Did you know that certain professions are eligible for low or no down payment home loans? 

The following professions qualify for the specialty loans:

  • Medical Resident (Educational License)
  • Medical Doctor (MD)
  • Doctor of Dental surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Optometry (OD)
  • Doctor of Ophthalmology (MD)
  • Doctor of Pediatric Medicine (DPM)
  • Doctor of Osteopathy (DO)
  • Certified Public Accountant
  • Attorney
  • Nurser Anesthetist
  • Nurse Practitioner
  • Clinical Nurse Specialist
  • ATP Pilots
  • Veterinarian
  • Registered Nurse

The professional loan program with Flagstar Bank offers 0% down up to $850,000 and 5% down up to $1,000,000 and 10% down up to $1,500,000. The program also offers no mortgage insurance requirement. For the professional home loan program the home purchased must be a owner occupied single family residence or a Fannie Mae Warrantable Condo. The program also allows for seller paid closing costs to cover part of the closing costs and prepaid items (this allows for you to bring almost nothing to closing!). To qualify for the program the borrower must open a checking account with Flagstar Bank, but no money is required to be deposited. At least one of the borrowers on the loan must be a first time home buyer (meaning that they have not owned a home in the last 3 years) and there is no minimum income limits on the program.

To learn more about this professional loan program from Flagstar Bank please contact Ryan Rouhana, loan advisor, at (504) 214-8925 or at rrouhana@flagstarretail.com