Doctor Loan
This loan program helps medical professionals qualify for a home loan, even with student loans and limited savings. Eligible borrowers include currently practicing medical professionals or those who’s employment will start within 90 days of closing.
The Doctor’s loan is a 30-year mortgage designed to exclude student loan payments to overcome debt ratios when obtaining a mortgage.
What is it?
For doctors who spend a lot of time focusing on the health and well-being of the public, this program focuses on doctors who are eager to take the next step toward homeownership or looking to refinance their mortgage. This mortgage is designed to exclude student loan debt and does not require a down payment nor mortgage insurance.
When calculating debt to income, the student loan debts are not included, if in deferment for at least 12 months.
In order to qualify for this loan you must be a doctor with a minimum certification of a M.D., D.O., D.D.S., or D.M.D. medical doctors including podiatrists, ophthalmologists and veterinarians. That being said, you must have an employment contract or verification of terms of employment acceptance. The property must be your primary residence and no more than 2 units.
Why is it different from other mortgages?
It is important to note that the income received from future primary employment, including salary increase, within 60 days of the note date may be used to qualify.
Talk to a loan officer to find out if this is the best option for you.
Loan Programs
Bank Statement
Being your own boss shouldn’t mean a backbreaking path to homeownership. Self-employed borrowers can relax with Stockton Mortgage’s bank statement program, with alternative documentation options of 12 or 24 months of bank statements.
Conventional Loan
Our conventional loans can be a fixed rate or adjustable rate mortgage. With a variety of down payment options, the minimum down payment requirement is 3%. There are also options that avoid mortgage insurance.
FHA Loan
The Federal Housing Administration (FHA) loan is a great option for borrowers without a large amount in savings.
Hobby Farm Home Loan
The Hobby Farm loan is for homes with 5 – 160 acres. Rural areas, non-contiguous parcels permitted. Not eligible for full time Farming operations. This program is good for customers looking for a place to have horses, hunting property, etc.
Home Equity Line of Credit (HELOC)
This alternative to a cash-out refinance allows a borrower to use the equity in their home without refinancing their mortgage.
Investor Cash Flow Loan
With Stockton Mortgage’s Investor Cash Flow Loan, it’s never been easier to break into real estate investing. This program allows you to utilize the future income rental of a property to determine cash flow – meaning that if portfolio growth is a goal, the Cash Flow Loan could make it happen.
ITIN Loan
Stockton Mortgage offers solutions for people who have an Individual Tax Identification Number (ITIN) who are looking for a mortgage or wish to finance their existing mortgage. With our ITIN Loan Program, we may be able to utilize written verification of employment and bank statement payroll deposits in lieu of paystubs.
Jumbo Loan
A great option for large loan amounts; too large for a conventional loan. Loan amounts up to $3 Million for owner occupied or $2 Million for second home. This program varies by state, please ask your mortgage banker for more information.
Low Down Payment, New Construction Loans
We offer new construction loans for VA, FHA and USDA Loans. These programs are good for customers that can’t find an existing home to purchase.
Renovation Loan
We offer a variety of renovation options, rolling the cost of the home repairs into the mortgage. The FHA 203k provides a low-down payment option with structural changes, as well as, minor updates such as painting. The Homestyle provides an option for adding luxury upgrades such as in-ground pools and outdoor kitchens.