100% No Down Payment Doctor Loans In Florida
100% Doctor Loans In Every City In Florida
At least one borrower whose income is being used to qualify must be one of the following
eligible professional designations:
o Medical Doctor (MD)
o Doctor of Osteopathy (DO)
o Doctor of Dental Science or Surgery (DDS)
o Doctor of Dental Medicine (DMD)
o Doctor of Ophthalmology (MD or DO)
o Doctor of Psychiatry (MD or DO)
o Doctor of Pharmacy (PharmD)
o Doctor of Veterinary Medicine (VMD)
o Doctor of Podiatric Medicine (DPM)
o Certified Registered Nurse Anesthetist (CRNA)
o Medical residents, fellows, or interns with one of the above degrees
Borrowers must hold a minimum of an M.D., D.O., D.D.S., DNP, DNAP or D.M.D. degree and
have an active employment contract (or verification of terms of employment acceptance).
Non-occupant co-borrowers are eligible; however, non-occupant contributing income must be
less than or equal to 50% of total qualifying income.Escrow/impound accounts required for LTVs greater than 90.01% unless prohibited by applicable laws
Student Loan Payment Exclusion Calculation
• Student loan payments that are in deferment, forbearance, or reported as $0 due to an Income-Based Repayment (IBR) plan may be excluded from the borrower’s debt-to-income (DTI) ratio if all of the following conditions are met:
➢ The borrower is currently in residency, or the borrower is currently in training in a medical clinical fellowship program.
➢ The borrower is qualified based on the current income received during residency or a medical clinical fellowship program.
• For all other student loans, that do not meet “Student Loan Payment Exclusion Criteria” whether deferred, in forbearance, or in repayment, a monthly payment must be included in the borrower’s monthly debt obligation.
➢ If a monthly payment is provided on the credit report, the amount indicated for the monthly payment may be used in qualifying.
➢ If the credit report does not provide a monthly payment or if it shows $0 as the monthly payment, the monthly payment may be one of the options below: o Loan payment indicated on student loan documentation verifying monthly payment is based on an income-driven plan. o For deferred loans or loans in forbearance:
▪ 1% of the outstanding loan balance (even if this amount is lower than the actual fully amortizing payment) or
▪ A fully amortizing payment using the documented loan repayment terms.
• For all other student loans that do not meet “Student Loan Payment Exclusion Criteria,” whether deferred, in forbearance, or in repayment, a monthly payment must be included in the borrower’s monthly debt obligation. ➢ If a monthly payment is provided on the credit report, the amount indicated for the monthly payment may be used in qualifying.
➢ If the credit report does not provide a monthly payment or if it shows $0 as the monthly payment, the monthly payment may be one of the options below: o Loan payment indicated on student loan documentation verifying monthly payment is based on an income-driven plan.
o For deferred loans or loans in forbearance:
▪ 1% of the outstanding loan balance (even if this amount is lower than the actual fully amortizing payment) or
▪ A fully amortizing payment using the documented loan repayment terms.
Doctor Loan Liability Requirements:
• The monthly payment on revolving accounts with a balance must be included in the borrower’s DTI, regardless of the number of months remaining. If the credit report does not reflect a payment and the actual payment cannot be determined, a minimum payment may be calculated using the greater of $10 or 5%.
• If the credit report reflects an open-end or net thirty (30) day account, the balance owing must be subtracted from liquid assets.
• Loans secured by financial assets (life insurance policies, 401(k), IRAs, CDs, etc.) do not require a payment to be included in the DTI if documentation is provided to show the borrower’s financial asset as collateral for the loan.
Q: How Does The Doctor’s Loan Work?
The Doctor provides up to 100% financing for certain professionals. Lender-paid (LPMI) mortgage insurance will be purchased by the lender.
Q: What Are The Doctor Loan Stipulations?
- It must be a primary Single-family home.
- The maximum back-end debt-to-income ratio is 43%.
- Student Loans – Do not count student loans in the debt-to-income ratio calculation.
- Lender-paid (MI) mortgage insurance is included in the pricing hand as an (MI) mortgage insurance early prepay recapture fee of -1% if paid off within 3 years. (MI) The mortgage insurance payment is determined by credit and debt-to-income ratio. The MI payment will be determined and included within the signed disclosures.
What Are The Credit Score Requirements?
- 680 =100% Financing up to 1.5MM
- 720 = 100% Financing up to 2MM.?
