Resident Loan
Account Description
- An adjustable rate mortgage offered to Resident doctors of selected hospital organizations.
- Rates adjust based on term (5/1, 5/5, or 7/1) ARM with a 1/2% premium added.
Down Payment
- Down payment can be as low as 0%.
- Reserves for taxes and insurance are required for loans with less than 20% down payment.
Eligibility
- Applicants qualify according to First Federal of Lakewood Underwriting Guidelines.
- Mortgage filing, hazard insurance, and flood determination is required.
- Debt service to income ratio would exclude student loan payments with Proof of residency filing for student loan deferment - including fellowship. (proper documentation that student loans are deferred for 12 months from closing date)
Loan Limits
- $800,000.00 maximum loan amount
Penalties/Restrictions
- No more than a 30 day delinquency in last 12 months and no 60 day delinquencies in the past 24 months on credit report.
- No judgments, foreclosures, repossession or charge offs in past 24 months.
- No bankruptcy discharged within past 5 years.
- 5% late charge
Account Features
Account Disclosure/Statements
Assistance