BMO Bank N.A. (national association)

Available in the following states: AZ, CA, CO, FL, ID, IL, NV, OR, UT, WA, and WI

DOCTOR PROGRAM FEATURES:

  • Physician/Dentist (MD, DO, DDS, and DMD) - Fellows and practicing Physicians and Dentists (must see patients as part of job duties)

  • Purchase and Rate Term Refi of Primary Residence Only

TERMS:

  • 30, 20, and 15 year fixed

  • 7/6 and 10/6 year ARM

  • Must have less than 5 years since Residency/Fellowship ended for MD/DO or dental school graduation to do 100% loan and less than 10 years to be eligible for 5% or 10% down. (over 10 years since Residency/Fellowship/Graduation ended is not eligible for the program)

  • May not own more than 1 other financed property.

  • Can close within 90 days of start date with an employment contract as a W-2 Employee or 1099 Independent Contractor with a guaranteed salary.

  • 2 years of 1099 income history – For borrowers with less than two years of history on 1099 income, an employment contract with salary information is required.

  • 1-unit SFR, duplex,, town-house, and Fannie Mae warrantable condos only

  • 100% to $1M loan option allowed in AZ, CO, IL, OR, WA, and WI (680 minimum credit score)

  • 95% to $1.5M loan option allowed in AZ, CA, CO, FL, ID, IL, NV, OR, UT, WA, and WI (720 min credit score)

  • 89.99% to $2M loan option allowed in AZ, CA, CO, FL, ID, IL, NV, OR, UT, WA, and WI (720 min credit score)

  • Larger down payments may be required if credit score is below 720</li>

  • 45% Debt ratio max

  • 4 Months of reserves of the total payment with taxes and insurance required

  • Gifts from family members allowed for the entire down payment, closing costs, and reserves.

  • Max Loan is $2M

  • Borrowers need at least three valid tradelines that have been opened for at least 12 months that are not authorized user accts. (Alternative credit tradelines rent, cell phone bill, electricity bill, and cable bill for example)

By contacting you certify that you are a medical professional or the spouse of one.

Disclaimer: The postings on this site do not represent this banks positions, strategies or opinions.