Mortgages Made for Medical Professionals

When aspiring medical professionals choose their careers, they start on a path that looks very different from their colleagues. You spend years earning your degree, you invest in student loans and you may need to relocate before you can finally start earning that paycheck.  

Most home loans aren’t designed for the unique challenges you face. Our new MedPro Loan Program was. 

How is MedPro Different? 

No matter what kind of healthcare professional you are, qualifying for a home early in your career can be challenging. Many traditional loan programs penalize high student debt balances, a lack of income history and low down payments. While these may be red flags in other scenarios, they’re also very common for medical professionals who are just starting out. 

Our MedPro Loan Program was designed to factor in the financial challenges young healthcare workers face. 

Why this program is perfect for medical professionals: 

• No down payment required: Borrow up to the full purchase price of your next home, giving you more cash to settle in. 
• No mortgage insurance: No matter your down payment, you won’t need mortgage insurance with this program. This means one less monthly expense to factor into your housing costs. 
• Qualify on future income: If you have an offer letter or employment contract beginning within 150 days of closing, you can count that income towards qualification. This is especially important for those starting their first job or relocating for their next one. 
• Student loans aren’t counted against you: Eligible student loan payments may be excluded from your debt-to-income ratio, which may be the difference that lets you qualify for your dream home. 
• Gift funds are allowed: You can use gift funds from family towards reserves, or closing costs to help you afford your home. 

Who Qualifies? 

This program is designed for all types of medical professionals — doctors, dentists, pharmacists, vets and more. The MedPro Loan Program is also only applicable for primary residences, not investment or vacation homes.

The following designations are eligible for this program:

• Medical Doctor (MD) 
• Doctor of Osteopathy (DO) 
• Doctor of Dental Science or Surgery (DDS) 
• Doctor of Dental Medicine (DMD) 
• Doctor of Ophthalmology (MD or DO) 
• Doctor of Psychiatry (MD or DO) 
• Doctor of Pharmacy (PharmD) 
• Doctor of Veterinary Medicine (DVM or VMD)  
• Doctor of Podiatric Medicine (DPM)  
• Certified Registered Nurse Anesthetist (CRNA with DNAP or DNP) 

As with all mortgage programs, qualification criteria apply. Ask your Loan Officer if this program is a good fit for you!

What Options Are Available?

The MedPro Loan Program offers four options to fit your financial situation and timeline. The fixed-rate option provides stability and clear expectations. The adjustable-rate mortgage (ARM) options may offer lower starting interest rates that will fluctuate after the initial period ends. ARMs may be the right choice if you’re planning to move or refinance before the initial period ends. 

MedPro Loan Program Options: 

• 30-Year Fixed: With an interest rate and payment that stay the same for the life of the loan, this is a straightforward option for homebuyers who value certainty. 
• 5/6 ARM: This program offers a fixed interest rate for the first five years, then the rate adjusts every six months based on index changes. 
• 7/6 ARM: With an initial fixed rate period of seven years, the interest rate will begin adjusting once a year based on index changes starting in year eight.  
• 10/6 ARM: Your initial interest rate is fixed for the first ten years of your loan. Starting in year eleven, your interest rate will adjust every 6 months based on index changes. 

When choosing which loan options may be right for you, consider how long you plan to stay in your home and how much your interest rate will impact your payment. 

How Do I Get Started? 

You’ve put in the work, you’ve committed to caring for others and now it’s time to buy your dream home. We hope the MedPro Loan Program helps our healthcare heroes get into the homes they deserve, even if they’re just starting out.  

The team at Lennar Mortgage, LLC is committed to simplifying your path home. When you contact us, you’ll meet a local Loan Officer who will be with you every step of the way. They’ll take the time to learn about your unique situation, walk you through your options and help you find the financing that fits your life. Ready to take the first step? Find a Loan Officer in your area or get pre-qualified today! 

Program availability and eligibility are subject to change. The content provided herein is for informational purposes only. Nothing herein shall constitute legal, tax, investment or financial advice. No representation is made regarding your ability to qualify for a home loan or the availability of a home or loan product that meets your needs. This is not a commitment to lend; applicants must qualify. Model(s)/lifestyle photo does not reflect racial or ethnic preference.