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Medical Professional Mortgage Program

Don’t Let Student Loans Get In The Way Of Buying A Home

We appreciate the time and money that goes into studying and preparing for your profession, and student debt shouldn’t be a barrier to qualifying for a mortgage. With our Medical Professional Mortgage Program, we take that into account and certain student debt is not held against you when qualifying for this loan.

Female Medical Professional With Scrubs Arriving Home After Work Shift

Who Qualifies For The Medical Professional Mortgage Program?

This mortgage program is applicable to borrowers actively practicing in their field (internship, resident, or medical clinical fellowship) in one of the following professions:

  • Medical (MD, DO, OD, DPM)

  • Dental (DDS, DMD)

  • Vision (MD, OD or DO)

  • Veterinarian (DVM, VMD, DACVS)

  • Pharmacist (PharmD)

  • Physician Assistant (PA)

We Can Help

If you currently work in your field or will be graduating soon, let us help you:

  • Qualify for a mortgage with affordable payments

  • Buy a single family, primary residence

  • Refinance an existing mortgage

  • Decide between a fixed- and adjustable-rate loan

Program Guidelines & Considerations

Under guidelines for this mortgage program, the following do not need to be considered:

  • Student loans in deferment for 12+ months

  • Employer-paid student loan payments for 3+ years

  • Mortgage payments on the pending sale of another home

 

The following items will be considered:

  • Income from future employment

  • Salary increases within 90 days of closing

What Are The Requirements?

Here’s what you’ll need:

  • A credit score of 620+

  • Debt-to-income ratio of up to 50%*

  • Down payment of at least 3% (Funds for this cannot be gifted)

  • Funds can be gifted for additional needs such as closing costs

Get Started

Every situation and home is unique. We look forward to working with you on your specific need for affordable home ownership.

Apply Now

 

Mortgages can be complex. We make them easy. If you’re not ready to apply for a Mortgage loan just yet, you might want to have a call with one of our Mortgage Team representatives first. We’ll walk through the process, ask you some clarifying questions, and answer your questions.

Request a Call Back

Interested In Learning More?

To see what other types of mortgages we have available, along with our specialized mortgage programs, visit our Mortgage overview page.

Let’s Get Started

We look forward to helping you.

Apply Now

Not sure how much house you can afford?

Check out our helpful mortgage loan calculator.


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Check today’s mortgage loan rates effective September 18, 2024

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*Annual percentage rate
Mortgages in New York State only. Information is based on a loan amount of $160,000, credit score above 740, and loan-to-value at or below 60%. Your actual annual percentage rate may be different. All rates are subject to change without notice.

If an escrow account is required or requested, the actual payment will also include amounts for real estate taxes and homeowner's insurance premiums.

Rates are based on a purchase or no cash out refinance, cash out options may affect your rate.

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Membership and credit requirements apply. Rates and terms determined by overall credit history and subject to change. Equal Housing Lender.

Mortgage products are offered by Homeowners Advantage (HOA). Mortgages in New York State only. Home Loan interest may be tax deductible. Consult your tax professional about deductibility in your situation. HOA is a Licensed Mortgage Banker-NYS Department of Financial Services. HOA NMLS identifier: 309847. Principal Address: 4 Winners Circle, Albany, NY 12205.

*Mortgage insurance premiums must be included in debt-to-income figures for underwriting eligibility purposes and may be excluded from for pricing purposes. Please refer to National MI’s Underwriting Guideline Manual and Master Policy for a complete description of policies and requirements at: www.nationalmi.com/underwriting-guidelines-pdf/ and www.nationalmi.com/master-policy-pdf. Representative payment for a 30 year fixed mortgage at 6.75% with a 6.912% APR is $6.49 per $1,000 borrowed. Representative payment for 10/6 ARM at 7.000% with a 7.573% APR is $7.04 per $1,000 borrowed for the first 10 years then subject to increase. Mortgage products offered by Homeowners Advantage (HOA) are not NCUA insured. Mortgages in New York State only. HOA is a Licensed Mortgage Banker – NYS Dept. of Financial Services. NMLS Identifier: 309847. Principal Address: 4 Winners Circle, Albany NY 12205.