Doctor Loan Specifications:
- Loan Type 15 & 30-Year Fixed
- Loan Amounts Up to $2 Million, $500,000 to $2 Million, Up to $1.5 Million
- LTVs Up to 100% Up to 80% Up to 80% / 90% CLTV
- Occupancy types Primary only Primary, 2nd Home & Investment Primary & 2nd Home
- Doctor Eligibility List of Professionals
- Qualifying Ratios 43% Up to 50% Up to 50%
- Minimum Credit Score 680 680 680 Primary, 700 2nd Home
- Condominiums Warrantable Warrantable – See Guidelines Non-warrantable considered
- Closing Costs Credit No No Yes – 2%
- Cash Out Refinance No Yes – Up to 50% LTV Yes – Up to 70% LTV
- Gift Funds Yes – See Guidelines Yes – Per FNMA Guidelines Yes – Per FNMA Guidelines
- Escrow Waivers Yes – See Guidelines No Yes
- ARM Indexes SOFR & 5 Yr CMT 1 Yr CMT SOFR & 5 Yr CMT
- Asset Depletion Option No Yes Non-warrantable considered
- Post-Closing Liquidity N/A 12 mos. PITI – Retirement funds at 100% per FNMA DU
- LLCs Allowed No Yes Non-warrantable considered
- Property Types 1 Unit Only 1 Unit Only 1 Unit Only
Q. Who Else Can qualify for the Doctor’s Loan?
100 % financing Mortgage For Doctors, Attorneys, Certified Public Accountants, Medical Professionals: Licensed Medical Residents, Interns, Medical Doctors, Doctors of Osteopathy, Doctors of Podiatric Medicine, Doctors of Optometry, Doctors of Dental Medicine, Dental Surgeons, Orthodontists, General Dentists, Doctors of Veterinary Medicine, Chiropractors, Nurse Practitioners, Physician’s Assistants
Q: What Type Of Doctor Can You Be For A Doctor Loan?
You may call them simply doctors. But most doctors have extra expertise in one type of medicine or another. There are several hundred medical specialties and subspecialties. Here are the most common types of doctor loans we do.
Allergists/Immunologists Doctors loans for doctors who treat immune system disorders such as asthma, eczema, food allergies, insect sting allergies, and some autoimmune diseases.
Anesthesiologists’ Doctor Loans –
These doctors give you drugs to numb your pain or to put you under during surgery, childbirth, or other procedures. They monitor your vital signs while you’re under anesthesia.
Cardiologists Doctor Loans –They’re experts on the heart and blood vessels. You might see them for heart failure, a heart attack, high blood pressure, or an irregular heartbeat.
Colon and Rectal Surgeons Doctor Loans- You would see these doctors for problems with your small intestine, colon, and rectum. They can treat colon cancer, hemorrhoids, and inflammatory bowel disease.
Critical Care Medicine Doctor Loans- They care for people who are critically ill or injured, often heading intensive care units in hospitals. You might see them if your heart or other organs are failing or if you’ve been in an accident.
Dermatologists Doctor Loans- Have problems with your skin, hair, nails? Do you have moles, scars, acne, or skin allergies? Dermatologists can help.
1. For Allergy and Immunology Doctor Loans
2. Anesthesiology Doctor Loans – Critical care medicine, Hospice and palliative care, Pain medicine, Pediatric anesthesiology, Sleep medicine,
3. Dermatology Doctor Loans –Dermatopathology, Pediatric dermatology, Procedural dermatology,
4. Diagnostic radiology Doctor Loans – Abdominal radiology, Breast imaging, Cardiotor acic, Cardiovascular, Chest raiology, Emergency radiology, Endovascular surgical neuroradiology, Gastrointestinal radiology, Genitourinary radiology, Head and neck radiology, Interventional radlogy, Musculoskeletal radiology, Neuroradiology, Nuclear radiology, Pediatric radiology, Radiation oncology, Vascular and interventional radiology
5. Emergency medicine Doctor Loans- Anesthesiology, Emergency medical, Hospice and palliative, Internal medicine / Critical care medicine, Medical Toxicology, Pain medicine, Pediatric emergency medicine, Doctor, Sports medicine, Undersea and hyperbaric medicine, Doctor
6. Family Medicine Doctor Loans, Adolescent medicine, Geriatric medicine, Hospice and palliative medicine, Pain medicine, Sleep medicine, Sports medicine
7. Internal Medicine Doctor Loans-Advanced heart failure and transplant card biology, Cardiovascular disease, Clinical cardiac electroph ysiology, Critical care medicine, Endocrinology, diabetes, and metabolism m, Gastr oenterology, Geria tric medicine, Hematology, Hematolog y and oncology, Inf ectious disease e, I nternal medicine, Interven tional car diology, Nephrology, Oncolog y, Pediatr ic internal medic I ne, Pulmonary disease, Pulmonary disease and critical car e medicine, Rhe umatolog y, Sleep medici ne, Sports medic one, Transplant hep,atologyLoans- Biochemical genetics, Clinical cytogenetics, Clinical genetics, MolecularicsClinical geneticsMolecular genetic pathology
9. Neurology Doctor Loans-Neurology offers several subspecialties, including Brain Injury Medicine, Child Neurology, ClinNeurophysiology, Endovasc Surgical Neuroradiology, Hospice Palliative Medicine, Neurodevelopmental Disabilities, Neuromu Medicineedicine, P Medicine, SMedicine, VascNeurology.
