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Announcement 2026-044 Medical Professional Program

Announcement 2026-044 Medical Professional Program

Medical Professional Program

Newrez LLC "Newrez" Approved Correspondent Clients, Newrez is excited to announce the Medical Professional program for Delegated and Non-Delegated Correspondents. The Medical Professional program is designed to make homeownership more accessible for doctors and other medical professionals. With flexible underwriting that considers student loan obligations, employment contracts, and early career income potential, the program supports borrowers whose financial profiles may not fit traditional guidelines.  The program offers fixed  and adjustable rate options and provides financing up to 100% with no mortgage insurance (MI) requirement. 
  
Program Highlights

  • Minimum FICO: 680
  • Minimum LTV: 90.01%
  • Maximum LTV: 100%
  • Transaction Types: Purchase, Delayed financing and Rate and Term financing.
  • Property Types Allowed: 1-unit, PUD, Warrantable Condos, and Townhomes
  • Maximum Loan Amount: $2,000,000
  • Occupancy Types: Primary Only
  • Terms Allowed: 15, 20, 25, and 30 year fixed & 5/6, 7/6, and 10/6 ARMs
  • Eligible Borrowers:
    • Medical Doctor (MD)
    • Doctor of Osteopathy (DO)
    • Doctor of Dental Science or Surgery (DDS)
    • Doctor of Dental Medicine (DMD)
    • Doctor of Ophthalmology (MD or DO)
    • Doctor of Psychiatry (MD or DO)
    • Doctor of Pharmacy (PharmD)
    • Doctor of Veterinary Medicine (DVM or VMD)
    • Doctor of Podiatric Medicine (DPM)
    • Certified Registered Nurse Anesthetist (CRNA with DNAP or DNP)
    • Medical Residents, Fellows, or Interns with one of the above degrees

Delegated Delivery Process

  • Register your loan to obtain a Newrez loan #

  • Client will Underwrite and Close loan to Newrez guidelines.

  • Submit the Credit and Closing file and data tape, to include Lender Name, Product Name and date of Guidelines, Lender Loan Number and Newrez loan number, to Clayton via their Focus website: https://focus.covius.com/

  • Use the naming the below naming conventions to ensure documents are delivered correctly:

      • LoanNumber_DocumentName

      • LoanNumber – DocumentName

      • LoanNumber DocumentName

  • Review and Clear any exceptions (conditions) through the Focus website.

  • Once ALL conditions are cleared and a grade of A or B is issued Clayton will send Newrez the loan to purchase 

  • Purchase Advices will be available through our website or our automated process.

  • Final Docs will be delivered via the standard Newrez Process