Bank of England
If you thought the Bank of England was in the United Kingdom, you’ll be surprised to find out that the Bank of England is located in England, Arkansas but has the ability to lend in all 50 states (except NY).
We contacted the Bank of England to see if we could gather details about their physician loan program. Here is what we learned:
- 0% down up to $1,000,000
- 5% down up to $1,500,000
- No PMI
- Only available on 3, 5 and 7-year ARM terms
- Program aimed at doctors who either seasoned practitioners or just out of medical school (in other words, they work with doctors of all experience levels).
- Requires a credit score of 700
- Requires two months of payment reserves.
- You can be a US Citizen or a Permanent or Non-Permanent Residence.
- They are able to exclude student loan debt in deferment or forbearance of 12+ months from the debt-to-income calculation.
- You can only use this doctor mortgage program for single family residences, condos and two-unit properties.
When you’re ready to connect with a loan officer, 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 United 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.
City National Bank of Florida
City National Bank of Florida is a medium-sized bank with over $22 billion in assets. Although they are headquartered in Florida, they offer a physician loan in all 48 contiguous states and are eager to find physicians and other professionals as new customers.
We spoke with a loan officer at City National Bank of Florida to gather details on the doctor mortgage program. Here is what we learned:
- Physicians, Dentists, Attorneys and CPAs are eligible
- 3% down up to $650,000
- 5% down up to $850,000
- 10% down up to $1,250,000
- 10.51% down up to $2,500,000
- 15.51% down up to $3,000,000
- Primary residence and vacation homes are available (higher down payments required for secondary houses)
- Can finance condos but only with a 20% down payment
- Minimum credit score required is 660 but better rates/options require 720 credit score
- Self-employed individuals need to provide 2 years of income verification
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.
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.
Bank of America
Bank of America is one of the original lenders (if not THE original lender) in the physician mortgage space. With over $3 trillion in assets, it’s one of the largest banks in the United States and chances are good that you are familiar with the company. Not surprisingly, they still offer a doctor mortgage product.
We reached out to a Bank of America mortgage officer to get more details about their program and this is what we learned:
- 5% down up to $1,000,000
- 10% down up to $1,500,000
- Residents and fellows with a job lined up can close on a home 90 days before they start.
- You can often exclude your student debt from your total debt when you apply for a mortgage.
- Eligible medical professionals include salaried medical students and medical doctors who are about to begin their new employment/ residency for fellowship within 90 days of closing. Those employed in research or as professors are not eligible.
While they may not have the most competitive program, they are a solid choice for a physician looking for a doctor mortgage, particularly if you’re already banking with Bank of America.
Of course, if you aren’t already a current Bank of America customer, they will require you to have, or open prior to closing, a checking or savings account. Applicants with an existing account with Merrill or Bank of America Private Bank prior to application also satisfy this requirement.
When it comes to reserves, Bank of America requires PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4 – 6 months, depending on loan amount.
If applicant’s employment does not commence until after closing, in addition to the minimum cash reserves required, sufficient reserves to handle all debt obligations between closing and employment start date up to an additional 90 days must be verified.
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
Is a North Dakota physician mortgage loan right for you?
How can you decide if a North Dakota physician mortgage loan is right for you? Take a look at your career, first and foremost. If you are in a position that you love and in which you intend to stay, committing to a mortgage will likely work for you. If you think you will want to make a transition some time soon, it may be better to wait.
You may want to take a look at the interest rate you get, as well. If it is a higher rate, that may work for you, if you believe it’s a good price to pay for everything else that you get with one of these mortgages. If you don’t want to pay that price, waiting to qualify for a conventional mortgage may work best.
Examples of doctors who take out physician loans in North Dakota
The people taking out physician loans in North Dakota are professional just like you and with stories that may be similar to yours, as well. They range from young doctors to seasoned hands looking to maximize their leverage.
A young resident with too much debt
Tamara is just about to start her residency at Jamestown Regional Medical Center. She’s confident that she will do well at Jamestown and she wants to remain in the area. Taking out a mortgage has been difficult, however, due to her pretty sizable student debt. Thankfully, a fellow resident told her about a local lender offering doctor mortgages. This lender gives special consideration to Tamara’s student loan payments, allowing her to qualify easily for the loan and buy a home.
A doctor who wants to hold onto investments
As an attending at Tioga Medical Center, Marcus is doing well financially. His wife’s favorite home in their neighborhood is currently on the market, however, and though he wants to get it, he doesn’t necessarily want to sell any investments to free up the cash for a down payment. Taking out a doctor mortgage allows him to maximize his leverage and get the home without liquidating any of his holdings.
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.