New American Funding
New American Funding's Physician Loan Program is designed to help physicians and select medical professionals purchase or refinance a primary residence with greater flexibility than traditional jumbo financing. Eligible borrowers include MDs, DOs, DDS/DMDs, PharmDs, veterinarians, CRNAs, and medical residents, fellows, or interns with an executed employment contract or offer letter.
The program allows up to 100% financing with no private mortgage insurance, on loan amounts up to $2,000,000, helping physicians preserve liquidity early in their careers. Both fixed-rate and hybrid ARM options are available, with fully amortizing terms and manual underwriting that takes into account the unique income trajectories of medical professionals.
A key feature is the student loan payment exclusion for borrowers in residency or fellowship, allowing deferred or income-based student loans to be excluded from debt-to-income calculations when specific criteria are met. Non-occupant co-borrowers are permitted in limited circumstances, and projected income from signed employment contracts can be used prior to start date.
This program is available for 1-unit primary residences only and is intended for well-qualified medical professionals seeking flexibility, simplicity, and efficiency in today’s high-cost housing markets.
Loan Officers
Terms
Fixed-rate (15, 20, 25, and 30-year) and hybrid ARM options (5/6, 7/6, 10/6), fully amortizing. Available for 1-unit primary residences only. Up to 100% financing with no PMI on loan amounts up to $2,000,000. Manual underwriting allows use of executed employment contracts and closing up to 150 days prior to start date. For qualifying residents and fellows, deferred or income-based student loan payments may be excluded from DTI calculations.
Professions
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DNAP, DPM, Pharmacist
Strengths
This Physician Mortgage Loan Program is designed to accommodate the income structure, liquidity priorities, and career transitions common among medical professionals. The program offers up to 100% financing with no mortgage insurance, including loan amounts up to $2,000,000 for borrowers with a 720 FICO score and up to $1,500,000 for borrowers with a 680 FICO score.
Qualifying medical residents and fellows may exclude deferred or income-based student loan payments from debt-to-income calculations. Borrowers may also qualify using a fully executed future employment contract, with a start date up to 150 days after closing, allowing physicians to purchase a home ahead of a scheduled job transition.
The program permits debt-to-income ratios up to 50% for loans at 95% LTV or less, and up to 45% for loans between 95.01% and 100% LTV. Loans are manually underwritten, providing flexibility for complex income scenarios. Non-occupant co-borrowers are allowed, with contributing income limited to no more than 50% of total qualifying income.