North Carolina Has 14 Great Mortgage Loans – What’s Your Pick?
It’s no surprise that North Carolina’s rolling mountains and attractive beaches draw a lot of visitors and people interested in making their home there. According to 2020 data from the National Association of Realtors, the median price for a single-family for Mortgage loans in North Carolina was $251,859, but in popular locales like Jacksonville and Greensboro, your NC dream home might come at a premium.
The North Carolina Bureau of Labor Statistics reports that physician salaries in the state average just under $200,000. However, because dentists and physicians often graduate with six-figure student debt, a high salary is not always enough to meet mortgage requirements.
Fortunately, medical professionals can take advantage of physician mortgage loans, which look at the past, present, and future of a physician’s career, including both student loan debt and a high salary.
How do you get mortgage loans in North Carolina?
A conventional mortgage loan typically requires a 20% down payment or private mortgage insurance (PMI), which can cost hundreds of dollars every month on top of your mortgage. By choosing a physician mortgage, North Carolina medical professionals—and occasionally dental professionals—may be able to get more flexible down payment options while still receiving competitive interest-rate loans.
There are several physician mortgage loans where no down payment is required. Note that larger loan amounts, however, may require a small down payment. Plus, PMI isn’t a requirement for physician mortgages, which when combined with low-or-no required down payment, means physician mortgages are an excellent way to save money.
Physicians can borrow a lot with a physician mortgage, sometimes millions. Because of this, it’s wise to stick to your budget and avoid pursuing more costly homes just because the bank says you can.
Here are 14 mortgage lenders in North Carolina that offer mortgage loans.
Below you’ll find basic details about each North Carolina physician mortgage lender, but because each bank has different eligibility requirements, you will need to contact each institution directly for further information. Physician mortgages in North Carolina are usually for an individual’s primary residence rather than a rental or investment property, but some lenders allow a second home mortgage.
Fifth Third Bank
Fifth Third Bank physician mortgages to new and experienced doctors, dentists, and veterinarians (MDs, DDSs, DPMs, DMDs, DVs, and ODs). In order to be eligible for the program, established physicians and dentists must have been employed for one year or self-employed for at least two years:
KeyBank allows residents, fellows, and students of MDs, DOs, DPMs, and DMDs to participate in its doctor and dentist program. Those who have a signed employment contract may do so 90 days before beginning their job.
Conventional mortgages can be 100% financed for borrowers.
KeyBank offers 30-, 25-, 20-, 15-, and 10-year fixed-rate mortgages, as well as 10/6 adjustable-rate mortgages (ARM,) 7/6 ARMs, and 5/6 ARMs. There is a $1 million maximum cash-out.
KeyBank allows physicians to borrow money to buy a second home, in addition to condos and planned unit developments.
The Trust doctor mortgage loan program provides new and established physicians with low-interest rates and favorable repayment terms.
Doctors (MD, DO, DDS, DMD, or DPM) may choose from the following financing option:
Individuals who are licensed and fellows are limited to a $750,000 maximum loan amount, with up to 100% financing.
The doctor loan program offered by Citizens Bank benefits MDs, DOs, DMs, and DDSs. However, you must have finished your residency within the last ten years or be a current medical resident, fellow, or intern to qualify.
Borrowers can choose between a fixed- or adjustable-rate mortgage.
First Citizens Bank
First Citizens Bank provides physician mortgages to medical professionals with the following designations: MD, DM, DO, DPO, DDS, PA, CRNA, CRNP, and DPT.
The loan features include:
A minimum credit score of 700 and a valid employment contract or at least three years of tax returns are required in addition to the requirements mentioned previously.
It’s worth investigating Regions Bank’s Medical Professional Loans program for North Carolina medical professionals since there is no PMI and no restriction on how long an eligible medical professional has to have been practicing to be approved for a loan. Another advantage is that Regions Bank will lower your DTI ratio by excluding certain deferred student loan payments, allowing you to qualify for the mortgage amount you desire.
Physician assistants, pharmacists, nurse anesthetists, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs, and DDSs, as well as residents and fellow students, may apply for this program.
There are some options for financing:
- 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.
