First Horizon Bank
Program Details
Loan Program Details:
Min credit score is 670
Up to 100% financing available for loan amounts up to $1.5 million.
No reserves needed on loan amounts under $2mil.
Under eligible degrees: Inter, DPM & Dental Surgeons (OMS)
No Private Mortgage Insurance (PMI) required.
Minimum credit score: 670 with out rate increases.
No restrictions on time out of Residency/Fellowship which other lender have
Loan can close up to 6 months before the start date, provided there is a signed employment agreement.
Eligibility Requirements:
Applicants must be active Medical Doctors (MD, DO), Dental Surgeons specializing in oral surgery (OMS), or Doctors of Podiatric Medicine (DPM) with a license to practice in the U.S.
Borrowers in residency or fellowship are also eligible, provided they submit evidence of employment.
Subject Property must be within 100 miles of a First Horizon Bank Branch.
Terms
Min credit score is 670
100% financing up to $1,500,000
95% financing up to $2,000,000
90% financing up to $2,500,000
No reserves needed on loan amounts under $2mil.
No PMI
No restrictions on time out of residency
Very low reserve requirements
Minimum credit score: 680
Can close up to 6 months prior to employment start date
Condos allowed
Strengths
Flexible underwriting compared to traditional lenders
No residency lookback limits
High loan limits with low down payment options
Helpful for physicians turned down elsewhere
Strong option in competitive housing markets
Disclaimers
Program availability, rates, and terms are subject to change
Credit approval required and subject to underwriting guidelines
Property type and occupancy requirements apply
Not all borrowers will qualify for maximum financing
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
AR
AL
LA
TN
SC
