Doctor Program
Put less money down for a higher loan amount
Introducing Proper Rate's Doctor Program, a home financing program for medical professionals
It’s easier than ever for you to snag a home loan thanks to our program for medical professionals. Eligible practitioners, residents and students* can put less money down for a higher loan amount—homes can be purchased with down payment options as low as 5%. Program details include:
- Single-family homes, condos, PUDs and 2-unit properties
- Adjustable rate mortgage products only*
- No mortgage insurance
- 89.9% loan-to-value (LTV) options up to $1.5M
- 95% loan-to-value (LTV) options up to $1M
- $453,100 minimum loan amount**
*Jumbo Fixed Rate options may be available
**Smaller loan size options may be available
Eligible professionals include practicing doctors (includes DOs), dentists, dental surgeons and veterinarians or those within 10 years of completing their original residency or fellowship or newly licensed medical residents who are currently employed, in residency or fellowship or newly licensed medical students who are about to begin new employment/residency within 60 days of closing
Six months of reserves required, borrower must have enough liquid money in the bank to pay for six months of mortgage payments after closing. Dependent on minimum FICO Score requirements, DTI limit is 43% for loans with an LTV less than 89.9% and 40% for loans with an LTV greater than 90%.