- You can choose from 30 and 15-year fixed-rate or 10-, 7-, and 5-year adjustable-rate mortgages.
- You don’t need to undergo a credit check to get a rate quote from Regions Bank.
Doctor mortgages are available through Flagstar Bank in all 50 states for both home purchases and refinance, and they can be financed up to 100% with no PMI.
There are the following options for funding:
Flagstar Bank accepts applications from individuals with the following credentials: MD, DDS, DMD, OD, Doctor of Pharmacy, DPM, DO, RN, physician assistants, nurse specialists, clinical nurse specialists, ATP pilots, CPA, attorneys, and veterinarians. You may apply if you are 10 years or less from the beginning of your career.
- Flagstar provides H-1B visa and green card services as well as adjustable-rate mortgages (ARMs).
- You must have at least a credit score of 720 to be eligible for 0% down financing.
- You must have at least a credit score of 700 to be eligible for 5% down financing.
- You must provide two years of income documentation if you are a 1099 worker.
S&T Bank offers an exclusive professional mortgage program to high-income earners in and out of the medical profession. You may qualify for this program without PMI if you are a medical doctor, lawyer, or doctorate graduate.
There are the following options for financing:
S&T Bank can provide VA mortgage services to military personnel, veterans, and surviving spouses. The professional mortgage program, however, may provide extra advantages.
First National Bank
Doctors of Medicine (MDs), Doctors of Osteopathic Medicine (DOs), dentists, veterinarians, and podiatrists who trained less than 10 years ago can apply for First National Bank’s Doctor Loan program. Those who trained more than 10 years ago are still eligible but must put down at least a 10% down payment.
Individuals with H-1B or green cards are encouraged to apply. An offer letter or employment contract signed by the employer must be provided in order to be approved.
There are the following possible ways of financing:
You may refinance up to 80% of the loan amount in cash out. 30-year and 15-, 10-, 7-, and 5-year fixed-rate ARMs are available.
Huntington National Bank
Doctors with an MD, DO, DDS, DVM, or DMD are eligible for a professional mortgage loan from Huntington National Bank. These doctor mortgage loans are especially attractive:
you can borrow up to $2 million without paying PMI. In addition, loans up to $1 million are provided 100% financing.
All you need is a copy of your employment contract and a letter from your employer to prove it.
With BMO Harris, you can get an economical household loan with no PMI coverage and accessible debt-to-income ratio estimation.
Even if you have student loan debt and are starting residency soon, you may still qualify as a licensed medical doctor with an MD, DDS, DMD, or DO designation.
First Horizon Bank
A physician mortgage from First Horizon Bank is available to MDs, DO, OMS, and DPMs. There is no upfront PMI, higher loan amounts, and very low credit score requirements, so borrowers with a credit score of 680 may qualify. You may close up to 90 days before starting a new job, provided you have an employment contract.
TD Bank offers up to 100% financing with no PMI on doctor mortgages to physicians, dentists, and podiatrists. Residents and fellows can also benefit from an early closing period of up to 90 days prior to the start date.
You must have one of the following degrees: MD, DO, DPM, DDS, or DMD.
TD Bank offers the following loan terms:
TD Bank offers 30-year fixed and adjustable-rate mortgage (ARM) financing options, as well as flexible underwriting for those with large student loan balances. Doctors with green cards and those on H-1B visas may also qualify.
Residents, fellows, and DOs may apply for U.S. Bank’s professional mortgages. Dentists and nurses, on the other hand, are not eligible at this time.
You can borrow up to $2.5 million, but you will need a minimum down payment.
Is a Physician Mortgage in North Carolina right for you?
North Carolina physician mortgage loans can allow you to borrow more money than through a conventional loan or to buy a home with no money down and no PMI payments.
Can’t decide? Find a verified banker today that will guide you in making your decision mindfully. We’ll help you find the best physician loan in the market. You don’t need to go find the mortgage calculators’ websites. You can calculate a mortgage on your own now from the best physician mortgage loan experts.
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. HomeFinance that compares multiple lenders for you. Simply select which state you are looking at living in and get the best physician mortgage you can.