6 Best Physician Mortgage Loans in North Carolina


Physician mortgage loans in North Carolina offer favorable treatment of student loan debt, 0% financing options and don’t require private mortgage insurance.

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Mary Kate Raffetto

I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP

Clint Cowan

For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann

Key Terms

  • Physicians have access to competitive interest rates for high loan amounts up to $2.5 million or more, depending on the physician mortgage lender.
  • Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.

The twelfth state to join the United States in 1789, North Carolina is home to the largest research park in the US named Research Triangle Park. The state is bordered by the Atlantic Ocean, Virginia, Georgia, South Carolina, and Tennessee and is home to a wide range of professionals, including almost 27,000 working physicians

For many citizens of the state, the thought of owning a home in North Carolina may seem out of reach. According to the Canopy Realtor Association, the average cost of a home for sale in North Carolina is $328,168. 

As a doctor or a dentist, buying a home in North Carolina may be more accessible than you realize. The state’s physician mortgage loan program allows many to buy a home without a large down payment requirement. Some may also qualify for no down payment loans as well.

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Advantages and disadvantages of North Carolina physician mortgage loans

If you are looking into a North Carolina physician mortgage loan, you may want to take the time to look at the upsides and downsides of these loans. Understanding all that is involved can provide the clarity needed to make the best decision. 

The Pros of a North Carolina doctor mortgage:

  • 100 percent financing, in many cases
  • Doctors can qualify based on a signed contract, in some scenarios
  • No PMI required
  • Favorable treatment of student loan repayments

Most new physicians don’t have another property to refinance and want to start fresh in North Carolina with a new home. This can make getting access to the right funds for a down payment a real challenge for a medical student or medical resident. Thankfully, borrowers can use a doctor loan program to bridge the gap, making the home buying process an easier one. With more flexible down payment options, this opens up more possibilities to buy real estate for healthcare professionals.

The cons of a North Carolina doctor mortgage:

  • High limits can cause you to run up too much additional debt
  • Lenders sometimes require additional, open accounts

Additionally, these loans can sometimes come with interest rates that are higher than those associated with conventional loans. Providers should always do their research about monthly payments, low down payment requirements, interest rates, credit scores required, and more when deciding to go forward with a home purchase under a doctor loan. Qualifying physicians can get a new home that allows them to start off in their new job on the right foot when a conventional mortgage or VA loan just don’t give enough flexibility for the unique position of a doctor.

Get Quotes for Your Physician Loan

6 Best physician home loan lenders in North Carolina 

Some lenders only offer physician mortgage loans to attending physicians, while other programs can lend to those still in residency or fellowship.

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Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents

TD Bank

(CT, DE, DC, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VT, VA)

$500M+ Closed Loans

TD Bank is one of our top professional mortgage lenders.

Eligible professionals must be within 10 years of graduating residency/fellowship to be eligible for this program. The program has flexibility with student loan calculations, sometimes counting $0 payments. You can close a TD Bank loan prior to starting new employment as long as you have an employment contract in hand. Reserve requirements funds can be gifted or be in retirement accounts. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents

Down payment Financing
0% up to $750 thousand
5% up to $1.25 million
10% $1.25+ million
  • Minimum credit score: 720
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Debt ratio allowed: 43%
  • Rate options: ARM and Fixed
Match Banks Loan OfficerSend Text Message

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Flagstar Bank

(All 50 States)

$500M+ Closed Loans

Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium sized bank. However, they punch above their weight when it comes to mortgages.

The bank is the sixth largest bank mortgage originator nationally. They only offer ARM products when it comes to doctor mortgages but their ability to lend in all 50 states means they're a player at every closing. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Down payment Financing
0% up to $1 million
5% up to $1.5 million
20% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: $2,500,000
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: ARM Only
Match Banks Text Us Send Text Message

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Keybank

(All 50 States)

$10M+ Closed Loans

Keybank is a major national bank based in Ohio with a competitive doctor mortgage program. They also lend across a large part of the United States.

