Peak Professional Program
Break ground with a mortgage that considers your future earning potential.
You’ve worked hard to invest in your future. Let us jumpstart your investment in your dream home.
Whether you’re a seasoned expert in your field or just starting your professional journey, our Peak Professional Mortgage Program offers exclusive benefits to support your success.
Program Highlights
Exclusive Home Loan Options: The Peak Professional Program allows the exclusion of student loan debt from the debt-to-income ratio (DTI) calculation* for eligible professionals.
- *Student loan debt may be excluded from the DTI calculation with documentation to evidence that the loan payments will be in deferment after the loan closing date.
- Must have an acceptable designation which may include, but is not limited to: Medical Resident, Medical Fellow, Doctor of Medicine, Dental Science, Optometry, Osteopathy, Doctor of Veterinary Medicine, Attorney, Chiropractor (DC), Certified Public Accountant (CPA) or PhD in a non-medical profession.
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Terms
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Property Type |
Maximum LTV/CLTV |
Maximum Loan Amount |
Minimum Credit Score |
Maximum DTI |
|---|---|---|---|---|
|
1Non-warrantable Condominiums eligible on a case-by case basis. DTI excluding the mortgage insurance premium is used for pricing purposes, the total DTI including mortgage insurance is used for guideline eligibility. |
||||
|
Property Type Single family (detached & attached), Condominiums1, Cooperatives |
Maximum LTV/CLTV 97% |
Maximum Loan Amount $822,375 |
Minimum Credit Score 620 |
Maximum DTI 50% |
|
Property Type Single family (detached & attached), Condominiums1, Cooperatives |
Maximum LTV/CLTV 95% |
Maximum Loan Amount $1,000,000 |
Minimum Credit Score 680 |
Maximum DTI 43% |
|
Property Type Single family (detached & attached), Condominiums1, Cooperatives |
Maximum LTV/CLTV 85% |
Maximum Loan Amount $1,500,000 |
Minimum Credit Score 740 |
Maximum DTI 45% |
Peak Professional Guidelines and Requirements
- Fixed rate/fixed payment
- Fully amortizing ARMs with an initial term > 1 year
|
Occupancy/Loan Amount/ Purpose |
Minimum Borrower Contribution |
Months Reserves |
|---|---|---|
|
Occupancy/Loan Amount/ Purpose Purchase Loan Amount < $1,000,000 |
Minimum Borrower Contribution 3% |
Months Reserves 2 mos. – < $822,375 |
|
Occupancy/Loan Amount/ Purpose Purchase Loan Amount > $1,000,000 |
Minimum Borrower Contribution 10% |
Months Reserves 12 mos. |
At least one borrower in the transaction must:
- Have an acceptable designation which may include, but is not limited to: Medical Resident, Medical Fellow, Doctor of Medicine, Dental Science, Optometry, Osteopathy, Doctor of Veterinary Medicine, Attorney, Chiropractor (DC), Certified Public Accountant (CPA) or PhD in a non-medical profession.
- If a Resident or Fellow:
- Must have a signed guaranteed non-contingent employment contract or be a graduate from a doctoral program.
- Third party written evidence of an acceptable doctorate degree or Juris Doctor degree (J.D.) is required as documentation for the Origination File.
Student loan debt may be excluded from the DTI calculation with documentation to evidence that the loan payments will be in deferment after the loan closing date.
If there are multiple borrowers on loan with deferred student loan debt, the exclusion of student loan debt only applies to the borrower(s) with the designations meeting the program requirements.
Medical Residents with a minimum of 6 months residency remaining may use the alternative documentation listed below as evidence that student loan will be in deferment:
- Letter from employer verifying the medical resident’s start date, or
- Letter from employer verifying at least 6 months residency remaining, or
- Letter from the student loan servicer confirming that the student loan payments will be in deferment after the loan closing date
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