Professional Mortgage Loans
Professional loans make it easier for doctors, lawyers, and other highly trained professionals to qualify for a mortgage.
A loan that lives up to your profession.
If your career requires more education—and tuition—than most, buying a home may feel like it’s many years off. But it could happen much sooner with a professional loan from Flagstar Bank. See below for a list of eligible professions.
Our professional loan features flexible qualifications and lower costs than conventional mortgages with low or even no down payment required. If you’re within 10 years of starting your profession, contact our dedicated mortgage team to build a personalized financing solution to get you into a home.
PROFESSIONAL LOAN FEATURES:
- No down payment on loans up to $1 million with a 720 FICO score
- Low down payment on loans up to $1.5 million
- No private mortgage insured (PMI) required
- Adjustable rate mortgages (ARMs)
- Interested party contributions allowed
Eligible Professions
Medical Resident (Educational License)
Medical Doctor (MD)
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)
Doctor of Optometry (OD)
Doctor of Ophthalmology (MD)
Doctor of Pharmacy
Doctor of Podiatric Medicine (DPM)
Doctor of Osteopathy (DO)
Physician Assistant
Registered Nurse
Nurse Anesthetist
Nurse Practitioner
Clinical Nurse Specialist
ATP Pilot
Certified Public Accountant
Attorney
Veterinarian
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Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval and product requirements, including: loan to value, credit score limits and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend.
For purchase or rate/term refinance of a 1-unit, Warrantable Condo and PUD primary residence. Not available in Puerto Rico.
At least one occupying borrower must hold a valid license within one of the eligible professional fields and meet all of the following requirements: Borrower must be within ten (10) years of the start of their profession, and be actively engaged in the eligible profession, and; for purchase transactions only, all occupying borrowers must be first-time home buyers and may not have owned a home within the past three (3) years, with some exceptions for employment relocation or divorce. Contributions may have limitations based upon occupancy and loan to value ratios and cannot be used for purposes of down payment, reserve requirement or meet minimum contribution requirements.
With an adjustable-rate mortgage (ARM), your 5/6, 7/6, 10/6 loan will have an initial fixed-rate period of 60 months, 84 months, 120 months. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of the reset. Your payment amount will vary based on any adjustment in the interest rate after the fixed-rate period and your monthly payment may increase. Your variable rate can adjust every six months for the remaining life of the loan.
Contributions may have limitations based upon occupancy and loan to value ratios and cannot be used for purposes of down payment, reserve requirement or meet minimum contribution requirements.
Considerations: Please consult your tax advisor regarding the deductibility of interest.