Physicians: Financing ARM

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
Product and 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
Less than or right at $750,000.00
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.