- A chartered financial analyst mortgage loan provides a low down payment solution for prospective home buyers.
- This type of home loan doesn’t require private mortgage insurance and has higher loan limits than a conventional loan.
- A CFA mortgage can be challenging to find, but there’s potential for expanded eligibility as lenders grow their physician mortgage programs.
Chartered financial analysts (CFA) have earned the gold standard of the investment strategy and wealth management profession. So, you’d think they’d be the epitome of a safe bet when looking for a mortgage. However, that’s not always the case.
Conventional home loan barriers, including large down payment requirements and strict underwriting criteria, can still be an obstacle for CFAs. Plus, many borrowers might simply prefer to use their down payment savings for other financial goals or to make immediate renovations.
Fortunately, a CFA mortgage can give you the flexibility to choose a low down payment solution that provides more flexibility and makes it easier to qualify for. Keep reading to learn how you can benefit from a charter financial analyst mortgage loan and where to find one.
What’s a charter financial analyst mortgage loan?
A CFA mortgage is another name for a physician mortgage loan that includes chartered financial analysts in their eligibility requirements. This home loan program is designed for high-income earners who often carry large student loan balances early in their careers.
The main benefits of a chartered financial analyst mortgage loan include:
- Down payment options as low as 0%, without triggering a private mortgage insurance (PMI) requirement.
- Higher loan amounts that go well-beyond the conventional loan limit of $647,200 (for most counties).
- Flexible income documentation that allows you to close on a new home up to 90 days before starting a new position and requires fewer years of tax returns for 1099 income.
- Generous treatment of student loan debt that, in some cases, might exclude student loans from your debt-to-income ratio (DTI) altogether.
Although a CFA mortgage is a great home financing opportunity, most physician mortgage programs don’t include chartered financial analysts. Currently, the prime target market is medical doctors and dentists. But that doesn’t mean you don’t have existing low down payment options, nor does it mean that future eligibility is off the table.
What mortgage product do you need?
Your Occupation As Of September 2023
Are You Currently Working With a Realtor?
Home Price Range
Preferred Down Payment
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
How Many Banks Would You Like Quotes From?
Any Bankruptcies or Short Sales?
State Where You Plan to Purchase
Metro Area Where You Plan to Purchase
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Lenders offering a CFA mortgage or other low down payment solution
Unfortunately, the list for chartered financial analyst mortgage loans is limited. Depending on where you’re interested in living, you might have access to a straightforward CFA mortgage. However, there might be an alternative low down payment program available to borrowers in other states.
1. FNBO Mortgage (First National Bank of Omaha)
A professional home loan with FNBO mortgage can provide CFAs with home financing up to $750,000 with as little as 5% down and no PMI. If you’re willing to put down 10%, you can access up to $1 million.
This lender offers a 30-year fixed rate, as well as a variety of adjustable-rate mortgage (ARM) options. FNBO Services doesn’t sell off your loans either, so you’ll know exactly who you’re working with beyond the loan application process.
States available: CO, IA, IL, KS, MO, NE, SD, TX, WY
Contact: Abe Huerta
2. U.S. Bank
Unless you’re married to a medical doctor, you won’t be able to access the U.S. Bank physician mortgage program. However, you might still benefit from an alternative loan program called an 80-10-10.
This loan breaks your home purchase into three components: 80% first mortgage, 10% second mortgage and a 10% down payment. As an added perk, there’s no PMI. It can also help you avoid an interest rate spike with a jumbo loan if you want a higher loan amount.
States available: AL, AK, AZ, CA, CO, DC, ID, IL, MA, MD, MT, MI, MN, MS, NE, NV, ND, NM, NY, NJ, OK, OR, RI, SD, TX, UT, WA, WY, WI
Contact: Jonathan Brozek
Is a charter financial analyst mortgage loan right for you?
A CFA mortgage can allow you to purchase a new home with little down and save you thousands each year by dodging PMI. It can also give you access to higher loan limits and make qualifying easier due to flexible underwriting guidelines.
But it also has some hidden secondary benefits depending on your preferences, like freeing up your savings for other financial priorities. For example, it can help you avoid a high-interest loan for home upgrades, such as a new kitchen or outdoor entertaining. Alternatively, you can funnel those savings into paying off your student debt or making other smart investment moves.
Finding a home loan provider who offers a CFA mortgage can be challenging on its own. Therefore, if you’re married, your spouse’s profession might open the door for more physician mortgage opportunities if they happen to be a medical doctor, dentist, lawyer or in another high-paying career field. In this case, you should definitely explore our profession-based resources and any other beneficial mortgage options, such as a VA loan or an FHA loan.
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