- Texas healthcare personnel and select high-income professions can take advantage of the Amplify Credit Union physician mortgage loan.
- This loan offers special home financing with a maximum loan-to-value ratio of 95% to qualifying borrowers.
- Physician mortgage programs don’t require private mortgage insurance (PMI) and typically give student loan debt more favorable treatment during the underwriting process.
Medical professionals who plan to purchase a home in Texas might be eligible for the Amplify Credit Union physician mortgage loan. This exclusive loan program offers both fixed- and adjustable-rate mortgages with down payment options as low as 5% down.
Keep reading to learn about the various benefits and drawbacks to using an Amplify Credit Union physician mortgage loan.
Amplify Credit Union physician mortgage loan details
Amplify Credit Union has been serving financial customers in Texas since 1967. Anyone who lives, works or studies in Texas is eligible for membership, along with their direct family members. As part of its banking products and services, this federal credit union offers a special home financing opportunity for medical professionals that makes qualifying for a mortgage easier.
Its physician mortgage loan, more accurately called a professional mortgage in this case, is available to a variety of healthcare professionals and high-income professionals, including attorneys and public accountants.
Here’s the basic details of the Amplify professional mortgage.
Amplify Credit Union Physician Mortgage
Minimum down payment
5% down for up to $1.25 million
Maximum loan amount
How they treat student loans
Requirements to keep low rate
Degrees that qualify
MD, DO, DDS, DMD, OD, PharmD, CRNA, NP, PA, DVM, JD, CPA
What mortgage product would you like a quote for?
What is Your Occupation Status Currently?
Are you currently working with a realtor?
Are you a veteran?
What most closely represents the price range of the house you’re searching for?
What is your preferred down payment?
What stage are you at in the home buying process?
How soon do you hope to secure a mortgage approval?
How many banks would you like quotes from?
Have you experienced any bankruptcies or short sales?
State where you want to purchase your home
Metro area where you would like to purchase your home
Would you like to add any additional details?
Amplify Credit Union physician mortgage loan: Pros and cons
Amplify Credit Union’s professional mortgage program has certain advantages and disadvantages, depending on your homeownership goals.
Low down payment options with no PMI
The Amplify Credit Union physician mortgage loan offers up to 95% financing, no PMI and high loan limits. Down payment options include:
- 5% down for up to $1.25 million.
- 10% down for up to $1.5 million.
- 20% down for up to $1.75 million.
This loan program offers 15- and 30-year fixed rate loan terms, as well as adjustable-rate options.
Open to wide range of healthcare professions
Many physician mortgage programs limit eligibility requirements to medical doctors and dentists. However, the Amplify Credit Union professional mortgage is open to the following professions and degree designations:
- Medical doctors (DO, OD)
- Dentists and oral surgeons (DMD, DDS)
- Optometrists (OD)
- Certified Registered Nurse Anesthetists (CRNA)
- Nurse Practitioners (NP)
- Physician Assistants (PA)
- Veterinarians (DVM)
- Attorneys (JD)
- Certified Public Accounts (CPA)
Residents are also eligible for this loan program.
Close on a home up to two months before starting new position
Amplify allows eligible borrowers to use an employment contract as proof of future income to meet underwriting requirements. In which case, you can close on a new home up to 60 days prior to your employment start date.
No 0% down option
Many physician mortgage programs offer up to 100% financing for young medical professionals. However, the Amplify Credit Union professional mortgage loan is limited to a maximum loan-to-value ratio of 95%. This means you’ll need at least a 5% down payment to get the ball rolling.
Only Texas borrowers are eligible
Amplify Credit Union primarily works with Central Texas borrowers as its headquarters are located in Austin, Texas. However, membership spans throughout the Lone Star State.
If you live outside of Texas, you’ll want to explore other physician mortgage loan programs in your state.
Large loan amounts can financially trip up some borrowers
The Amplify Credit Union physician mortgage loan comes with loan amounts up to $1.75 million, which are much higher than conventional loan limits throughout the country. Additionally, eligible borrowers will likely qualify for a higher loan amount due to relaxed underwriting guidelines that treat student debt more favorably.
While this combination will benefit some homeowners, it could potentially hurt others as it can encourage you to purchase a home that isn’t realistically affordable. Just keep in mind that a larger loan amount equals a larger mortgage payment.
How to apply for an Amplify Credit Union physician mortgage loan
If you decide to work with Amplify Credit Union for your home loan needs, you’ll need to do some initial legwork to start your mortgage application.
Step 1: Contact Amplify Credit Union
Depending on your financial and professional situation, you might have a variety of mortgage options available outside of a professional home loan. It’s best to speak with a loan officer directly to discuss your options and eligibility requirements (e.g. minimum credit score, credit union membership, etc.).
That said, it was challenging to find information about Amplify’s physician mortgage loan program both online and over the phone. There’s no mention of a physician loan or professional loan on its website.
Additionally, I made contact with two Amplify representatives who had never heard of the program. Fortunately, they passed me on to additional contacts who were eventually able to confirm the program is still available.
You might need to work your way through the ranks to reach knowledgeable mortgage loan originators directly.
Step 2: Be ready to provide general information and financial documentation
Each lender will want specific information and documentation as part of its mortgage application and underwriting process. A loan officer can give you a detailed list of necessary items.
But you can generally expect to provide documents such as recent bank statements, income tax returns, an employment contract or W-2s, and other identifying documents (e.g. driver’s license and medical license or degree).
Step 3: Be patient throughout the home buying process
Buying a home takes time, and it often comes with additional requests for information or clarification. So, it’s important to stay in contact with your loan officer and respond in a timely manner.
Once your loan is approved, double check that all closing costs and loan terms match your understanding of the home loan.
Is a physician loan with Amplify Credit Union right for you?
If you live in Texas and desire a low down payment solution for your next home purchase, then an Amplify Credit Union physician mortgage loan might fit your needs. However, there are many physician loans that offer up to 100% financing that might be more beneficial if you haven’t had time to save for a down payment.
To explore additional physician home loan programs, fill out the form below to start receiving quotes from mortgage lenders in your area.