Nuwave Doctor Loans
A "Doctor Loan" is available for many medical professionals who are looking to purchase a home.
A "Doctor Loan" is available for many medical professionals who are looking to purchase a home (see full list of occupations at the bottom). These loans are not conventional loans, meaning they are not subject to the loan limits of Fannie Mae and Freddie Mac (typically $647,200)
Our Doctor Loan program allows medical professionals the opportunity to put less down, and offers better rates than anything else on the market. Typically, any loan amount above $647,200 is considered "jumbo" and the borrower is required to put down at least 10%.
This program allows for down payments as little as 3% (up to $850k loan amount) and 5% (up to $1M loan amount). It offers a great alternative to clients who want to hold onto more of their cash in this market. The loans are available in 5/6, 7/6, and 10/6 ARMs (see more on ARM loans here).
To see the impact of these loans, let's look at an example:
This borrower is looking to purchase a home for $800,000 with a FICO of 767:
| Program | Rate | P&I + MI Payment | Down Payment + 1 Point | LTV |
|---|---|---|---|---|
| Doctor Loan 5/6 ARM (97%) | 5.125% | $4,510.22 | $31,760 | 97% |
| Doctor Loan 5/6 ARM | 5.125% | $4,309.10 | $47,600 | 95% |
| Jumbo 5/6 ARM | 5.75% | $4,435.15 | $87,200 | 90% |
| Jumbo 30 yr Fixed | 5.875% | $4,495.69 | $87,200 | 90% |
Comparing the 30yr fixed-rate jumbo to the 5% down Doctor Loan, the borrower not only saves $187 per month on the payment, but they also save $39,600 in their cash to close.
Here is a list of medical professionals that qualify for this program:
Medical Resident (Educational License) • Medical Doctor (MD) • Doctor of Dental Surgery (DDS) • Doctor of Dental Medicine (DMD) • Doctor of Optometry (OD) • Doctor of Ophthalmology (MD) • Doctor of Podiatric Medicine (DPM) • Doctor of Osteopathy (DO) • Doctor of Veterinary Medicine (DVM) • Physician’s Assistant • Registered Nurse • Nurse Anesthetist • Nurse Practitioner • Clinical Nurse Specialist
If you have a client that could be a good fit for this program, we'd love to talk to them - michael@nuwavelending.com or 615.969.6889