New Doctor Loan program for Physicians – Marina del Rey Real Estate

New Doctor loan program.   Available for Doctors only on Monday, Dec. 5, 2011.   It is a Non-conforming Doctor Program that provides financing for the purchase of a Primary Residence by medical doctors who have completed their medical residency within the most recent 36 months. The program allows less for restrictive credit policies, in an effort to build long-term relationships with Wells Fargo. Loan amounts offered up to $850,000 with up to 89.99% LTV with no mortgage insurance.

This new program has a maximum loan amount of $850,000 and is available with the following NON-Conforming products:

•    30 year fixed
•    15 year fixed
•    ALB 10/1 ARM
•    ALB 7/1 ARM
•    ALB 5/1 ARM

Borrowers with less than six months left in their residency who have accepted a permanent position as evidenced by a fully executed employment offer letter are also allowed subject to the following requirements:

  • Income form the permanent position is to be used to calculate debt ratios and verified liquid funds must be verified and sufficient to cover PITI until residency is complete and new position is started.
  • All borrowers will be required to have 5% post closing liquidity where both retirement and non-retirement funds can be used.
  • A minimum credit score of 720 is required along with their housing debt ratio not to exceed 33% and their total debt ratio not to exceed 38%.

Eligible properties will be single family detached, single family attached, long with PUD’s and condominiums.  Borrowers may already have only one other financed property and the maximum Loan To Value and Combined Loan To Value is not to exceed 89.99%.

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