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Professional Program in Residency or Practicing | Boxwood Mortgage

Professional Program Offers:

Primary Residence, one Borrower must be first time home buyer

Physician, Attorney, Certified Public Accountant, Oral Surgeon, Dentist, Pharmacist, Optometrist, Nurse Anesthetist, Physician Assistant, or Ophthalmologist.

Borrower eligibility: US Citizen, Permanent Resident Alien, Non Permanent Resident, First Time Homebuyer, Revocable Trusts

Professional Program in residency or practicing

Primary Residence, one Borrower must be first time home buyer

Physician, Attorney, Certified Public Accountant, Oral Surgeon, Dentist, Pharmacist, Optometrist, Nurse Anesthetist, Physician Assistant, or Ophthalmologist.

Borrower eligibility: US Citizen, Permanent Resident Alien, Non Permanent Resident, First Time Homebuyer, Revocable Trusts

Loan Parameters

  • Purchase and refinance of Primary Residence
  • 5% down payment
  • Minimum Credit Score 700
  • No prepayment penalties
  • Max Debt to income ratios 43%
  • Escrow Waiver: With 20% down payment only. Flood insurance is always escrowed in the monthly payment.
  • Gift funds okay if Mortgage/Rental history is Ox30 in last 24 months & no prior bankruptcy, foreclosure, deed-in-lieu or short sale
  • Income documentation for 2 full years is required. Two years W2s, Two years Personal and Business tax returns if Self Employed
  • Mortgage insurance is not required
  • 1 Unit, Attached or Detached, PUDs (Planned Unit Development), Warrantable Condominiums Non Warrantable Condos with 15% down payment
  • Duplex and Fourplex properties not allowed
  • New employment contracts okay if non-contingent for up to 60 days after closing. Must have assets/savings to support 60 days
  • Max seller contributions 6% of the loan amount
  • Must have 2 year work history or 6 months after diploma (if not self employed); 2 years credit history to qualify
  • Must have 3 tradelines: 24 months review all tradelines; 1 credit card, 1 installment or mortgage; may ask for housing history-authorized user accounts do not count
  • 3 Months of mortgage payments saved, to show as reserves (cushion savings)
  • Max acreage 20 acres
  • Student Loans- If the monthly payment reported on the credit report is zero, use 0.5% of the outstanding balance, as reported on the credit report. Use the monthly payment on the credit report or other file documentation if the amount is greater than zero
  • All loans are fully amortized
  • Fixed rates for 15 and 30 year terms as well as some Adjustable rate mortgages.