First Federal Lakewood

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

Program Details

  • 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.

  

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