Grand Rapids is home to a burgeoning medical industry, and Inlanta Grand Rapids is excited to announce its new Doctor Loans program! It is no secret that doctors take on a lot of student loan debt to pay for medical school. If you are one of these everyday superheroes, you may be experiencing difficulty achieving your dream of homeownership as a result. Have no fear – Inlanta is here to help! We now have two loan options for qualified borrowers through our Doctor Loans program, designed with your unique needs in mind.
Our new program includes low down payment requirements, from 3% – 5%, and can exclude deferred student loan debt from calculations, which extends your buying power. The program is designed to cover medical, dental and orthodontic professionals. We are able to use new contracts to assist in qualification if you will start your contract within 60 days of close.
Read more to learn the program options and specifics or contact us for a personalized review of your eligibility.
Get Information on Doctor Loans
What kinds of doctors are eligible?
You must have one of the following designations in order to be eligible for this program:
- Medical Resident
- Medical Doctor (MD)
- Doctor of Dental Science (DDS)
- Doctor of Dental Medicine or Surgeon (DMD)
- Doctor of Ophthalmology (MD)
- Doctor of Optometry (OD)
- Doctor of Podiatric Medicine (DPM)
- Doctor of Osteopathic Medicine (DO)
What do these options have in common?
Highlights of both Doctor Loan options:
- Income-based repayment or other limited payment options may be used in qualification ratios
- Student loan payments deferred greater than 12 months may be excluded from qualification ratios
- If employment start date is within 60 days of closing, we may be able to use your new employment contract to qualify
Additional eligibility requirements:
- Available for primary residences only (condos, PUD’s, or single-family residences)
- Purchase or no cash-out (rate/term) refinances only
- Minimum credit score varies by loan option, but typically the minimum credit score range is 680 to 720
- Mortgage insurance (MI) is required (consult your loan officer for MI options)
What are the differences between the two options?
Doctor Loan Option 1 Highlights
- Adjustable Rate Mortgages (ARM’s) only
- As low as 3% down payment on loans up to $650,0001
- As low as 10% down payment on loans up to $850,0002
- Must have 3 months in cash reserves
- At least 3% of down payment must come from your own funds, but the rest may come from a gift
Option 1 Conditions: Maximum debt-to-income ratio is 43%. 14.649% APR calculated based on $200,000 loan with 3% down adjustable rate mortgage after 5 years, closing fees $1,185 plus 1/2 point. 24.558% APR calculated based on $200,000 loan with 5% down fixed for 30 years, closing fees $1,185.
Doctor Loan Option 2 Highlights
- Fixed rate or ARM options
- As low as 5% down payment on loans up to $636,1503
- Minimum credit score of 680 is required (if excluding student loan deferments from qualification ratios, minimum credit score is 720)
- Does not require specific amount of cash reserves
- May allow gift funds to fully fund down payment
Option 2 Conditions: No maximum debt-to-income ratio. 3$636,150 loan amounts only available in certain High-Cost Areas of the country. All other areas have a maximum loan amount of $424,100. 4.666% APR calculated based on $200,000 loan with 5% down fixed for 30 years, closing fees $1,185.
Which option is right for you?
One of our Guild Mortgage Inlanta loan officers will be able to answer all of your questions. Every person’s financial situation is different and program terms & conditions are always subject to change. Your loan officer will take a look at your unique situation and best advise you on which program is right for you. Talk to one of our team members today using the quick form below to get started.