Physician Construction Loan
- No Private Mortgage Insurance (PMI)
- 95% financing up to $850,000 loan amount
- 90% financing for $850,001 to $1,250,000 loan amounts
- 80% financing for $1,250,001 to $1,500,000 loan amounts
- Reserve requirements apply
- 9-month construction period. During this time, interest only payments and escrow will be due monthly. Longer construction period up to 12 months may be available.
- Up to 30 Year Fixed Rates. Adjustable Rate options also available
- The rate is locked from the beginning which guarantees you a low rate for the life of the loan
- Required Credentials: MD, DO, DDS, DMD, OD, DP, or DPM
Convenient one-time closing. Many lenders offer a two time closing which can cause more expenses, time, and potentially higher final rate. Our mortgage loan originators will meet you when and where works best for you. Apply online or call us today at (812) 469-9928 or 1-800-800-9271 to get started.
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).
Rates accurate as of April 22, 2021 and are subject to change throughout the day. All mortgage rates include Extra Credit Discount.