5 Best Physician Mortgage Loans in West Virginia


Physician mortgage loans in West Virginia are available to healthcare providers like primary care physicians, dentists and other doctors and medical professionals depending on the specific loan program of the lender.

Key Terms

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

West Virginia is a tree-covered state, noted for the beautiful Appalachian Mountains that run through the heart of it. There is a lot of history here, and many areas have not changed or developed significantly in the last 100 years, like the capital city of Charleston. The area has numerous rural areas, lots of outdoor activities including whitewater rafting, skiing, and hiking. It’s some of the most rugged land in the country but also home to a wide range of professionals, including almost 5000 doctors

This state is growing as more people flock to its beauty. Homes can be in high demand across the state. The most recent data shows that the median home sales price is $160,000 according to the Kanawha Valley Board of Realtors.

There are several health professional shortage areas in West Virginia, making it hard on the rural communities specifically. For this reason, the goverment is offering incentives, like the Recruitment and Retention Community Project (RRCP) for medical professionals to stay or move to West Virginia and practice rural health.

For those borrowers hoping to buy real estate here, the physician’s mortgage loan program may help make that possible. Qualified professionals may find it helps reduce the requirements for obtaining a loan, including lowering the down payment rules or even eliminating the need for one. In addition to doctor mortgages, there are several loan forgiveness programs and state loan repayment programs (SLRPs) to help with student medical debt.

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Pros/Cons of West Virginia physician mortgage loans

What are the advantages of going with a West Virginia physician mortgage loan? Well, to start with, you can enjoy higher loan limits with these mortgages. They also don’t require PMI, and you can often enjoy 100 percent financing with one of these loans. A big advantage for many doctors is that the lenders that offer these loans give special treatment to student debt, something that can prevent even high-earning professionals from qualifying for other loans. 

The list of cons is quite short, but they should still factor into your decision making. One con is that some of these loans can feature a higher interest rate. Some lenders may also request that you open up a secondary account with them. A final point to consider is that high limits can sometimes lead you to buy much more house than you actually need. 

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5 Top West Virginia physician home loan lenders

If you’re in the market for a home in West Virginia, 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 mortgage loan program eligibility. Here are details you won’t find anywhere else:

  • 5% down up to $850,000
  • 10% down up to $1,000,000
  • Full-time 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. 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 originator 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.

3. 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.

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. 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 West Virginia physician mortgage loan right for you?

That’s always a good question to ask, especially when you are considering a long-term financial commitment. What makes these loans a good fit? They can be very helpful if you are still juggling student loan repayments. 

They are also a good fit for those who know they will stay in a job for years to come. Finally, anyone who takes on a doctor mortgage should go in with the understanding that they may pay more to finance their home. For many, this is a reasonable price to pay considering how many ‘pros’ come along with that higher interest rate. 

Examples of doctors who take out physician loans in West Virginia

The doctors and dentists taking out West Virginia physician loans are professionals just like you, and their stories may line up with your own experiences as a doctor looking for financing. 

A resident with student loan repayments

As a resident at WVU School of Medicine, Leroy is looking forward to moving up in his profession and making more year over year. For the time being, however, his student debt still far outweighs his income, making it hard for him to get approved for a mortgage. A lender offering physician loans explained to him that they give special consideration to his debt, knowing that it was good debt and that he will continue to be a high earner. With a doctor mortgage, Leroy has a great opportunity to finance a home. 

A dentist who wants to save with a great rate

Being a dentist means that Harrison also qualifies for a physician loan. He’s resisted, however, because he didn’t like the high interest rates. A new product on the market comes with a much more appealing rate, meaning that Harrison can enjoy the many advantages of this financial product without paying too high a price. 

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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