The Blog ofAnna Maria Island Real Estate

Physician Loan Programs in Florida

There are physician loan programs available for doctors with 10 years or less out of residency. The “rules” are:

  • 95% up to $850,000
  • Maximum Loan Amount** $850,000
  • 10 years or less out of residency
  • Types of properties: Single family detached/attached, condos, and PUDs
  • Private Mortgage Insurance Not Required
  • Minimum FICO LTV > 90% = 720 LTV ≤ 90% = 700
  • Escrow for Taxes & Insurance Required
  • Loan Purpose Purchase and No Cashout
  • Occupancy Primary Residence Only
  • Eligible Property Types One-unit Single Family Detached, Warrantable Condos and PUDs
  • Eligible Products 15- and 30-year Fixed Rates, 5/1, 7/1, and 10/1 LIBOR ARMs(Fully Amortizing)
  • (5% Loan To Value(LTV)/Total Loan to Value (TLTV) reduction for declining markets & 10% for severely declining)

Several of the lenders that we work with do these physician loan programs. It’s not something that all banks do. If this looks like something that applies to you, please contact us at 941-840-0117 for more information. The nearest hospitals to us here on Anna Maria Island are Blake Medical Center, Manatee Memorial Hospital, Sarasota Memorial Hospital and Doctor’s Hospital of Sarasota.