You help others for a living. That’s why we make loans just for you.
Our MedPro Loan Program is a residential mortgage loan developed specifically for physicians, dentists, optometrists, Pharm.D pharmacists, ophthalmologists, podiatrists, osteopathologists, and veterinarians.
- You are a health professional.
- You are looking for a primary home.
- You need a home loan with no down payment.
Loan Features
- Available for home purchases or construction of primary homes only.
- Competitive pricing available.
- Mortgage insurance is not required.
Loan Benefits
- No down payment needed.
- No penalty for prepaying your loan.
- Gift funds or seller contributions (up to 3% of purchase price) may be used for closing costs.
Considerations
- Maximum of 100% Loan-to-Value (LTV) for purchases of primary homes.
Terms
- 10/1 ARM, 5/1 ARM, 7/1 ARM, or 15 year fixed
- 30-year fixed options may be available at a reduced LTV
Applying for a First Bank mortgage is fast, easy and secure. Before you begin, have the following information on hand.
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Income
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Your total assets
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Monthly expenses
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Estimated purchase price and down payment amount (if buying)
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Estimated property value and loan amount (if refinancing)
Loans are subject to credit approval.
For a $200,000 mortgage loan for a term of:
- 30 years fixed interest rate of 4.75%, with an APR of 4.906%, the monthly payment would be $1,043.29.
- 15 years fixed interest rate of 4.125%, with an APR of 4.391%, the monthly payment would be $1,491.94.
- 5 year adjustable rate* of 4.375%, with an APR of 4.527%, the monthly payment would be $ 998.57.
- 7 year adjustable rate* of 4.5%, with an APR of 4.653%, the monthly payment would be $1,013.37.
- 10 year adjustable rate* of 4.625%, with an APR of 6.508%, the monthly payment would be $1,028.28
Based on 20% down payment and 1% Origination Fee. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. These payments are based on recent interest rates and can vary based on individual credit.
*Adjustable interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/1 ARM, 7 years for a 7/1 ARM and 10 years for a 10/1 ARM).