TEMPE, Ariz.— TruWest Credit Union has launched a program aimed at bringing homeownership within reach for medical professionals.
Those qualified for the new loan offer include those who are currently employed, in residency or fellowship, or newly licensed medical students with a contract who will begin their new employment or residency within 60 days of closing.
TruWest said its new Medical Professional Home Loan program is “tailored for each individual borrower and may be particularly beneficial to recent graduates with large student loan debt, traditionally associated with attending medical school.”
As part of the loan program, student loans may be excluded from the applicant’s debt-to-income ratio with proof of at least 12 months deferment or forbearance from the application date, the credit union said.
Eliminates the Wait
“Medical professionals invest so much time and talent in our local communities,” said Farid Farbod, chief lending officer from TruWest Credit Union. “This home loan program helps to give these critical individuals an opportunity to not have to wait to achieve their goal of owning a home. We are honored to support these heroes.”
TruWest said eligible individuals include medical residents, existing or new licensed physician assistants, nurse practitioners, nurse anesthetists, medical doctors, doctors of dental science, doctors of dental medicine, surgeons specializing in oral and maxillofacial surgery, doctors of optometry, doctors of ophthalmology, doctors of pediatric medicine and doctors of osteopathy.
The Pricing
Eligible borrowers can take advantage of both fixed or adjustable rate mortgages on single-family dwellings, warrantable condos or townhomes, according to TruWest. Minimal down payments start at 3% on loans up to $975,000 and 10% on loans up to $1,650,000. Qualifications regarding DTI, down payment and FICO scores apply, the credit union added.
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