UWM announces doctor loan offering

United Wholesale Mortgage (UWM) announced on Wednesday the expansion of its product lineup with the addition of Doctor Loans, a mortgage program designed for medical professionals who may face barriers to homeownership despite having strong income potential.

Although medical professionals typically have strong long-term earning potential and stable career paths, many carry substantial student loan debt and begin their careers with relatively modest incomes and limited savings for a down payment, which can make it more difficult to qualify for a mortgage.

The loans are available to medical doctors, dentists and other eligible health care professionals. Through UWM’s network of mortgage brokers, eligible borrowers can access financing options that include low or no down payment programs, no mortgage insurance requirements and more accommodative treatment of student loan debt during the underwriting process.

UWM joins a growing niche of offerings geared towards medical professionals. Earlier this year, Newrez launched its Medical Professional Home Loan, which offers up to 100% financing, no traditional private mortgage insurance (PMI), and flexible treatment of student loan debt for physicians, dentists, residents, fellows and other eligible health care professionals.

The program — which is available through Newrez’s direct-to-consumer, retail, joint venture and wholesale channels — also allows some borrowers to qualify using projected future income rather than historical earnings.

Other lenders, including Bank of America and CrossCountry Mortgage, also offer doctor loans, with CrossCountry’s program waiving PMI and requiring no down payment on loan amounts below $1 million.