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Doc Loans : A Guaranteed Rate Loan Program for Medical Professionals


For most Doctors, getting a home mortgage may be more difficult than you think. Medical School can be expensive, so Guaranteed Rate felt we needed some mortgage programs to help those who help us most during our times of need.

 

With the Guaranteed Rate "DOC 5" and "DOC FLEX" mortgage programs are custom tailored to meet the specific needs of many of those in the medical profession.

 

DOC 5:

Guaranteed Rate Loan Program for Medical Professionals

Medical professionals can put less money down for a higher loan amount.

Eligible practitioners, residents and students* now have more flexibility and purchasing power thanks to Guaranteed Rate’s Doc 5 program.

  • 5% down payment options up to $1M

  • Flexible DTI requirements

  • No monthly mortgage insurance

  • Gift contributions allowed in addition to down payment

  • Single-family homes, condos, PUDs and 2-unit properties

  • Minimum $200,000 loan amount

  • ARM products only

*Eligible professionals include practicing doctors (includes DOs), dentists, dental surgeons and veterinarians or those within 10 years of completing their original residency or fellowship or newly licensed medical residents who are currently employed, in residency or fellowship or newly licensed medical students who are about to begin new employment/residency within 60 days of closing.

DTI limit is 40% with an LTV less than 89.9% and 43% for loans with an LTV of 90% or greater. Six months of reserves required, borrower must have enough liquid money in the bank to pay for six months of mortgage payments after closing. Dependent on minimum FICO Score requirements.

 

DOC Flex:

Guaranteed Rate Loan Program for Medical Professionals

Medical professionals can put less money down for a higher loan amount.

Eligible practitioners, residents and students* now have more flexibility and purchasing power thanks to Guaranteed Rate’s Doc FLEX program.

  • Fixed Rate or ARM mortgages

  • For new doctors and medical residents

  • Student loan payments can be excluded from debt-to-income (DTI) ratio

*1. Program available to two-years actively practicing medical doctors, dentist, or dental surgeons, medical teaching professors, newly licensed medical residents in residency or currently employed OR licensed medical, dentists, or dental students about to begin their new employment or residency within 90 days of closing.

*2. Student loan payments documented as deferred at least 12 months from closing are excluded from DTI. At least two months reserves required for loan up to $650,000; borrower must have enough liquid money in the bank to pay for at least two months of mortgage payments after closing. Six months reserves required for loans between $650,000 and $850,000. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing.

 

Receipt of applicants application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Marcel Deitrich with Guaranteed Rate for current rates and visit for more information.

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