Peak Professional Program

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.

Terms

Primary Residence – Purchase & Refinance

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
Primary Residence: Minimum Borrower Contribution & Reserves

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
6 mos. – $822,376 – $1,000,000

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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