First Choice Mortgage Advisors offers a highly competitive MD program. This program is available to medical doctors who have a minimum of a M.D., D.O., D.D.S., or D.M.D. degree and an employment contract (or verification of terms of employment acceptance). Medical Doctors including Dentists, Podiatrists, Ophthalmologists are permitted..
This program offers 100% financing with no mortgage insurance up to $750,000.
(Loan amounts up to $2,000,000 are available with reduced LTVs). The program is available for purchase or rate & term refinance (95% maximum LTV for refinance).
15 year Fixed Rate
30 year fixed Rate
Eligible Property Types
• 1-2 Unit Principal Residence
• Condominium (Warrantable) Standard Fannie Mae Documentation required
– Non-Warrantable condos restricted to 90% LTV
• Modular Homes (i.e. prefabricated homes built to state and local building codes)
Ineligible Property Types
• Investment Property
• Second Home
• Manufactured Housing (i.e. homes built on a non-removable steel chassis & transported on their own wheels)
Student Loan Flexibility
Student loan payments do not have to be counted as a monthly obligation if they are deferred.
Special student loan calculator used for loan that are not deferred to allow for more flexible underwriting requirements for MD’s and residents.
"Lock and Shop" Option:
• 60 day lock at no cost.
• Borrower may lock in for 75 days, with a 0.125% addition to rate, prior to closing without a purchase contract for a specific property, allowing borrower to shop for a property ("lock and shop").
• Borrower must execute a purchase contract within the first 30 days of the rate-lock. If you are not able to provide both the property address and the purchase agreement within the 30 day required period, your rate jumps to (and re-locks in at) the current rate available the day you do provide the address and purchase agreement.
Gift funds can be applied to down payment, closing costs, or cash reserve.
First Choice Mortgage Advisors Doctors Only products must follow Fannie Mae builder contribution guidelines as outlined below. The maximum permitted builder/seller (interested party) contributions are based on the lesser of the property’s sales price or appraised value:
• 3/1 ARM 2/2/6 caps; Rate is fixed for the first 3 years then adjusts annually. Libor index
• 5/1 ARM 5/2/5 caps; Rate is fixed for the first 5 years then adjusts annually. Libor index.
• 7/1 ARM 5/2/5 caps; Rate is fixed for the first 7 years then adjusts annually. Libor index.
• 10/1 ARM Rate is fixed for the first 10 years then adjusts annually.
• 15/1 ARM 5/2/5 caps; Rate is fixed for the first 15
Chris Swartz - First Choice Mortgage Advisors
A 15-year veteran of the mortgage industry, Christopher Swartz is one of the Managing Partners of First Choice Mortgage Advisors, LLC NMLS 1806583 located in Media, Pennsylvania. First Choice Mortgage Advisors is proud to offer Physician loans in Pennsylvania, advising physicians and MD’s on how to prepare and flawlessly purchase their next home. Christopher has been featured in Forbes Magazine as Market Leader in the mortgage industry back to back yeas in 2019 and 2020. He was 1 of 8 mortgage professionals out of 4,996 in the Philadelphia area to receive this award. Christopher has completed specialized training in physician mortgage lending. He graduated from Cabrini University with a B.A. in organization business management.
Christopher is also the host of the FUEL podcast. Where he explores the Foundations, Under Extraordinary Lives. He is the proud father of two daughters Michaela and Giavanna, devoted husband to his wife Lori. In his spare time…. He enjoys playing ice hockey, traveling, fishing and just relaxing with family and friends.