Physician Construction Loan

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  • 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.

Take advantage of these great Physician Construction Loan rates today! Apply Today
What information will ETFCU need to process my application?
  • 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 July 23, 2021 and are subject to change throughout the day. All mortgage rates include Extra Credit Discount.

Loans are subject to credit review and approval. Closing costs may apply. ETFCU mortgage lending product availability may vary based on property location. A sample principal and interest payment on a (7)-year $500,000 adjustable-rate loan amount with a 3.500% interest rate (3.575% APR) is $6,719.93. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Actual interest rate may vary based on credit history. After the initial seven year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the Secured Overnight Financing Rate (SOFR) index as published on the New York Federal Reserve website, plus our margin, which varies among ETFCU adjustable-rate mortgage products. Visit etfcu.org/mortgagecalculator to calculate payments with other terms, balances, or rates. An ARM is an adjustable-rate mortgage that has an initial interest rate for the first three, five, seven or ten years and an adjustment interval of one year thereafter. The 7/1 product listed above is a 30-year loan where the initial interest rate is fixed for the first seven years (84 payments). Any change may significantly impact your monthly payment. Additional rates and programs available. Visit us online for current rate information. The rate on 80% adjustable-rate home equity line of credit is the prime rate as published on the first business day of each month in the Wall Street Journal. Our 95% adjustable-rate home equity line of credit has the same benefits and uses the same index with a rate of 1.5% above the prime rate. There is a maximum cap of 18% APR. Oer available for new primary mortgage loans and mortgage loans already established at ETFCU when refinanced with at least $10,000 new money. These offers are available on conventional conforming financing of purchases for primary residences only. Contact an ETFCU mortgage loan officer for details. (1) Available to residents, fellowship, newly established, or established physicians with MD, DO, DDS, DMD, OD, or DP credentials. Rates listed are specific to the Physician Loan mortgage program. Standard mortgage rates may vary.