Physician Lenders Available in Iowa
Regions Bank
DOCTOR PROGRAM FEATURES:
Offers mortgage loans to medical physicians, including Residents, Fellows, Doctor of Dental Medicine (DMD/DDS) or Doctor of Osteopathy (DO).
Doctors who have been self-employed for a minimum of 3 years are eligible. For self-employed physicians, income will be averaged based upon the most recent two years business and personal tax returns.
1099 income with contract is allowed – must have minimum monthly income guarantee.
Mortgages are available for purchases and refinances.
They offer fixed rate and ARMS. Available ARMS are 5, 7 and 10 years fixed. Loan terms are 30 years for ARMS.
Loan terms are 15 and 30 year for fixed rate mortgages.
No private mortgage insurance (PMI).
100% financing is available.
For loan amounts less than $750,000, 100% financing is available. For loan amounts up to $1,000,000, 95% financing is available.
Student loans are not included in the debt to income ratio with sufficient documentation supporting that the student loans are currently in deferment/forbearance.
This loan is for primary residences only, single-family residences, and townhomes.
Minimum credit score is 720 for loan amounts above $453,100.
Minimum credit score is 700 for loan amounts below at or below $453,100.
Residents entering medical profession are required to have a copy of the executed written agreement as evidence of employment or future employment.
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