CrossCountry Mortgage Review: Physician Mortgage With 0% Down

Physician loan programs — like the CrossCountry Mortgage physician mortgage loan — are a competitive home financing option with many perks, including $0 down payment options and no private mortgage insurance (PMI) requirement. But each program comes with its own eligibility requirements, financing options and underwriting criteria.

Keep reading to learn about the CrossCountry Mortgage physician mortgage loan.

Minimum down payment	0% down for up to $1 million
Residents allowed	Yes
Degrees that qualify	MD, DO, DDS, DMD, DPM, DVM
Eligible states	AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

CrossCountry Mortgage physician mortgage details

CrossCountry Mortgage (CCM) is a nationwide mortgage lender that provides a range of products — from conventional loans to government-insured loans (e.g., VA Loans) to specialized doctor home loans.

The CCM Doctor Mortgage program is available to medical doctors, dentists, podiatrists, ophthalmologists and veterinarians interested in purchasing a primary residence. It offers competitive interest rates and exclusive homeownership benefits that aren’t generally available to the public.

CrossCountry Mortgage physician mortgage loan: Pros and cons

Each physician mortgage program offers certain advantages and disadvantages that might affect each home buyer’s unique situation. Therefore, choosing a mortgage provider can be just as overwhelming as finding the right home.

Here’s what to expect with the CCM doctor home loan.

CrossCountry Mortgage physician home loan pros

Low down payment options start at $0 down

With the CrossCountry Mortgage physician home loan program, eligible borrowers can access low down payment options, such as 0% down for up to $1 million and 10% down for up to $2 million.

Regardless of your down payment amount, you won’t have to worry about PMI payments that could cost you thousands of dollars each year.

Ability to close on a home using future income

CCM allows recent medical graduates and new physicians to buy a home using an acceptable employment contract as proof of future income. To qualify, you’ll need a non-contingent offer letter, as well as sufficient reserves to make payments prior to starting your residency or new position.

Available to borrowers across the country

Since CrossCountry Mortgage is a nationwide full-service lender, eligible borrowers can purchase a home anywhere in the United States using its physician mortgage loan.

Variety of loan terms available

Some physician mortgage loan programs are limited to adjustable-rate mortgage (ARM) products. But the CrossCountry Mortgage physician mortgage loan program has multiple mortgage options, including 15- and 30-year fixed rate terms and five-, seven-, 10- and 15-year ARMs.

CrossCountry Mortgage physician loan cons

Limited to primary residences only

Although most physician mortgage programs are designed strictly for purchasing or refinancing a primary residence, some include vacation homes as eligible property.

However, the CCM physician mortgage loan isn’t one of them. Its program can’t be used to purchase a second home or investment property.

Borrowers need a credit score in the 700s

Borrowers will have better luck qualifying for the CrossCountry physician mortgage loan with a minimum credit score in the 700-range. If your credit score is below 700, you might have better options using another low down payment solution, such as the FHA loan or VA loan.

No cashout refinance option

CCM’s doctor loan program doesn’t allow cashout refinances for existing homes. However, if this is something you’re interested in, many lenders allow borrowers to tap into their home’s equity for other financial priorities.

How to apply for a CrossCountry Mortgage physician mortgage loan

If you decide the CrossCountry Mortgage physician mortgage loan is the most beneficial route for your household, here are your next steps.

Step 1: Contact a CrossCountry Mortgage loan officer

Due to the nature of the physician mortgage loan product, it can be challenging to find detailed information online. So, it’s best to reach out to the mortgage company and discuss eligibility requirements and specific questions tailored to your situation before applying for a mortgage. This also gives you an opportunity to compare details from other mortgage loan options and lenders to find the right match.

Step 2: Provide personal and financial information

CCM will give you a list of information needed to complete the mortgage application and approval process. These requirements will vary by lender, but you can generally expect to provide:

• Identification, such as a driver’s license or government-issued ID.
• Income-related documents, such as recent tax returns, W-2s, 1099s, an employment contract, etc.
• Property details, such as a purchase agreement.
• Other financial documents, including recent bank statements and sources for down payment or gift funds.

You’ll also need to provide proof of eligibility for the physician program, which might include a copy of your degree or medical license.

Step 3: Be responsive to the approval process

A lot can come up during the mortgage underwriting process, so it’s important to respond to requests for additional information in a timely manner.

Additionally, you don’t want to make any big financial moves (e.g., purchasing a car) during this time, as it can delay or halt closing on your home.

Once approved, go over all loan documents and closing costs before signing for the loan.

Should you apply for a physician mortgage with CrossCountry Mortgage?

Physician mortgage programs are one of the most advantageous home buying options available. But eligibility requirements, like specific healthcare professions, location limitations and higher credit scores, can quickly exclude some potential homeowners from this special financing opportunity.

If you’re eligible for the CrossCountry Mortgage physician mortgage loan, you can leverage your degree to secure up to 100% financing with no PMI while also benefiting from more flexible underwriting criteria.

As with any big financial decision, we recommend shopping around and comparing options with several physician mortgage lenders. Fill out the form below to have doctor home loan quotes delivered directly to your inbox.