10. Nuclear Medicine Doctor Loans- Physicians who practice nuclear medicine are called nuclear radiologists or nuclear medicine radiologists. They use radioactive materials to diagnose and treat diseases. Utilizing techniques such as scintigraphy, these physicians analyze images of the body’s organs to visualize certain diseases. They may also use radiopharmaceuticals to treat hyperthyroidism, thyroid cancer, tumors, and bone cancer.
11. Obstetrics and Gynecology Doctor Loans- Female pelvic medicine and reconstructive surgery, Gynecologic oncology, Maternal-fetal medicine, Reproductive endocrinology and infertility,
12. Ophthalmology Doctor Loans- Anterior segment/cornea ophthalmology, Glaucoma ophthalmology, Neuro-ophthalmology, Ocular oncology, Oculoplastics/orbit, Ophthalmic Plastic & Reconstructive Surgery, Retina/uveitis, Strabismus/pediatric ophthalmology,
13. Pathology Doctor Loans- Anatomical pathology, Blood banking and transfusion medicine, Chemical pathology, Clinical pathology, Cytopathology, Forensic pathology, Genetic pathology, Hematopathology, Immunopathology, Medical microbiology, Molecular pathology, Neuropathology, Pediatric pathology,
14. Pediatrics Doctor Loans- Adolescent medicine, Child abuse pediatrics, Developmental-behavioral pediatrics, Neonatal-perinatal medicine, Pediatric cardiology, Pediatric critical care medicine, Pediatric endocrinology, Pediatric gastroenterology, Pediatric hematology-oncology, Pediatric infectious diseases, Pediatric nephrology, Pediatric pulmonology, Pediatric rheumatology, Pediatric sports medicine, Pediatric transplant hepatology,
15. Physical Medicine and Rehabilitation Doctor Loans –Brain injury medicine, Hospice and palliative medicine, Neuromuscular medicine, Pain medicine, Pediatric rehabilitation medicine, Spinal cord injury medicine, Sports medicine,
16. Preventive Medicine DoctoLoans- Aerospacece medici ne, Medical toxicol ogy, Occupational medicine, Public health medicine,
17. Psychiatry Doctor Loans- Addiction psychic atry, Administrative psychiatry, Child and adolescent psychiatry, Community psychiatry, Consultation/liaison psychia try, Emergency psychic atry, Forensic psychiatr, Geriatric psychiatry y, Mental retardation psychiatry, Military psychiatry y, Pain medicine, Psychiatric research h, Psychosomatic medicine,
18. Radiation oncology Doctor Loans – Hospice and palliative medicine, Pain medicine
19. Surgery Doctor Loans for – Colon and rectal surgery, General surgery, Surgical critical care, Gynecologic oncology, Plastic surgery, Craniofacial surgery, Hand surgery, Neurological surgery Endovascular surgical neuroradiology, Ophthalmic surgery, Oral and maxillofacial surgery, Orthopaedic surgery, Adult reconstructive orthopedics, Foot and ankle orthopaedics, Musculoskeletal oncology, Orthopaedic sports medicine,
Orthopaedic surgery of the e spine, Orthopaedic trauma, Pediatric orthopaedics, Otolaryngology, Pediatric otolaryngology, Otology neurotology, Pediatric surgery, Neonatal, Prenatal, Trauma, Pediatric oncology, Surgical Intensivists, specializing in critical care patients, Thoracic Surgery, Congenital cardiac surgery, Thoracic Surgery-integrated, Vascular surgery,
20. Urology Doctor Loans- Pediatric urology, Urologic oncology, Renal transplant, Male infertility, Calci, Female urology, Neurourology,
