Physician mortgage for Illinois doctors

The minimum credit score for the physician loan is 680. However, we require at least 720 for 100% financing and loans of more than $750,000.  For details, see: 

The physician mortgage requires no down payment for qualified medical professionals. For details, see: 

You can use the physician mortgage to purchase or refinance a house, townhome, condominium, or two-unit property in Illinois or Indiana. The property must be your primary residence located in Illinois or Indiana.

No, you do not need monthly mortgage insurance for a doctor mortgage loan. This program does not require mortgage insurance, even if the down payment is less than 20%.

You can get approved for a physician mortgage if you start a new job. We understand you may be transitioning to new positions, so we accept a signed job offer letter or employment agreement as proof of employment.

You can get approved for a physician mortgage with student loan debt. NewCastle Home Loans allows for a higher debt-to-income ratio, making it easier for doctors to qualify despite high student debt.

NewCastle Home Loans will approve a non-permanent resident for a physician mortgage if you provide paperwork showing you can legally live and work in the U.S. You must have a valid Social Security number, USCIS employment authorization document, such as an unexpired EAD card or H-1B visa and meet all other loan approval requirements. 

A 7/6 ARM is a home loan with an interest rate that may change over time. The rate is fixed for the first seven years. Then, it adjusts every six months. The monthly payment may increase or decrease with each adjustment.

You can refinance your physician mortgage at any time without penalty. NewCastle Home Loans offers a no-cost refinance, so you can save money without paying appraisal, title, or lender fees.