Medical Professionals Mortgage Loan Program
A homeowner’s program designed to meet the unique demands of medical, dental and healthcare professionals.
As a medical professional, you face unique challenges when it comes to buying a home. Heavy student loan debt or not having available funds for a large down payment can make securing a mortgage challenging. Our special financing program can help.
Who is eligible?
- Licensed and employed medical or dental professionals.
- Licensed medical or dental resident, intern or fellow scheduled to complete residency or fellowship who is under contract to begin employment within 90 days of closing.
- Licensed or certified healthcare professionals currently working in the medical professional with a 2-year employment history in the same line of work
Program details:
Doctor Program* (MD, DMD, DPM, DO, DDS):
Up to 100% financing on mortgages up to $750,000
Up to 95% financing on mortgages up to $1 million
Up to 90% financing on mortgages up to $1.5 million
Up to 85% financing on mortgages up to $2 million
Health Care Professionals Program* (OD, DC, DVM, RN, PA, PT, RPT, NP, RPH):
Up to 90% financing on mortgages up to $750,000
Up to 85% financing on mortgages up to $1 million
* Other designations within the medical and dental industries may be eligible on an exception basis.
Other program parameters:
- Secondary financing not allowed
- Purchase and Rate-Term Refi of Owner-Occupied Primary Residence only
- Must have existing depository relationship with GBCI prior to subject loan closing
- Any student loan debt deferred for 12mo or more beyond the closing date is not calculated in the debt-to-income ratio.
- 6 months of PITIA reserves required (Principal, Interest, Taxes, Insurance, Assessments)
- Programs available: 10 & 15 year fixed terms; 7/1 & 10/1 ARM with up to 30yr amortization
Don’t hold one of the listed designations? Don’t worry, we have access to multiple lending programs and our expert real estate lenders will find the program that is best for you.
Let’s get started.
Talk to one of our expert lenders today. Call our real estate lending office at 406-329-1958 or click to find a Real Estate lender.
Medical designation will determine loan-to-value ratio eligibility. Talk to your First Security Bank loan officer for details. Eligible medical professionals include: (1) physicians and health & wellness professionals who are actively practicing (MD, DMD, DPM, DO, DDS, OD, DC, DVM, RN, PA, PT, RPT, NP, RPh) (2) licensed residents, interns or fellows scheduled to complete a medical residency program or clinical fellowship program who is under contract to begin employment with a hospital, physician group, or dental practice within 90 days of closing on the subject mortgage, or (3) licensed health & wellness professionals or certified healthcare professional and currently working in the medical profession with a 2-year employment history in the same line of work. Any student loan debt deferred for 12 months or more is not included in the calculation of the debt-to-income ratio. Non-Permanent Resident Aliens and Foreign Nationals are not eligible. PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 6 months are required.
Applicants must have, or open prior to closing, a depository relationship with First Security Bank. Financing and rate-term refinancing is available on owner-occupied primary residence only.
All loan decisions are subject to First Security Bank’s internal lending constraints and the unique credit circumstances of the borrower. Bank rules and regulations apply.