded from DTI

NON-AUS AFFORDABLE LENDING

 
NON AUS GUIDELINE SUMMARY – MEDICAL PROFESSIONALS PROGRAM

Loans to Medical Professionals may be insured in accordance with the guidelines of any program within the TrueGuide®. The Medical Professionals Program is also available to qualifying medical professionals that satisfy requirements described in Section 3 of the TrueGuide® as amended by this matrix (Refer also to requirements in Section 3.4.8.1 – Medical Professionals Program)
  • - Applicants must be actively practicing in one of the following professions (may be internship or resident phase; or medical clinical fellowship) Medical, Dental or Eye doctor or surgeon (MD, DO, OD, DPM, DDS, DMD); Veterinarian (DVM, VMD, DACVS); Pharmacist (PharmD); or Physician Assistant (PA); and have never been 30 or more days late on student loan payments.
  • - New employment and/or pay increases may be used for qualifying provided they are to occur within 90 days of loan closing.
  • - Payments on student loans may be excluded from DTI provided they are deferred for a minimum of 12 months or will be paid by the employer for a minimum of 3 years (refer to Section 3.4.8.1 for documentation requirements).
  • - Minimum Borrower Contributions: 3% from occupant borrower’s own funds for <= $1,000,000 loan amounts, except gifts/grants apply toward the 3% if loan amount within GSE conforming or high balance/super conforming loan limits and either (i) 3% verified in occupant borrower’s asset accounts, or (ii) occupant borrower has minimum 720 FICO (see Section 3.5.3.1); and minimum 5% from occupant borrower’s own funds for > $1,000,000 loan amounts.
  • - Minimum reserves (unless indicated differently in Section 3.5.3.5):
 
LOAN AMOUNT LOAN PURPOSE # MONTHS RESERVES
<= $800,000 Rate/Term Refinance with lower payments 0
Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances 2
$800,001 – $1,775,000 All Eligible 6
$1,775,001 – $2,000,000 All Eligible 12
LOAN AMOUNT <= $800,000
LOAN PURPOSE Rate/Term Refinance with lower payments | Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances
# MONTHS RESERVES 0 | 2
LOAN AMOUNT $800,001 – $1,775,000
LOAN PURPOSE All Eligible
# MONTHS RESERVES 6
LOAN AMOUN $1,775,001 – $2,000,000
LOAN PURPOSE All Eligible
# MONTHS RESERVES 12
 
  • - For >$1,150,000 loan amounts: Non-Delegated Underwriting MI submission path required.
  • - New secondary financing is not permitted.
  • - Non-occupant borrowers are not considered when determining qualifying DTI.
  • - For <= $1,000,000 loan amounts with a DU® Approve/Ineligible or LPA® Accept/Ineligible which meet the requirements in this matrix and are otherwise eligible in accordance with Section 3.0 guidelines may follow the AUS documentation requirements for income, assets and employment. For all other loans, full income documentation is required (Paystub + W2s; 2 Years Tax Returns; and/or standard requirements as applicable)1.
  • - ARM maximum LTV 95%, minimum initial fixed term 1 year for <= $800,000 loan amounts; minimum 3 years for > $800,000 to $1,000,000 loan amounts; and minimum 5 years for > $1,000,000 loan amounts (see Section 3.1.4).
  • - Exterior only appraisals or evaluations, appraisal waivers, AVMs or BPOs are not permitted.
    •  
    OCCUPANCY LOAN PURPOSE2,3 PROPERTY TYPE3,4 LOAN AMOUNT5 MAXIMUM LTV/CLTV MINIMUM FICO6 MAXIMUM DTI7
    Primary Residence Purchase or Rate/Term Refinance2 or Construction to Permanent3 Single Family, Condo
    or Co-op3    		 $775,000 97% 6206 50%7
    $800,000 95% 6206 50%7
    $1,150,0005 95% 6806 50%7
    $1,200,000 90% 7006 50%7
    $1,500,000 90% 7206 50%7
    $1,775,000 85% 7206 50%7
    2,000,000 85% 7406 50%7
    Cash-Out Refinance All All Not Eligible Not Eligible Not Eligible
    Purchase or Rate/Term Refinance2 or Construction to Permanent3 2-Units | 3-4 Units All Not Eligible Not Eligible Not Eligible
    Manufactured Homes4 $775,000 90% 6406 50%7
    Second Home All All All Not Eligible Not Eligible Not Eligible
    Investment Property All All All Not Eligible Not Eligible Not Eligible
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance2 or Construction to Permanent3
    PROPERTY TYPE3,4 Single Family, Condo or Co-op3
    LOAN AMOUNT5 $775,000 | $800,000 | $1,150,0005 | $1,200,000 | $1,500,000 | $1,775,000 | $2,000,000
    MAXIMUM LTV/CLTV 97% | 95% | 95% | 90% | 90% | 85% | 85%
    MINIMUM FICO6 6206 | 6206 | 6806 | 7006 | 7206 | 7206 | 7406
    MAXIMUM DTI7 50%7
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Cash-Out Refinance
    PROPERTY TYPE3,4 All
    LOAN AMOUNT5 Not Eligible
    MAXIMUM LTV/CLTV Not Eligible
    MINIMUM FICO6 Not Eligible
    MAXIMUM DTI7 Not Eligible
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance2 or Construction to Permanent3
    PROPERTY TYPE3,4 2-Units | 3-4 Units
    LOAN AMOUNT5 Not Eligible
    MAXIMUM LTV/CLTV Not Eligible
    MINIMUM FICO6 Not Eligible
    MAXIMUM DTI7 Not Eligible
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance2 or Construction to Permanent3
    PROPERTY TYPE3,4 Manufactured Homes4
    LOAN AMOUNT5 $775,000
    MAXIMUM LTV/CLTV 90%
    MINIMUM FICO6 6406
    MAXIMUM DTI7 50%7
    OCCUPANCY Second Home
    LOAN PURPOSE2,3 All
    PROPERTY TYPE3,4 All
    LOAN AMOUNT5 All
    MAXIMUM LTV/CLTV Not Eligible
    MINIMUM FICO6 Not Eligible
    MAXIMUM DTI7 Not Eligible
    OCCUPANCY Investment Property
    LOAN PURPOSE2,3 All
    PROPERTY TYPE3,4 All
    LOAN AMOUNT5 All
    MAXIMUM LTV/CLTV Not Eligible
    MINIMUM FICO6 Not Eligible
    MAXIMUM DTI7 Not Eligible
    1. 1 Refer to Section 3.5.1 of the TrueGuide® for details on documentation for specific types of income.
    2. 2 Rate/Term Refinance for 1-unit Primary Residence conforming loan amounts includes Fannie Mae RefiNowTM and Freddie Mac Refi PossibleSM loans (regardless of current mortgage insurer), provided the loan complies with the eligibility criteria within this matrix, and otherwise complies with the applicable GSE requirements.
    3. 3 Construction to Permanent excludes attached condos and co-ops.
    4. 4 Manufactured homes must be multi-wide and meet requirements in Section 3.6.1.7; and for Renovation Loans, Section 3.4.6.
    5. 5 Maximum Loan Amount for AK and HI is $1,350,000 (at 95% LTV).
    6. 6 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
    7. 7 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

    Quick links to important resources

    PDF Icon Medical Professionals Program