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14 Great Physician Mortgage Loans in North Carolina
October 15, 2022 0 Comments

14 Great Physician Mortgage Loans in North Carolina

According to the National Association of Realtors, the state of North Carolina is a popular destination for tourists and homeowners due to its rolling mountains and beautiful beaches for Mortgage Loans. The 2020 data indicates that the median price for North Carolina single-family homes was $251,859. Although housing shortages in areas like Jacksonville and Greensboro might force you to pay a premium for your NC dream home, there is still hope.

According to the Bureau of Labor Statistics, the average physician salary in North Carolina is just shy of $200,000. However, because doctors and dentists frequently graduate with huge six-digit student debt, a high salary is not always sufficient to meet mortgage loan requirements.

A physician mortgage can turn your dream of owning a home into a reality.   For lenders who offer physician mortgages, a physician’s career past, present, and future is considered as a whole, including both student loan debt and salary growth over time.

Are North Carolina Physician Mortgage loans Worth It?

When you take out a traditional mortgage loan, you usually have to make a 20% down payment or pay private mortgage insurance (PMI), which can cost hundreds of dollars each month on top of your mortgage. North Carolina medical and dental professionals, on the other hand, may be eligible for more favorable down payment options while maintaining competitive interest rates for their loans.

There are several physician mortgage loans that don’t require a down payment at all. However, for jumbo loans, a small percentage is sometimes required. Even if a down payment is not required, PMI isn’t a requirement, making a physician mortgage a big savings opportunity.

With a physician’s career trajectory in mind, credit factors are assessed (e.g. high earning potential and income stability), meaning your student loan debt will be treated more favorably than with a traditional mortgage.

The physician mortgage loans come with high loan limits, sometimes in the millions. Because you may get approved for a lot more than you can realistically afford, stick to your budget and don’t pursue more expensive homes just because the bank says you can.

14 Lenders that Provide Physician Mortgages Loans in North Carolina

The following North Carolina physician mortgage lenders are member FDIC institutions, and they have their own set of eligibility requirements and financing structures. From First Citizens Bank to KeyBank, you will find the basics of each loan program, but you will need to contact each lender directly for further information.

It should be noted that North Carolina physician mortgage loans are typically for professionals who want to purchase their primary residence, not for rental or investment properties. However, some lenders might agree to provide mortgages for a second home.

1. BMO Harris

BMO Harris offers affordable home loans with no PMI and flexible debt-to-income underwriting options.

Even if you have student debt, are starting residency soon, and have an employment contract with a starting date within 90 days of closing, you may still qualify as a licensed medical doctor with MD, DDS, DMD, or DO credentials.

You can choose from the following options to fund your project:

  • 0% down for up to $1 million
  • 5% down for up to $1.5 million
  • 10% down for up to $2 million

Please contact Marc 920-831-7721 for more information.

2. Huntington National Bank

Doctors looking for a home mortgage can turn to Huntington National Bank for professional assistance. An MD, DO, DDS, DVM, or DMD is especially suited to these doctor mortgage loans.

Being able to borrow up to $2 million without PMI is one of Huntington National Bank’s greatest advantages. In addition, loans up to $1 million are available with 100% financing.

You may also apply if you are a new resident. Simply provide a copy of your employment contract and a letter from your employer to qualify.

 Please contact Darick 517-214-3257 for more information.

3. Fifth Third Bank 

Fifth Third Bank’s physician mortgage loan program is available to new and established MDs, dentists, and veterinarians (DPM, DDS, DMD, DVM, and OD).

A practicing doctor or dentist—that is, one who has been employed for at least a year or who has been self-employed for at least two years—may be eligible.

Non-residents, fellows, and new doctors also qualify for these same terms, but they must make a low down payment of $1 million.

 

4. First Citizens Bank 

First Citizens Bank provides physician mortgage loans to medical professionals with the following designations: MD, DM, DO, DPO, DDS, PA, CRNA, CRNP, and DPT.

First Citizens Bank offers the following physician mortgage benefits:

  • Zero down payment with 100% financing. 
  • Capacity to build a home, refinance an existing one or buy a home. 
  • Mortgage split options are available. (80/20 mortgage: 80% as the first mortgage and 20% as a home equity loan.)

You must have at least three years of tax returns or an employment contract to satisfy the requirements, in addition to having a credit score of 700 or higher.

5. First Horizon Bank 

When you apply for the First Horizon Bank physician mortgage loan, you can take advantage of no upfront PMI, higher loan amounts, and low credit score thresholds. You may close up to 90 days in advance of starting a new job, provided you have an employment contract. Physicians with a credit score of 680 or less may qualify.

There are three options for funding:

  • 0% down for up to $1.5 million
  • 5% down for up to $2 million
  • 10% down for up to $2.5 million

6. First National Bank 

Eligible MDs (Doctors of Medicine), DOs (Doctors of Osteopathic Medicine), dentists, veterinarians, and podiatrists may apply for First National Bank’s Doctor Loan program, provided they are less than 10 years from training. Those with more than 10 years are still eligible but must make a minimum 10% down payment.

Individuals with H-1B visas or green cards are welcome to apply. One must provide a signed offer letter or employment contract to be approved.

