Doctor Loan Program

  • AUS Requirement Manual Underwriting – Ameris Portfolio Underwriter
  • NO PMI

  • Credit Score Minimum 680, See Product Matrix
  • Transaction Type Purchase only – Primary Residence
  • Loan Terms 7/1 ARM
  • Allowable States AL, GA, FL, NC, SC, TN
  • Maximum Loan Size $1,500,000 – See Product Matrix
  • Max LTV 100% - See Matrix
  • Secondary Financing Not Allowed
  • Occupancy
  • Primary Residence Only

    Cannot own other real estate unless the subject property is at least 100 miles from the current residence

    Non-Occupant Co-borrowers are not allowed

  • Property Eligibility
  • SFR, Townhomes, Warrantable Condo’s and PUDs
  • Maximum 10 acres

  • Future Employment Must have a contract and start date within 60 days of the note date
  • Qualifying Ratios 43% DTI
  • Assets/Reserves
  • 2 consecutive monthly statements required

    Can be gift funds for down payment and reserves

    401K/Retirement account can be used for reserves with 30% reduction

  • Gift Funds Allowed
  • Cash to Borrower N/A
  • Appraisal/Value
  • 2nd Appraisals Required for loan amounts over $1M

    Fannie Mae SSRs required

    Appraisals valid for 120 days, may not be extended

  • Underwriting AMERIS PORTFOLIO
  • Credit History 12-month rental history or 1010 letter stating they have lived rent-free.
  • 3 established credit lines with 12 months history for each

  • Derogatory Credit
  • No Judgements or Tax Liens. No open non-medical collection accounts

    No Foreclosure, Short-Sale, DIL or Bankruptcy discharged within 7 years of note date

  • Lock Desk 7/1 ARM DR
  • Business Channel Retail