Lincoln Savings Bank offers an attractive mortgage program for beginning doctors to get them established in home ownership at the beginning of their careers. This program is offered in Ankeny, Ames, Des Moines and all over the state of Iowa.
LSB will provide a doctor with 100% financing to purchase a property or do complete a rate and term refinance on their personal residence. Maximum loan amount is $750,000. The doctor needs to have a minimum credit score of 700 and any co-borrower on the loan needs to have a minimum credit score of 680.
The debt-to-income (DTI) ratio needs to be 45% or less, however student loans deferred fro 12 months or more are not counted in the DTI. Residency Student income is allowed if ending within 6 months and future income can be verified. Employment contract with a defined start date is required. Self-employed doctors must have a minimum of 1 year in private practice and must include a tax filing. Applicants much be either a US Citizen or non-resident alien.
Eligible borrowers include:
- Medical Resident (Educational License)
- Medical Doctor (MD)
- Doctor of Dental Science (DDS)
- Doctor of Dental Medicine/Surgeon (DMD)
- Doctor of Optometry (OD)
- Doctor of Ophthalmology (MD)
- Doctor of Pediatric Medicine (DPM)
- Doctor of Osteopathy (DO)
The loan is a 3/1 arm fixed for three years at which time the doctor would have established income to qualify for a conventional mortgage.