First Community Mortgage

Program Details

Our physician loan offering in particular offers very competitive terms and includes 100% financing up to $1M, 5% down up to $1.75M, and 10% down up to $2.5M, ALL with no mortgage insurance! Keep in mind that we are going to tailor our loan offerings for each individual client based on what fits their needs the best. This will include very competitively priced jumbo loan offerings that can accommodate larger loan amounts, creative financing approaches available as well for those with credit challenges, income challenges, etc.

Terms

100% financing up to $1M
5% down up to $1.75M
10% down up to $2.5M
ALL with no mortgage insurance!
Gift funds are acceptable

These great terms are available with a 30-year fixed loan, a 7-year ARM, or a 10-year ARM. These ARMs will be on 30-year amortizations with a fixed rate period of either 7 or 10 years. Financing is available for primary residences for 1-to-2-unit residences, condos, PUD’s, townhomes, and approved modular homes (pre-fabricated homes built to state and local building codes).

Our physician loan program is available for eligible physicians beginning residency after loan closing, with the following required documentation:

A fully executed/signed employment contract or offer letter in which all contingencies have been met
Verification that our borrower will have sufficient income or cash reserves to support the mortgage payment and any other obligations between the first payment due date and the start of employment.

100% financing up to $1M
5% down up to $1.75M
10% down up to $2.5M
ALL with no mortgage insurance!
Gift funds are acceptable

Our physician loan program is available for eligible physicians beginning residency after loan closing, with the following required documentation:

A fully executed/signed employment contract or offer letter in which all contingencies have been met
Verification that our borrower will have sufficient income or cash reserves to support the mortgage payment and any other obligations between the first payment due date and the start of employment.

Strengths

Debt-to-Income ratio allowable up to 50%
No 2-year work history is required for 1099/self-employed physicians
Gift funds eligible for downpayment, closing costs and reserve requirements
May close on a home up to 150 days prior to starting new employment. Most lenders cap you at 90 days!
Flexibility on student loan payments

Strengths

Debt-to-Income ratio allowable up to 50%
No 2-year work history is required for 1099/self-employed physicians
Gift funds eligible for downpayment, closing costs and reserve requirements
May close on a home up to 150 days prior to starting new employment. Most lenders cap you at 90 days!
Flexibility on student loan payments

Disclaimers

Loan approval and terms are dependent upon borrower’s credit, documented ability to repay, acceptability of collateral property, and underwriting criteria. This loan product is offered by First Community Mortgage and administered through a broker relationship. For licensing information, go to: www.nmlsconsumeraccess.org.

*This product feature is available in limited states. Ask your Loan Originator for
details. **Additional restrictions apply.

262 Robert Rose Drive, Murfreesboro, TN 37129

Disclaimers

*This product feature is available in limited states. Ask your Loan Originator for
details. **Additional restrictions apply.

262 Robert Rose Drive, Murfreesboro, TN 37129

Eligible Degrees

DDS/DMD

Fellow

Intern

MD/DO

CRNA

OTD/MOT

PharmD

DPT

DPM

Resident

= Eligible

= Not Eligible

Eligible Degrees

DDS/DMD

Fellow

Intern

MD/DO

CRNA

OTD/MOT

PharmD

DPT

DPM

Resident

= Eligible

= Not Eligible

Approved States

BANKER

No Banker Currently Available.

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