November 16, 2015
CA 2015-08: United Guaranty's New Professional Program
Effective November 16, 2015
United Guaranty is pleased to announce expanded underwriting guidelines for doctors, attorneys, and pharmacists with high debt-to-income (DTI) ratios due to student loans. Effective November 16, borrowers with one of the designations listed below are eligible for the exclusion of deferred student loan payments from the DTI ratio calculation and/or employment beginning post-closing when the requirements are met.
At least one borrower on the loan must have one of the following designations/professions (as stated on the 1003 loan application and indicated in employment documentation):
- Medical resident.
- Medical doctor (MD).
- Doctor of Dental Science (DDS).
- Doctor of Dental Medicine (DMD) and dental surgeons specializing in oral and maxillofacial surgery.
- Doctor of Optometry (OD).
- Doctor of Ophthalmology (MD).
- Doctor of Podiatric Medicine (DPM).
- Doctor of Osteopathy (DO).
- Pharmacist (RPH).
The Professional Loan program requirements below only apply when the deferred student loan payments are not used in the DTI and/or employment is beginning post-closing. Otherwise, United Guaranty's published requirements apply.
Other than the DTI ratio or credit score variances indicated in the grid, exceptions to these requirements are not permitted.
|Occupancy||Transaction Type||Property Type||Max. LTV||Max. Loan Amount||Min. Credit Score||Max. DTI*|
|Primary Residence (Only)||Purchases (Only)||1-unit, SFD, SFA, Condo, Co-op||97%||$417,000||620||45%|
* 5% DTI variance and 10 point credit score variance allowed.
** Construction-to-Permanent loans greater than $625,500 are ineligible.
This information will be included in the December update of our Underwriting Requirements Guide.
Please contact your United Guaranty Account Representative if you have questions concerning this announcement. For questions regarding underwriting requirements or submissions, contact our Underwriting Customer Service Team at 877.MI.CHOICE (877.642.4642) or email UGC:customerservice.
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