Podcast
Questions and Answers
Which of the following is a key feature of the new medical professional mortgage offered by Alliance Catholic Credit Union?
Which of the following is a key feature of the new medical professional mortgage offered by Alliance Catholic Credit Union?
- Includes PMI (Private Mortgage Insurance) regardless of the down payment amount.
- Requires a 20% down payment.
- Offers 0% down payment option up to $1,000,000 with no PMI. (correct)
- Is exclusively for Doctors of Medicine (MD).
A medical resident is considering applying for the medical professional mortgage. What unique qualification benefit does this program offer them?
A medical resident is considering applying for the medical professional mortgage. What unique qualification benefit does this program offer them?
- They are exempt from needing a credit check.
- They automatically qualify for the lowest interest rates.
- Student loan payments are not counted against their debt-to-income ratio. (correct)
- They receive a 10% discount on the appraised value of the home.
Which mortgage type is offered under the medical professional mortgage program?
Which mortgage type is offered under the medical professional mortgage program?
- 15-year fixed-rate mortgage.
- 30-year fixed-rate mortgage.
- Hybrid ARM with an initial 10-year fixed period.
- 5 or 7-year Adjustable-Rate Mortgage (ARM). (correct)
According to Michael Rice, what should potential mortgage applicants remember when evaluating their options?
According to Michael Rice, what should potential mortgage applicants remember when evaluating their options?
What is the rate for a 7-year ARM according to the content?
What is the rate for a 7-year ARM according to the content?
If rates are anticipated to drop in the coming years, why might an adjustable-rate mortgage (ARM) be optimal?
If rates are anticipated to drop in the coming years, why might an adjustable-rate mortgage (ARM) be optimal?
What is the amount of savings on a $300,000 mortgage with 5% down from a 30-Year Fixed with PMI to a 7-Year ARM NO PMI?
What is the amount of savings on a $300,000 mortgage with 5% down from a 30-Year Fixed with PMI to a 7-Year ARM NO PMI?
Who is the Senior Mortgage Consultant for Alliance Catholic Credit Union?
Who is the Senior Mortgage Consultant for Alliance Catholic Credit Union?
An APRN (Advanced Practice Registered Nurse) is interested in the medical professional mortgage. According to the content, are they likely to qualify?
An APRN (Advanced Practice Registered Nurse) is interested in the medical professional mortgage. According to the content, are they likely to qualify?
What is Michael Rice's email address?
What is Michael Rice's email address?
Who does ACCU partner with to offer the best Mortgage options to our members.
Who does ACCU partner with to offer the best Mortgage options to our members.
The best mortgage product is a fixed rate mortgage due to its stability during uncertain times.
The best mortgage product is a fixed rate mortgage due to its stability during uncertain times.
The minimum credit score requirement for conventional mortgage is?
The minimum credit score requirement for conventional mortgage is?
Interest rate is the most important part when choosing a mortgage product, the lower the rate the better.
Interest rate is the most important part when choosing a mortgage product, the lower the rate the better.
Typically, the maximum DTI limit for a mortgage loan is 50%.
Typically, the maximum DTI limit for a mortgage loan is 50%.
The member can always afford a mortgage amount that they are preapproved for.
The member can always afford a mortgage amount that they are preapproved for.
When a member inquiries about a mortgage the MSR should do the following (Select all that apply)
When a member inquiries about a mortgage the MSR should do the following (Select all that apply)
The Maximum Conventional Loan Amount that ACCU offers as of March 1, 2025 is?
The Maximum Conventional Loan Amount that ACCU offers as of March 1, 2025 is?
An Adjustable-Rate Mortgage has all of the following features except:
An Adjustable-Rate Mortgage has all of the following features except:
The New Medical Professional Mortgage is available to everyone except the following:
The New Medical Professional Mortgage is available to everyone except the following:
The following documents may be requested at the beginning of the mortgage application process, including all of the following except:
The following documents may be requested at the beginning of the mortgage application process, including all of the following except:
Flashcards
New Medical Professional Mortgage
New Medical Professional Mortgage
Medical professional mortgages with 0% down and no PMI up to $1,000,000. Available as 5 or 7-year ARM mortgages.
Mortgage Qualification Perks
Mortgage Qualification Perks
Using a new physician's contract for income and not counting student loan payments against the debt-to-income ratio.
Who May Qualify?
Who May Qualify?
Medical Resident, Fellow, Doctor (MD), Doctor of Dental Surgery (DOS), Doctor of Dental Medicine (DMD) and more.
Who May Qualify? (cont.)
Who May Qualify? (cont.)
Signup and view all the flashcards
ARM with No PMI
ARM with No PMI
Signup and view all the flashcards
Blended Rate
Blended Rate
Signup and view all the flashcards
Low Introductory Rates
Low Introductory Rates
Signup and view all the flashcards
Study Notes
- Medical professional mortgages are available with zero down payment and no PMI up to $1,000,000
- 5 or 7-year ARM mortgages are available at 5.25% and 5.75% respectively
- A new physician's contract can be used for income qualification
- Student loan payments are not counted against the debt-to-income ratio
Eligible Professionals:
- Medical Resident
- Fellow
- Doctor (MD)
- Doctor of Dental Surgery (DOS)
- Doctor of Dental Medicine (DMD)
- Doctor of Optometry (OD)
- Doctor of Ophthalmology (MD)
- Doctor of Podiatric Medicine (DPM)
- Doctor of Osteopathy (DO)
- Pharmacist (RPH)
- Chiropractor (DC)
- Doctor of Veterinary Medicine
- Licensed Psychologist (PhD/PsyD)
- Licensed Audiologist (PHD)
- Licensed Physical Therapist (DPT/Master's/Bachelors)
- Licensed Occupational Therapist (Master's Degree or higher)
- Licensed Speech-Language Pathologist (SLP)
- Licensed Dental Hygienist
- Doctor of Nursing Practice (DNP)
- Physician's Assistant (PA)
- APRN
- Clinical Nurse Midwife
- Clinical Nursing Specialist
- Certified Registered Nurse Anesthetists
- Nurse Practitioner
- Registered Nurse (RN)
- Licensed Practical Nurse (LPN)
- Anesthesiologist Assistant (AA/CAA)
- Certified Anesthesiologist Assistant
- Anyone with a PHD
ARM Program Update:
- 7-year ARM now offered at 5.75%
- ARM products offered with no PMI with 10% down
Adjustable-Rate Mortgages (ARMs):
- Introductory rates can assist those entering the market cost-effectively when rates are anticipated to drop
Mortgage Example:
- Savings illustrated for a $300,000 mortgage with 5% down
- 5-Year ARM no PMI monthly payment: $1,656.61
- 7-Year ARM no PMI monthly payment: $1,750.72
Payment Savings:
- Savings with 5-Year ARM is $429.55
- Savings with 7-year ARM is $335.44
Blended Rate Consideration:
- When considering mortgage options, the overall blended rate should be evaluated
- Refinancing may be worthwhile to consolidate home equity loans or significant credit card debt, even with an existing low mortgage rate
Contact Information:
- Michael Rice, Senior Mortgage Consultant
- NMLS ID# 339260
- Email: [email protected]
- Phone: (248) 275-8601
Mortgage Offer:
- Medical professional mortgages with 0 down and no PMI up to $1,000,000 (and above with a down payment)
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
