Physician Loans in New Orleans
With construction underway at the new VA Medical Center in New Orleans, there is an expectation that there will be over 19,000 interim and permanent jobs created by the project. Any time there is a new medical center, there is a need for doctors to staff it. But residents and new doctors often have a hard time finding financing to purchase a home due to the large amount of student loans they may be carrying. Enter physician loans in New Orleans.
What if you could buy a home up to $750,000 with no money down and no PMI (Private Mortgage Insurance)? There’s a program for that.
Doctor Mortgage Program
PRODUCT PARAMETERS:
- Up to 100% LTV
- Loan amounts up to $750,000
- Minimum FICO (credit score) of 720
- No PMI
- Purchase or refinance
- Owner occupied property only
AVAILABLE PRODUCTS:
- 15 and 30 year fixed rate mortgages
- 5 year, 7 year and 10 year Adjustable Rate Mortgages (ARM)
ELIGIBLE DOCTOR DESIGNATION:
- Medical Doctors (M.D.)
- Doctor of Dental (D.M.D./D.D.S.)
- Doctor of Osteopathic Medicine (O.D.)
BORROWER ELIGIBLE REQUIREMENTS:
- Residents who are entering residence or fellowships are eligible
- Doctors who have been in practice for 7 years or less after completion of residency
- Doctors who have been self employed for a minimum of 3 years are eligible
- Borrowers are required to be an existing or new Regions Bank deposit customer
BORROWER CONTRIBUTION:
- Borrowers must contribute a minimum of 3% of their own funds with LTV’s up to 97%
- Borrowers must contribute a minimum of $1000 of their own funds with LTV’s from 97% – 100%.
FUTURE INCOME/EMPLOYMENT:
Residents entering medical profession who will begin employment after their mortgage loan closes,must provide a fully executed employment agreement as evidence of employment or future employment
MORTGAGE INSURANCE:
No PMI required
STUDENT LOANS:
Deferred student loan payments are not included in DTI (Debt-to-Income) with sufficient documentation supporting loans currently in deferment/forbearance.
FOR INFORMATION ON HOW TO APPLY FOR A DOCTOR’S MORTGAGE, PLEASE CALL CRESCENT CITY LIVING AT (504) 327-5303. We will be happy to connect you with a local lender offering this program.
New Orleans Homes for Sale
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