Professionals early in their careers often face difficulties getting a mortgage due to a large debt-to-income ratio (DTI). Our Professional Lending Program gives special consideration to those working in medicine, law, dentistry, and other related fields to offer a lower down payment option not available in conventional mortgage lending. Read on to learn more of the benefits of buying a home with UBT’s Professional Lending Program.
Lower down payment
UBT’s Professional Lending Program requires no down payment on loans up to $850,000, a 5% down payment on loans from $850,000 to $1.2 million, and a 10% down payment on loans more than $1.2 million. Your down payment can be your own funds or a documented gift.
No pay stubs
We know you’re just getting started, so to make the home loan process easier, a signed employment contract will suffice as proof of income for your loan application — no pay stubs needed! Just note that your residency or employment must be confirmed to start within 60 days of closing.
No private mortgage insurance
While conventional loans require private mortgage insurance (PMI) on loans with lower down payments, UBT’s Professional Lending Program does away with PMI, so you’ll have one less expense to worry about.
Refinancing available
As your income goes up, your debt-to-income ratio goes down, or your credit score improves, refinancing your mortgage might make sense — and we’ll be happy to help along the way.
