6 Best Physician Mortgage Loans in Pennsylvania


Physician mortgage loans in Pennsylvania are available to medical doctors searching for home loans with 100% financing and no down payment.

Key Terms

  • A Pennsylvania physician mortgage loan comes with high loan limits and options for up to 100% financing.
  • Student loan payments typically receive favorable treatment with a doctor loan, making it easier for borrowers to qualify for a mortgage.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.

Some might think that Pennsylvania is just another state on the East Coast, but it’s actually at the heart of three regions of the United States: the Mid-Atlantic, the Northeast, and Appalachia. As a hub of so much activity and boasting both historical sites and 121 state parks, Pennsylvania attracts a number of professionals, including over 41,000 working physicians

Homeownership in Pennsylvania may seem as though it is unattainable for many, including the state’s doctors. Data from the Pennsylvania Association of Realtors shows the average sales price for single-family homes is $211,192. If you live in Philadelphia or Pittsburgh, or are planning on relocating, you can expect to pay a much higher price.

For those buying or refinancing a primary residence or investment property in the state, it may be helpful to consider a Pennsylvania physician mortgage loan program. This program is designed for dentists and doctors who want to buy or refinance a new or second home more affordably. It may even allow you to buy a home with a low down payment or no down payment.

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Pros/Cons of doctor mortgage loans in Pennsylvania

Why go with a Pennsylvania physician mortgage loan? Because it offers many ‘pros’ that are ideally suited to the unique needs of doctors and other professionals. These pros include high loan limits, no PMI payments, and little to no money down. Doctors can also enjoy special consideration of their student debt, an issue that prevents many professionals from receiving approval on conventional loans. 

What are the cons you might experience by taking on a physician loan? You may need to make an additional commitment to your lender in the form of a checking account or savings account. You may also need to pay a higher interest rate on your loan, resulting in higher monthly payments. Many Pennsylvania doctors, however, think this a fair trade for the wealth of benefits these products offer. 

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6 Top physician home loan lenders in Pennsylvania

If you’re in the market for a home in Pennsylvania, consider these physician mortgage loans that are available to state residents.

1. 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 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.

2. TD Bank

TD Bank is one of the largest banks in the United States. While primarily operating on the east coast, in recent years they have expanded their footprint through a series of acquisitions and now rank as one of the top 10 banks in the country. The bank offers a full suite of financial products, including a physician loan.

We reached out to a loan officer at TD Bank to find out more details about their doctor mortgage. Our key takeaways and program highlights are below:

  • 0% down up to $750,000
  • 5% down up to $1,250,000
  • 10% down up to $1,500,000
  • The following degrees qualify: practicing physician (MD, DO or DPM), dentist (DDS or DMD) and oral surgeon.
  • Licensed medical resident or fellow and licensed dental resident or fellow qualifies
  • If self employed doctor or dentist, you must have owned your practice or have been otherwise self-employed for at least two years
  • Available property types: single family residence, condominium, co-op (in specific markets only) and property in a planned unit development (PUD).
  • Fixed or adjustable rate loans available
  • No private mortgage insurance
  • Flexible approach to debt-to-income understanding that medical professionals have significant student loan debt
  • Contract for new employment can be used to qualify for mortgage
  • Minimum credit score of 720 (for loans below $750,000) or 740 (for loans above $750,000)
  • Must be within 10 years of residency or fellowship

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.

3. Fulton Bank

Fulton Bank is a subsidiary of Fulton Bank, a financial institution that traces its roots back to 1882. The bank and mortgage company offer a full suite of financial products, including an attractive physician loan program.

We contacted Fulton Bank to get more details about the doctor mortgage specifically and we think you’re going to like a lot of the terms. Here are the important details:

  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • 10% down up to $2,000,000
  • 30 and 15 year fixed rate options as well as adjustable rate options (5/1, 7/1, 10/1, and 15/1)
  • No mortgage insurance
  • Up to 6% seller paid closing costs and prepaids are allowed
  • Gift funds from immediately family members allowed
  • Student loans deferred for 12 months or longer are not included in the credit approval process
  • You can close on a house up to 90 days prior to start of new employment with an employment contract
  • Physicians, Pharmacists, Dentists and Veterinarians are eligible for the program

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.

4. 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.

5. Flagstar Bank

Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium-sized bank. However, they punch well above their weight when it comes to mortgages and operate as the sixth largest bank mortgage lender nationally. Not surprisingly, a big part of their success has been a doctor mortgage program.

