Physician Mortgage Loans in Hawaii

About Flagstar Bank
Flagstar Bank is a $16.9 billion savings and loan holding company headquartered in Troy, Michigan. Flagstar provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 90 retail locations in 29 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division.

Flagstar Doctor Mortgage Program
Flagstar's doctor mortgage program offers no down payment financing up to $850,000 and up to $1.5 million with down payments based on loan amounts. The mortgage loan program is available in all 50 states for both new purchases and refinancing existing mortgage loans. Non-occupant co-borrowers are allowed.

Products available only on 5-1 and 7-1 adjustable rate mortgages; no fixed rates. Flagstar has a minimum credit score requirement of 710.

Pros

• Available many types of healthcare professionals
• Can be used for both new purchases and refinancing existing homes
• Non-occupant co-borrowers are allowed on the loan
• Can close up to 60 days prior to starting employment
• No PMI required

Cons

• Only adjustable rate mortgages available (no fixed rates)

Eligible Borrowers

• 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)
• Nurse Anesthetist
• Nurse Practitioner
• Clinical Nurse Specialist
• Veterinarian

Learn More: Flagstar Bank Physician Loan Review

Here is a brief rundown of LoanDepot's guidelines as of 2021:

• 95% loan to $1.5M with no mortgage insurance
• 80% loan to $2M with no mortgage insurance
• Credit score as low as 700 minimum
• Low reserves required and may be 401k/retirement
• Purchase or rate/term refinance
• Fixed and ARM options, fixed only on 5% down
• Available to MD, DO, DDS, DMD, OD, DPM, NP, others
• Single Family or Condo’s allowed
• May close within 2 months of new employment
• May exclude student loans if deferred more than 12 months
• Currently licensed in AZ, CA, CO, FL, HI, KS, MO, OK, OR, and WA; currently seeking licenses for over 10 more states.
• Gifts allowed (including international), 5% personal funds minimum
• 1099 income is accepted as long as 1 year of taxes showing similar income to qualifying

Learn More: LoanDepot Physician Loan Review

About TIAA Bank
Headquartered in Jacksonville, Florida, TIAA Bank was launched in 2018 following the merger of EverBank and TIAA Direct. Built on EverBank's banking model, TIAA Bank provides a full suite of financial services for consumer and commercial customers across all 50 states including deposit, residential and commercial lending products.

TIAA Bank Doctor Mortgage Program
TIAA Bank's doctor loan mortgage program is available to existing medical doctors including DOs, dentists, dental surgeons, and veterinarians who are actively practicing and are within 10 years of completing residency. Mortgage loans start at $200,000 and extend up to $1.5 million on single-family homes and up to $2 million on two-unit properties. This doctor loan program does not require PMI and deferred student loans are excluded from debt calculations. TIAA Bank allows closing up to 60 days prior to starting a new employment position.

Pros

• Available to borrowers in all 50 states
• Can be used for both new purchases and refinancing existing homes
• Can close up to 60 days prior to starting new employment

Cons

• No 100% financing program available
• Borrowers that completed residency more than 10 years ago are not eligible for this doctor loan program

Eligible Borrowers

• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Osteopathy (DO)
• Doctor of Veterinary Medicine (DVM)

Learn More: TIAA Bank Physician Loan Review