BMO Harris Bank Physician Mortgage Specialist

Dr. Home Loans BMO Harris Bank

• Minimum down payment of 5% for all loan amounts up to $1,500,000 in CA, FL, HI, ID, MD, NV, RI, & DC
• Any doctors with an MD or DO degree are eligible, any dentists with a DDS or DMD degree are eligible.  
• We can close up to 89 days prior to the first day at work for new employment.
• An offer letter or match letter can be used for income verification in lieu of a full contract if the letter states the Employer’s name, start date, salary, and job title.
• We can offer 10, 15, 20, & 30 year fixed rate or the 5, 7, and 10 year ARM loans.
• There is no PMI or Mortgage Insurance required for any Physician Program loan.
• There is no rate premium, pricing premium, or rate increase for using the program.
• The program can be used for a purchase or No Cash Out Refinance of your Primary Residence only.   
• Eligible property types include: Single Family & 2 unit detached homes, condos, & townhomes.  3 & 4 unit properties and manufactured homes are not eligible.
• Seller credits are allowed to assist with closing costs but cannot exceed the total of closing costs and cannot exceed the amount you, as the buyer, are contributing to the purchase.  
• Gift funds from a family member are allowed for any cash due at closing, down payment, closing costs, and/or reserve assets.
• The borrower is required to have liquid reserve funds at the time of closing, this would be required on top of any cash to close due.  
• Reserve requirements for loans up to $400,000 equal 2 months PITIA for the new home, for loans over $400,000 4 months PITIA is required.  PITIA is Principle, Interest, Taxes, Insurance, & Association dues per month.

With less than 10 years of practicing outside of schooling, residency, and fellowship the limits are:

Loan Amount                          Down Payment

Credit Score 720 or higher

• Up to $1,000,000 0%
• $1,000,001 – $1,500,000 5%
• $1,500,001 – $2,000,000 10%

Credit Score 700 – 719

• Up To $1,000,000 0%
• $1,000,001 – $1,250,000 5%
• $1,250,001 – $1,500,000 10%

Credit Score 680 – 699

• Up to $1,000,000 0%
• $1,000,001 – $1,250,001 5%