We contacted Flagstar Bank to learn more details about their physician loan. Here are the key terms that you need to know?

  • 5, 7 & 10 year ARM  products
  • 0% down up to $1,000,000 (first time homebuyer – have not owned in last 3 years)
  • 5% down up to $1,500,000 (first time homebuyer – have not owned in last 3 years)
  • If not a first-time home buyer
  • 10% down up to $1,000,000
  • 15% down up to $1,500,000
  • 20% down up to $2,000,000
  • 25% down up to $2,500,000
  • Fixed products
  • 10% down on the jumbo fixed to a max loan amount of $1,000,000 with no PMI
  • 20% down on the jumbo 30 year fixed with a max loan amount of $3,000,000
  • For first time home buyer (have not owned within last 3 years):
  • 3% down up to $647,200
  • If not a first time home buyer:
  • 5% down up to county limit (with and without PMI)
  • Medical doctors and lawyers are eligible. We weren’t able to confirm that the program is available to dentists and other (non-doctor) medical professionals, but encourage you to contact them to confirm.

The total reported lender fees as of the date of this article were $1395 ($550 processing and $845 for underwriting).

Another benefit of Flagstar is that they can submit a full file to underwriting for an actual loan approval (not pre-approval) without having a purchase contract signed, which makes you competitive with all cash offers and the process less stressful for you. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option.

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.

6. Blueleaf Lending

Blueleaf Lending is a doctor mortgage program open to medical doctors, dentists, podiatrists, ophthalmologists and veterinarians. They are also able to work with professionals that have an employment contract (or verification of terms of employment acceptance) for purposes of qualifying your income.

We contacted a Blueleaf Lending mortgage loan officer to get more details on their physician mortgage program. Financing is available for:

  • 0$ down up to $750,000
  • 5% down up to $1,250,000
  • 10% down up to $2,000,000
  • No prepayment penalties.
  • 1-2 Unit Properties, Condos, Townhouses, PUDs and Modular Homes OK.
  • Non-Warrantable Condos are OK up to a LTV of 90%.

Some of the strengths of the program is that there are no time restrictions on when a client starts their new employment vs the closing date if the applicant has enough reserves.

Most lenders won’t let you close on a new home purchase if you are outside of a 60-90 day window before your start date, so this would allow recent graduates to qualify much earlier in the process so long as they have reserves to cover the mortgage and escrow payments.

Blueleaf Lending can accept a debt-to-income ratio up to 50% and will allow business assets and gift funds to cover the down payment, closing costs and reserve requirements.

If you’re a physician who has been hired as a contractor or “1099 employee” (something more and more common these days), Blueleaf Lending will not require you to establish a 2-year history before counting your income, which is a huge advantage for new docs that find themselves in contractor positions.

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.

A Pennsylvania physician loan: Is it right for me?

It’s always important to take time and consider multiple issues when taking on a mortgage. For example, you might want to assess your commitment to your job and where you live. If you foresee yourself staying in your job permanently and staying in your current town in the long term, these loans are right for you. 

Are you willing to pay a bit more for special consideration of student debt, credit card debt, high loan limits, and no PMI? Then a physician loan will work for you. If not, you may wish to hold out for approval on a conventional loan at a lower rate. 

Examples of doctors who take out doctor home loans in Pennsylvania

Taking a moment to review the experiences of other doctors who have taken out physician loans in Pennsylvania can help clarify the choice for you. These stories resonate with doctors and professionals who experience many of the same struggles when trying to qualify for conventional loans. 

Doctor who is doing well in the stock market

Ryan has been a practicing GP for a decade now. She has invested a good portion of her cash in the stock market, and her portfolio is doing well. A home near her practice in Pittsburgh is now on the market, and while she wants to make an offer, the time isn’t right to sell her stocks and access the cash for a down payment. As an alternative, she has decided to take out a doctor mortgage with 100 percent financing to maximize her leverage. 

A dentist who doesn’t have 20 percent down for a home

As a family dentist, Stewart makes a good income and has been able to build his savings. With average home prices in Philly hovering near $235,000, however, he will need to hand over a good portion of his savings to make a down payment on a conventional mortgage. A doctor mortgage allows him to purchase a home while retaining most of his savings, helping to ensure his financial security. 

If you’re looking to explore physician mortgage loans in other states, check out our national overview of physician loans as a starting point in your search.

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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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