Doctors

Jay Dacey Mortgage Team has two loan options specifically for doctors.

For active medical residency or within first 10 years of finishing residency

All loans must have a minimum of 80.01% LTV–meaning you must put down under 20%.  The maximum loan amount is $850,000, with an LTV of 97%.  Higher loan limits are available with more down.

This is an adjustable-rate mortgage in 5/6, 7/6, or 10/6 terms.  This means the interest rate would remain fixed for the first 5, 7, or 10 years.  After that period the interest rate could change every six months.

At least one borrower must show proof of a valid license in one of the approved medical fields and must be within 10 years of finishing residency.  The borrower must be actively engaged in the profession (teaching as a professor but not actively practicing is not eligible).

On a purchase, a borrower must contribute at least 3% of their own funds.  The remainder of funds needed can be a gift, as long as the first 3% is contributed by the borrower.


For medical doctors with a minimum of M.D., D.O., D.D.S., or D.M.D. degree

At least one borrower must show proof of a valid license in one of the approved medical fields

This program offers 90% LTV with no MI up to $1,000,000 on both purchases and refinances. We offer 30-year and 15-year fixed loans as well as adjustable-rate mortgages (1/6, 3/6, 5/6, 7/6, 10/6, or 15/6).

These loans follow Fannie Mae conventional guidelines with the addition of reserves. A conforming-size loan amount must have 2 months’ PITI in reserves; a jumbo-size loan must have 6 months.


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