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Introducing MedPro Advantage -- a Low Down Payment Program for Medical Professionals!

Published Jun. 17, 2024

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The cost of homeownership has become more and more costly in recent years – especially for those who might have preexisting student loan debt. Through our new MedPro Advantage program, we’re making it easier for doctors and other medical professionals to buy a home!

 

Program Highlights

Through MedPro Advantage, eligible professionals can purchase a home with as little as 5%* down. While other Conventional Loans and FHA Loans might offer low down payments as well, they have the catch of mortgage insurance costs. MedPro Advantage does not require mortgage insurance, which is thousands of savings for eligible borrowers. Take a look at more of the program highlights:

  • 95% LTV
  • No mortgage insurance
  • Loan amounts up to $2 million
  • Competitive rates
  • Student loan exclusion

 

Student Loan Exclusion

If a student loan is deferred more than 12 months, the payment may be excluded from the debt-to-income (DTI) ratio – potentially helping borrowers qualify for larger loans & lower rates.  If repayment is scheduled to begin within 12 months of the application date, then 0.5% of the loan balance must be included in DTI calculation or a current statement must be provided from the financial institution confirming the terms and amount of repayment.

 

Eligible Medical Professionals

Another perk of the program is that only one occupying borrower needs to be actively practicing in one of the following professions:

Licensed Residents/Interns/Fellows

  • Medical Doctors (MD)
  • Doctors of Osteopathy (DO)
  • Doctors of Podiatric Medicine (DPM)

Licensed Medical Professionals

  • Medical Doctors (MD)
  • Doctors of Osteopathy (DO)
  • Doctor of Dental Medicine- Dental Surgeons, Orthodontists, General Dentists (DMD/DDS) only
  • Doctors of Podiatric Medicine (DPM)
  • Doctor of Veterinary Medicine (DVM)
  • Doctor of Optometry/Ophthalmology
  • Doctor of Psychology
  • Physician Assistant

Eligible Property Types

The property of purchase must be a primary residence, 1-unit property. This can include a single-family home with an ADU, PUDs, or studio condos of at least 500 sqft.

 

Ready to learn more? Reach out!

 

 

*Rate available as of 6/13/2024. Stated rate may change or may not be available at time of rate lock. If you bought a $400,000 home with a 30-year loan at a fixed rate of 6.625% (6.714% Annual Percentage Rate), with a down payment of 5%, for a loan amount of $380,000, you would make 360 monthly payments of $2,434.00. Payment stated does not include mortgage insurance, taxes and homeowners insurance, which will result in a higher payment
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