Doctors Loan Program

Keelin Billue Gubbels Chicago Real Estate, Mortgage, Mortgage News, New Home Buyer, News

Medical Doctors including Dentists, Podiatrists, Ophthalmologists, and Veterinarians qualify for this program.

Chicago Financial offers this loan program designed to help physicians purchase a home.  With benefits such as no downpayment, no mortgage insurance, and great rates, we make it easy for physicians to buy a home.

  • No down payment required up to $650,000!
  • No mortgage insurance required
  • Projected income new job employment offers or contracts allowed!
  • Loan amounts up to $2,000,000!
  • Student loans not counted in debt ratio if deferred greater than 12 months.
  • Gift funds can be used for down payment , closing costs or cash reserves!
  • Seller credits allowed!
  • ARM loans with 15, 10, 7, 5, 3, 1, year terms!
  • 15 Year fixed rate available!
  • Max debt ratio of 50%!

CFS’s Doctors Loan Program is the perfect mortgage solutions for doctors regardless of whether they are just out of medical school, in residency, or been in practice for many years.

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1-2 unit Property types primary residence only. Minimum fico score fico score 680. Loans not in deferment require proof for the actual student loan payment.  Projected Income (New Job) Employment offers or Contracts is subject to underwriting review for use as income.  Asset reserves requirements are two months plus that the borrower will have sufficient income or cash reserves to support the mortgage payment and any other obligations between closing and start of employment.  Gifts must be from an allowable source of funds. Fannie Mae manual guidelines apply on all loans. All debt ratios are subject to final underwriting review.  Seller credits allowed up to 3% for loan to values above 90%. 6% is allowed for 75.01% to 90% Loan to value. Below 75.00% loan to value 9% is allowable.  No construction/permanent financing allowed. All loans subject to final underwriting review and sufficient compliance evaluation.  Lending is limited to Il. In. Mi.  Restrictions and changes can be made at anytime without notification on the program.