The Physician Loan Program is designed for medical professionals who are purchasing their Primary Residence. Practicing doctors must be out of residency/internship/fellowship less than 10 years. All Borrowers and Co-Borrowers must occupy the home and only one is required to be a medical professional. This program requires the client to have a Berkshire Bank checking account and set up auto pay of their mortgage payment. Eligible properties include single family, condominiums, and PUDs.
Various terms and plans available. No PMI. Closing available 90 days before employment starts. Seller contribution allowed. Escrow waivers not allowed. Minimum FICO score of 700 to qualify. Maximum debt to income ratio 45%. 100% loan to value (LTV) up to $1,000,000. 95% LTV to $1,250,000. 90% LTV to $2,000,000. Reserve Requirements: Reserves are required and the range from 2-6 months of your monthly mortgage payment
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Product Eligibility: 30 Year Fixed, 15 Year Fixed, as well as 5/6, 7/6, and 10/6 ARM.
1099 Independent Contractor for less than 12 months allowed
Future Employment: Projected Income is acceptable for qualifying purposes when a borrower is scheduled to start a new job within 90 days of loan closing.