The Keybank doctor mortgage program does not require you to be a minimum or maximum number of years out of medical school to qualify. They also offer large mortgage options if needed and part of your down payment can be supplied in money that you've received as a gift. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Down payment Financing
0% up to $1 million
5% up to $1.5 million
15% above $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Loan OfficerSend Text Message

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)

First Horizon Bank

(AL, AR, CT, GA, FL, LA, MS, NC, NJ, NY, SC, TN, TX, VA)

$500M+ Closed Loans

First Horizon Bank has one of the hottest doctor mortgages available as they can lend up to $1.5 million at 0% down.

Being able to lend such a large amount at 0% down is particularly helpful in states like New Jersey, New York and Texas where home prices have risen sharply in the past decade. The only downside is that the program has strict eligibility requirements and folks like dentists and lawyers aren't eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)

Down payment Financing
0% up to $1.5 million
5% up to $2 million
10% up to $2.5 million
  • Minimum credit score: 680
  • Maximum loan: $2.5 million
  • Residents / fellows accepted: No
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs

Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

  • 0% down payment up to $1 million
  • 5% down payment up to $1.25 million
  • 10% down payment up to $2 million
  • Maximum financing up to $2 million
  • Eligible degrees are: MD, DO, DDS, DVM or DMD
  • Residents are eligible
  • Minimum credit score is 700
  • 2 months reserves required (6 months for jumbo loans) – reserves can be held in bank or investment accounts
  • Gift funds for down payment are OK
  • 30-year and 15-year fixed-rate mortgages
  • ARMs available in 7/6, 10/6 or 15/6 terms
  • Can close on the strength of a new employment contract without paystubs
  • No private mortgage insurance
  • No prepayment penalty

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

Citizens Bank

Citizens Bank is one of the largest banks in the Untied States. I bet you didn’t know that it’s headquartered in the smallest state: Rhode Island. With over $160 billion in assets, it’s no surprise that Citizens offers a full range of financial products, including a physician loan.

We contacted a loan officer at Citizens Bank to learn more about their doctor mortgage loan program specifically. Here are details you won’t find anywhere else:

  • 5% down up to $850,000
  • 10% down up to $1,000,000
  • Practicing licensed medical doctors (MD and DO), dentists (DDS and DMD), residents and research physicians are eligible
  • Licensed residents, fellows and interns can borrow a maximum of $600,00 (or $400,000 if unlicensed)
  • No more than 10 years out of residency
  • Self-employed professionals are eligible with a two-year history of self-employment income
  • New medical professional graduates who are under contract for residency within 60 days of closing and have not yet obtained a license are eligible
  • No private mortgage insurance
  • 40% max debt-to-income ratio
  • Student loan debt that’s deferred for more than 12 months from the date of closing can be excluded from DTI calculations
  • Construction-to-permanent loans available with a maximum of 89% financing
  • Fixed rate or adjustable-rate mortgage options
  • Interest-only option on certain adjustable-rate mortgage options (max financing at 89%)

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

Should you use a North Carolina physician mortgage loan?

“Am I the right fit for a doctor mortgage?” If you are asking yourself this question, consider the following questions, too:

  1. Are you committed to your current job?
  2. Do you want to remain in your region of North Carolina?
  3. Are you okay with higher interest rates?

If you said no to any of these questions, take some time to determine whether a doctor mortgage is really the best fit for you. If the answer was ‘yes’ to all of the above, one of these loans may be just the financial leverage you need. 

Examples of doctors who take out physician loans in North Carolina

Doctors and professionals with situations similar to yours are taking out physician loans across North Carolina. The stories below are just some of the reasons why doctors are reaching out to lenders for physician loans. 

Doctor whose DTI ratio is skewed by debt

Having started a new position in pediatrics at UNC Hospitals just outside Durham, Roger assumed he would be a natural fit for a conventional loan. Little did he know that the student debt he was still carrying was throwing his debt-to-income ratio off, despite his great salary. Fortunately for Roger, a local lender is extending doctor mortgages to physicians like him. This lender understands why his student debt exists and that he will continue to be a high earner for years to come. 

Doctor who wants to maximize leverage

Terry is happy being a doctor, but he may have missed a second calling in life. He has always excelled at leveraging various financial instruments in order to get a great return on investments. Having seen that a regional lender is offering doctor mortgages at a great rate, he has jumped on the opportunity to finance a new home at zero down. 

Looking for a physician loan in a different state?

If you’re looking to explore the best physician loans in other states, click on your state below.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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