First Federal Lakewood

First Federal Lakewood: OH, MI, IN, PA, NC, FL

DOCTOR PROGRAM FEATURES:

• Available to medical doctors with the following degree designations: M.D., D.D.S., D.M.D, D.O., DVM/Veterinarian, DPM/Podiatrist and O.D./Ophthalmologist.

• Single Family Primary Residence, PUDS, Townhome and Condos (warrantable only)

• Up to 100% financing with no PMI for loan amounts up to $1,000,000

• Up to 95% financing with no PMI for loan amounts $1,001,000 to $1,250,000

• Up to 90% financing with no PMI for loan amounts $1,250,001 to $1,500,000

• Student loans in deferment or in forbearance will not be included in the student loan debt.

• Student loan payments must follow Fannie Mae/Freddie Mac Guidelines if non-deferred.

• Available loan products: 30 Year Fixed, 15 Year Fixed, 10/1 arm, 7/1 arm, 5/1 arm (Amortized over 30 years).

• Long term locks up to 12 months available for only one time up front .25-point fee.

• 700 or greater credit score for 100% financing for Post-Resident Doctors.

• 720 or greater credit score for 100% financing for Resident Doctors.

• Maximum DTI of 43% (exceptions considered on a case by case basis)

• Closing may occur prior to employment start date within 6 months, with an acceptable signed contract and fully executed contract with no major contingencies and proper cash reserves.

• Gift Funds allowable.

• No closing cost rate options available.

• Construction draw loans available for Post Residents only in OH, MI, KY, IN, PA, WV only.

For more information from our National, Regional and Local Physician Lenders please fill out the form below. We will contact you shortly to go over the best doctor program in your State.

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