EL PASO, Texas–evolve FCU has introduced a new “Medical Professional Mortgage Loan” program.
“The MPML makes the home buying process both easy and affordable by alleviating the costs associated with purchasing a home,” the credit union said in introducing the product.
The program offers loans from $60,000 to $750,000, with terms of 10, 15, 20 and 30 years.
evolve FCU said those qualified for the Medical Professional Mortgage include any person in the medical profession who has at least a two-year certification to obtain their position. (The two-year work history requirement is waived.)
Loans available include:
- First Mortgage loans with maturities up to 30 years made for the purpose of purchasing or no cash-out refinancing of an owner-occupied primary residence.
- Second and Investment homes are not eligible under this program.
No PMI Required
All mortgages must be underwritten following FNMA and/or FHMLC underwriting guidelines. The loan does not require private mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP).
The $350-mllion evolve FCU has approximately 17,000 members.