FOR MEDICAL RESIDENTS
Medical Residents and MAFCU
Medical residents face unique challenges in their day-to-day work environment. They put in an average of 70 to 80 hours per week, often deal with life and death issues, and have limited time and resources to spare for extracurricular activities. They also have major financial concerns.
According to Joel Katz, MD, Program Director of Internal Medicine Residency at Brigham and Women’s Hospital, most residents emerge from medical school having accumulated approximately $100,000 of debt. “Most residents have bright futures regarding their earning potential, but it is difficult to pay down that much debt,” says Katz. Other financial concerns include purchasing a home, planning for retirement, socially responsive investing, and tax issues.
MAFCU assists medical residents meet their financial goals while taking into account their specific needs. Special mortgage products such as Medical Worker Flex are specially designed to help medical residents and other healthcare professionals buy a home (see related story on back page). MAFCU offers many convenient services for residents including financial planning, 24-hour online banking, free checking with direct deposit, electronic bill payer services, and ATMs including one in the lobby of 75 Francis Street.
Medical Worker Flex Mortgages
MAFCU is committed to meeting the financial needs of all members. For residents and other full-time healthcare employees, MAFCU offers customized mortgages that reflect their special circumstances.
Medical Worker Flex is a mortgage product that features flexible guidelines and requires minimal borrower contributions toward a down payment and/or closing costs. Applicants may be approved for up to 100 percent financing, even without established credit.
Those wishing to purchase a single family home may be required to contribute either one percent or $500 from their own funds, whichever is the lesser amount. For those who would like to buy a two-family home, they may be required to contribute as little as three percent from their personal funds.
Guidelines for Medical Worker Flex include:
- Non-traditional credit is accepted for applicants with insufficient traditional credit histories.
- Undocumented income can be considered as a compensating factor.
- Debt-to-income ratio (DTI) ratios up to 50/50
- Loan-to-value (LTV) ratios up to 100 percent
- Eligible applicants include non-US citizens, including permanent and non-permanent resident aliens
For more information, contact Mike Shuman, Vice President of Lending, at 617-278-5600.