Physicians Loan Program

This program offers a specific loan open to all medical residents, physicians and doctors.

Here are some key features of the program

  • For Primary Residence ONLY
  • For Purchase & Rate/Term Refinances
  • 30 Year Conventional Loan Term
  • 7/1 ARM Available (Index at 1year LIBOR and qualifying at note rate)
  • Minimum FICO of 720
  • Minimum Loan Amount of $25,000
  • Max Loan Amount follows FHFA High Balance County Loan Limits
  • Up to 95% LTV On Conforming
  • Up to 90% LTV on High Balance Loans
  • Student loan payments deferred more than 12 months from note date may be excluded from

Additional program guidelines

  • Borrower must have a social security number
  • Borrower can be permanent or non-permanent resident alien
  • Applies to: Newly licensed medical residents (some restrictions apply), existing physicians, doctors, etc. (practicing less than 1-year), medical residents, MD, DDS, DO, OD, DMD, and DPMS
  • Escrow holdbacks are NOT allowed
  • Non-traditional credit is NOT allowed
  • Future/projected income is allowed on purchase transactions ONLY (some restrictions apply)
  • Student loan payments deferred more than 12 months after closing may be excluded from DTI calculation if certain criteria are met
  • Lender paid, and borrower paid MI is allowed
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DISCLAIMER: This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under underwriting requirements and satisfy all contingencies of loan approval. Rates and terms subject to change without notice. Norcom Mortgage NMLS ID # 71655 (