First Community Mortgage
Program Details
Our physician loan offering in particular offers very competitive terms and includes 100% financing up to $1M, 5% down up to $1.75M, and 10% down up to $2.5M, ALL with no mortgage insurance! Keep in mind that we are going to tailor our loan offerings for each individual client based on what fits their needs the best. This will include very competitively priced jumbo loan offerings that can accommodate larger loan amounts, creative financing approaches available as well for those with credit challenges, income challenges, etc.
Terms
100% financing up to $1M
5% down up to $1.75M
10% down up to $2.5M
ALL with no mortgage insurance!
Gift funds are acceptable
These great terms are available with a 30-year fixed loan, a 7-year ARM, or a 10-year ARM. These ARMs will be on 30-year amortizations with a fixed rate period of either 7 or 10 years. Financing is available for primary residences for 1-to-2-unit residences, condos, PUD’s, townhomes, and approved modular homes (pre-fabricated homes built to state and local building codes).
Our physician loan program is available for eligible physicians beginning residency after loan closing, with the following required documentation:
A fully executed/signed employment contract or offer letter in which all contingencies have been met
Verification that our borrower will have sufficient income or cash reserves to support the mortgage payment and any other obligations between the first payment due date and the start of employment.
Strengths
Debt-to-Income ratio allowable up to 50%
No 2-year work history is required for 1099/self-employed physicians
Gift funds eligible for downpayment, closing costs and reserve requirements
May close on a home up to 150 days prior to starting new employment. Most lenders cap you at 90 days!
Flexibility on student loan payments
Disclaimers
Loan approval and terms are dependent upon borrower’s credit, documented ability to repay, acceptability of collateral property, and underwriting criteria. This loan product is offered by First Community Mortgage and administered through a broker relationship. For licensing information, go to: www.nmlsconsumeraccess.org.
*This product feature is available in limited states. Ask your Loan Originator for
details. **Additional restrictions apply.
262 Robert Rose Drive, Murfreesboro, TN 37129
Eligible Degrees
DC
OMS
DDS/DMD
Fellow
Intern
MD/DO
CRNA
NP
OTD/MOT
OD
PharmD
DPT
PA
DPM
RN
Resident
DVM
= Eligible
= Not Eligible
Approved States
AL
CT
GA
IL
IN
KY
MA
MI
MN
MO
NC
PA
SC
VA
WV
WI
BANKER
No Banker Currently Available.
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