Florida Has Just the Medicine for Doctors Looking to Buy a Home!
As the government continues to believe that home-ownership is important, they have created a program to assist doctors in joining the ranks of homeowners. The program is called the “Physicians 100% Program”. Due to their often gigantic school loan balances, doctors may find it difficult to get approved for a mortgage through the traditional avenues. This week we will dive into who qualifies and what benefits are included.
- Loans are made for primary residences only.
-The following types of properties are included:
-Single Family
-Town-Homes
-Condominiums on FNMA approved checklist.
- Who qualifies as a “Physician”?
It varies based on lender but for the most part the following qualify:
-Medical Resident
-Fellow
-Attending Physician (with a signed contract for employment)
-Dentists
-Veterinarians
*Others may be included, if you think you should qualify we have some great contacts who would be able to let you know.
- What does the program offer?
-Zero (or low) Down Payment
– $0-$417,000: 100% loan to value
– $417,001-$1,000,000: 95% loan to value
– $1,000,001-$2,500,000: 90% loan to value
– $2,500,001-$5,000,000: 80% loan to value
– Max Loan of $5 Million
– No PMI
– No Rate Increases for loans over $417K aka Jumbo Loans max loan value of $5 million
– Lending based on signed employment contract
– Less scrutiny of student loan debt
- What are the requirements?
– Credit Score/History: Minimum middle score of 700 or better
– No bankruptcies, foreclosures, short sales or deed in lieu in the last 7 years
– Debt to Income: maximum of 43%
– Two Independent appraisals for loans over $1.5 Million (lender uses lowest of the two)
– Reserves at the time of underwriting equal or greater than 2 months of Principal, Interest,
Taxes, Insurance and Association Dues
Just because you qualify doesn’t mean this is the best route for you to take. There are a number of loan products available but if you were concerned that you may not be able to buy a home, this could be the answer.
Obviously, there is a very small portion of the population that would qualify for this program. If you are not a Physician there may still be a program out there for you, as I said the government loves home-ownership. Give us a call, we can put you in touch with the right people to discover all of the available options for you.