Up to 80% of the loan can be cash-out and refinanced. 30-year and 15-, 10-, 7-, and 5-year fixed-rate ARMs are available.

7. Flagstar Bank

Flagstar Bank offers doctor mortgage loans for home purchases and refinancing in all 50 states, with no PMI and up to 100% financing.

Anyone who has the following degrees may apply to Flagstar Bank: medical residents, MDs, DDSs, DMDs, ODs, Doctor of Pharmacy, DOs, RNs, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPAs, attorneys, veterinarians. 

To be eligible, one must be 10 years or less from the beginning of their career.

They provide ARMs or adjustable-rate mortgage refinances for H-1B visa holders or green card holders.

You must have at least a credit score of 720 to qualify for 0% down. You must have at least a credit score of 700 to qualify for 5% down.

You must provide two years’ worth of documentation if you are a 1099 worker.

8. Citizens Bank 

A doctor loan from Citizens Bank is available to Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Dental Medicine (DMD), and Doctors of Dental Surgery (DDS). However, you must have completed your residency within the last 10 years or be a current medical resident, fellow, or intern to qualify.

Citizens Bank offers the following financing options for physician mortgages:

Borrowers can choose between a fixed- or adjustable-rate loan.

9. KeyBank

KeyBank’s doctor and dentist program extends eligibility to those who are residents, fellow, or attending physicians (MD, DO, DPM, or DMDs). Those who can provide a signed employment contract can be accepted 90 days before starting their job.

A borrower may receive a conventional mortgage with 100% financing.

KeyBank offers 10/6 Adjusted-Rate Mortgages (ARM), 7/6 ARM, and 5/6 ARM in addition to 30-, 25-, 20-, 15-, and 10-year fixed-rate mortgages.

$1,000,000 is the maximum cash-out available. KeyBank allows physicians to borrow money to purchase a second home. Also, they allow the purchase of condos and planned unit developments.

10. Regions Bank 

The Regions Bank Medical Professional Loans program does not require PMI and does not set a limitation on the length of time a medical professional must have been practicing in order to be eligible for a loan.

Regions Bank makes it easier to secure the loan amount you want by excluding some deferred student loan payments from your DTI ratio.

Pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs, and DDSs, among others, are eligible for scholarships. Residents and fellows are also eligible.

You can close up to 60 days before the listed start date on your employment contract or date of transferred employment.

Non-permanent visa holders are not eligible.

There are 10-, 7-, and 5-year ARMs, as well as 30- and 15-year fixed-rate mortgages.

Regions Bank provides fast and friendly consultations at no credit check required. 

11. S&T Bank

Doctors, lawyers, and doctorate holders are all eligible for S&T Bank’s professional mortgage program. You can qualify for this exclusive program without PMI if you are a medical doctor, attorney, or doctorate degree holder.

You can get up to 95% financing with 10-, 15-, 20- and 30-year repayment plans. 

S&T Bank can provide VA mortgages to service members, veterans, and surviving spouses. The professional mortgage program, however, may provide more benefits.

12. TD Bank 

TD Bank offers up to 100% financing on doctor, dentist, and podiatrist mortgages without PMI. Residents and fellows may also qualify, with the added benefit of being able to close up to 90 days in advance of your start date.

You must have one of the following degrees to qualify: MD, DO, DPM, DDS, or DMD.

Here are the details of the TD Bank loan:

  • 0% down for loans up to $750,000
  • 5% down for purchases up to $1.3 million
  • 10% down for purchases up to $2 million

TD Bank provides 30-year fixed and adjustable-rate mortgage (ARM) financing options. Doctors with green cards and H-1B visa holders can also be eligible for flexible underwriting

13. Truist

Physicians, both new and established, can take advantage of the Trust doctor mortgage loan program to obtain low-interest rates and flexible payment plans.

Practicing doctors (MD, DO, DDS, DMD, or DPM) may be financed in one of the following ways:

  • 0% down for loan amounts up to $1 million.
  • 5% down for up to $1.5 million.
  • 10.01% for up to $2 million.  

A $750,000 loan amount is permitted, subject to certain restrictions, for accredited fellows and residents in the state.

14. U.S Bank

U.S. Bank provides professional mortgage options for medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.

You can borrow up to $2.5 million, but you’ll need a minimum down payment. 

U.S. Bank doesn’t advertise the doctor mortgage loan on its website, so get in touch with Jonathan Brozek.

Is a mortgage from a North Carolina doctor right for you?

Having a North Carolina physician mortgage can allow you to obtain a higher loan amount than a conventional loan or to buy a home with no money down and no PMI payments. It comes in handy even for new physicians as they can lock in low-interest rates and colossal down payments can be as low as 0%. 

If you’re considering purchasing a home and homeownership fits into your long-term financial strategy, go through these mortgage options and pick one that is tailored to your financial needs. 

We are not a lending company. We help you find the best physician loan on the market.  

You can find doctor loans through an online tool like Dr. Home Finance that compares multiple lenders for you. Simply select which state you are looking at living in and see how big of a house can the best physician mortgage lenders.

Apply now to begin the process of owning your dream home.

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