1st-Lien Medical Professional Adjustable Rate Mortgage (ARM) Program
Product Summary: A residential loan program intended for individuals presently employed as medical doctors. This would include, for example, individuals licensed to practice medicine such as MDs, DOs, Dentists, Optometrists and Veterinarians. This program is not open to those who are not fully licensed to practice medicine, such as Physician’s Assistants, Nurse Practitioners, Chiropractors, or others who are not commonly understood to be doctors or physicians in the medical field.
Product Details:
Product | Caps | Margin | Amortization |
---|---|---|---|
5/1 LIBOR ARM | 2/2/5 | 2.5% | 30-Year |
7/1 LIBOR ARM | 2/2/5 | 2.5% | 30-Year |
- No escrow waiver
- Mortgage Insurance not required
- No Prepayment penalty
- Fixed Pricing regardless of customer segment
Eligible Property States: Alabama, Arkansas, Florida, Georgia, Louisiana, Tennessee and Texas.
- Manual Underwriting required using Ability to Repay rules and product guidelines
- For IBERIABANK (IMC) Mortgage originations, a post-closing sample review will be performed monthly by the Director of Consumer Credit.
Maximum LTV/CLTV |
Minimum Credit Score |
DTI% Debt-to-Income |
---|---|---|
Up to 95% for 2-4 Family |
700 – IMC Tri-Merge 720 – Bank Vantage 3 |
45% |
Up to 100% for Single-Family |
700 – IMC Tri-Merge 720 – Bank Vantage 3 |
45% |
For more information, contact REALTOR Eric Sommerton at (239) 269-3248 or by email; to speak directly to a lender representative, contact Michelle D’Auria above.