PhysicianLoanExperts.com has launched a program for new dentists that provides 100% financing for the purchase of up to a $650,000 primary residence with no down payment.
As part of the program, which is available in 16 U.S. states, monthly private mortgage insurance (PMI) is not added to the monthly mortgage payment.
Refinances are available for up to $1.5 million loan amount at 89% of appraised value without monthly PMI as well, according to the company.
Dentists can close on a home up to 90 days prior to starting new employment if an executed employment contract is provided during the loan approval process.
Program eligibility requires each borrower to have a mid-700 credit score for 100% financing or a 680 credit score for 95% or lower financing.
Mortgage options include 5/1, 7/1, 10/1 adjusted rate mortgages (ARMs) or fixed rate mortgages. Interest rates are lower on the ARM products, and there is no prepayment penalty on any of these programs.
The program is currently available for primary residences in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Virginia.
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