5 Best Physician Mortgage Loans in Virginia


Physician mortgage loans in Virginia are available to medical doctors and other professionals depending on the specific loan program of the lender.

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Key Terms

  • A Virginia 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 qualify for a mortgage.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.

Virginia is a beautiful state that spans from the Chesapeake Bay to the beautiful mountains in the Appalachian range. It has a long coastline noted for its beautiful beaches. Inland, it’s easy to find numerous historically important locations including Thomas Jefferson’s iconic home Monticello. 

It is also rapidly expanding in the North and turning into one of the central hubs for professionals in the U.S. With all of its advantages, Virginia is a great place for professionals, including almost 23,000 working doctors

The real estate market is competitive in Virginia. The median sale price for homes is $401,081 for the year, an 8.7% rise from the previous year. In total, $6.6 billion in sales occurred in the state last year. Yet, limited inventory has led to fast-growing values, according to Virginia Realtors

For home buying in this type of market, it helps to have access to the Virginia physician mortgage loan program. For qualified doctors and dentists, this is a key opportunity to buy or refinance at a lower risk with low- or no down payment requirements.  

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Virginia physician mortgage loans: Advantages and disadvantages

Are you considering a Virginia physician mortgage loan? Then you may want to think about the pros and cons first. 

Doctors may find the pros particularly appealing, since they are designed to their specific needs:

  • A physician loan gives special consideration to medical school student debt.
  • These mortgages have high loan limits, giving you more purchasing power in the expensive Virginia housing market.
  • A doctor mortgage can come with 100 percent financing, or no money down.
  • You never have to take out private mortgage insurance (PMI) with one of these mortgages, often resulting in lower monthly payments.

There are a few prices to pay for all these advantages, including the fact that a doctor mortgage can have a higher interest rate than you might see on a conventional loan. Your lender can also request that you establish a checking or savings account with them. All in, many doctors in Virginia still believe that physician loans are well worth it. 

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5 Best Virginia physician home loan lenders

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

Nicole Smith
Loan Officer
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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, represented by rock star loan officers such as Nicole Smith.

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

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.

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.

Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a physician loan.

While Keybank doesn’t post a lot of information about their doctor mortgage online, we were able to get in touch with a loan officer at the bank to get all the important details. See below for an overview of the program details:

  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • 15% down up to $2,000,000
  • No private mortgage insurance
  • Gifts permitted for down payments
  • Can close on the strength of an employment contract up to 90 days prior to the start of employment
  • Minimum credit score is 700
  • Student loan debt can be calculated based on income driven student loan payments
  • Fixed loans offered in 10, 15, 20, 25 or 30-year terms
  • Adjustable-rate mortgages offered in 5/6, 7/6 and 10/6 options
  • No minimum or maximum years in practice for eligibility
  • Reserve requirements are: 2 months (loans under $500K), 4 months (loans between $500K – $750L), 6 months for loans over $750K plus an additional 2 months if closing prior to start date. Retirement accounts count toward reserve requirements.
  • US Citizens, Permanent Residents and H1B Visa holders are eligible
  • California loans require a minimum of 5% down

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 mortgage 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 Virginia physician mortgage loan right for you?

Virginia doctor mortgage loans are great fits for doctors who are still carrying student debt. Especially in the early years of your medical career, student and credit card debt can make it hard to qualify for a conventional mortgage. These loans treat student debt differently, making the approval and home buying process much easier. 

Even if your DTI ratio (debt-to-income ratio) is doing well, you may still want to take advantage of a physician loan. Their higher loan limits give you more options for homeownership, while no PMI means you can save a bit of money on your mortgage payments over conventional loans, especially if you find a great rate. 

Examples of doctors who take out physician loans in Virginia

From Leesburg to Richmond, doctors across the Commonwealth are enjoying the benefits of physician loans. The following summaries illustrate how just a few homeowners are benefitting from these helpful mortgage options for high-earning healthcare professionals. 

Doctor who finds a great interest rate

Marquise doesn’t want to pay a lot for a loan. For that reason, he did most of his mortgage shopping with conventional lenders at first. He just heard from a colleague at his Richmond pediatrics practice that a lender in the area is offering physician loans at a competitive rate. Considering all the other doctor-friendly advantages that come with one of these loans, he’s decided to go with a doctor mortgage in financing his new home. 

Doctor who has too much debt from school

Having spent so much time focused on work and studies, Barbara never gave a thought to what all her student loans would do to her chances of getting approved for a mortgage. Since she is still a resident, her income isn’t swinging the dial enough, and conventional lenders are turning her down. 

A doctor mortgage doesn’t look at her student debt in the same way, understanding that it’s ‘good’ debt that has helped her establish herself as a high-earning professional. Barbara decides to go with a physician loan and is able to buy a small cottage-style home in the suburbs of Charlottesville. 

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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