Resident Physician Mortgage Loan
A mortgage loan designed exclusively for resident physicians.
After years of undergraduate and medical school education, resident physicians face unique financial challenges, including significant student loan debt and minimal savings. As a result, many residents find it challenging to qualify for traditional mortgage loan financing due to the down payment and debt-to-income calculation requirements of conventional mortgage loans.
At Stock Yards Bank & Trust, we understand the financial challenges resident physicians face, so we’ve created a customized mortgage loan program designed exclusively for you and your special circumstances.
Key features of the Resident Physician Mortgage*:
- Student loan debt is excluded from debt ratio calculation
- 100% financing available for loans up to $400,000
- No down payment
- No private mortgage insurance (PMI)
- No origination fees
- Easy application process
As a Private Banking client, you’ll work with a dedicated Private Banker who understands your unique situation and can help guide you through the financial challenges you may face as a resident physician.
*Residents must show letter showing all student loans are in deferment for a minimum of 12 months or it will count against debt ratio rating. Cash out refinances are not allowed. Escrow account must be established and funded at closing. Primary residence, owner-occupied only, no second homes. Condominiums, town homes must be Fannie Mae eligible projects. Title insurance required. 1st position mortgage lien required; subsequent liens not permitted. New residents must provide an employment contract with corresponding hospital residency program showing income and start date within 60 days of the loan closing. Maximum income limitations apply. Rates subject to change or cancellation. Subject to Stock Yards Bank & Trust lending policies, underwriting, and credit approval. SYB NMLS #433971
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