Physician Loans by Tony Cabrera
Home Mortgage Loans for Pharmacists and Medical Professionals
At First Merchants Bank, we understand that pharmacists and other medical professionals may have unique financial needs when it comes to buying a home. That’s why we created a Physician Mortgage Loan Program with you in mind. Whether you have large amounts of deferred student loan debt, need to move into a home before starting your first job, or have been practicing for many years, our physician loan program can help. You’ll benefit from greater flexibility on your debt-to-income (DTI), no private mortgage insurance (PMI), a lower down payment and higher loan limits than most traditional mortgage programs.
Physicians Mortgage Program
Benefits
- 100% financing up to $1 million1
- 95% financing up to $1.25 million
- 89% financing up to $2 million
- No mortgage insurance requirements
- Purchase and rate-and-term refinance options available
- Primary residence and condos allowed; non-warrantable condos considered
- Loan amounts available up to $500,000 for Medical Residents with proof of fully executed employment contract
- Gift funds allowed towards down payment, closing costs and reserves
Eligibility
- Available to medical doctors who have a minimum of a Medical Doctor (MD), Doctor of Osteopathy (DO), Doctor of Dental Surgery (DDS), Doctor of Dental Medicine (DMD), Doctor of Pharmacy (PharmD), or Doctor of Veterinarian Medicine (DVM) degree and an employment contract or verification of terms of employment acceptance. Medical Doctors with the degrees listed above but specializing in a particular field including but not limited to Dentists, Podiatrists and Ophthalmologists are also permitted.
- Student loan debt must be in deferment or forbearance for 12 months after loan closing to avoid being counted in your debt-to-income calculations.
- 2The donor must be an immediate family member or domestic partner who lives with the borrower.
- 100% financing to Residents on loan amounts up to $500,000. Borrower must have a minimum credit score of 680 to be eligible. 100% financing down does not exclude closing costs and/or prepaids that may be required.
Schedule a FREE, no-obligation mortgage consultation to learn more
Meet with an experienced mortgage professional to evaluate your current situation and better determine which mortgage options might be right for you. We invite you to complete our contact form to get connected with Tony Cabrera, Mortgage Sales Manager, who can further assist you.
Contact Tony
About Tony
Welcome and thank you for visiting my website. As a mortgage sales manager with First Merchants, I am focused on providing exceptional customer service, building long-standing relationships with my clients, and simplifying the home financing process. I have built my reputation by meeting and exceeding my customer’s expectations and pride myself on ongoing communication throughout the loan process.
With over 30 years of experience, I am experienced in all facets of residential lending. However, I specialize in physician loans, new construction lending, and luxury home financing (Jumbo Mortgages). I am confident that we have the loan program to fit your needs and by listening to and understanding your goals, we can structure a mortgage plan that’s right for you!
All loans are subject to credit approval. Programs are available only to qualified borrowers. Not all applicants will qualify for all program benefits. Please contact First Merchants Bank to learn more about the program and the eligibility requirements. Programs are subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply. Must be purchase of a primary residence in Indiana, Michigan, Ohio, Illinois and Kentucky. Borrower must have a minimum credit score of 680 to be eligible.
1100% financing does not exclude closing costs and/or prepaids that may be required.
