Physician Lenders Available in Pennsylvania
KEYBANK MORTGAGE
• Fixed- and variable-rate options available
• Loan amounts up to $3.5 million
• No Private Mortgage Insurance (PMI) required
• Personalized service
• Loan options available for purchase, as well as rate/term and cash-out refinances
• Eligible property types include owner-occupied primary residences and second homes
• Available for 1-unit single-family homes, condos or planned unit developments
Fifth Third Bank
NEW Physician Loan Program- Graduating Med Student/ Resident/ Fellow/ Attending Physician for less than 1 year (Self-employed is allowed if 2+ years)
0% down payment up to $750,000
5% down payment required up to $1MM
700+ credit score required for 0% Down Payment up to $500,000, 720 needed if up to $750,000 (if 680-699, 5% down payment is required)
ESTABLISHED Physician Program- Attending 1+ years/ Self Employed 2+ years AND Dentists
0% down payment up to $750,000
5% down payment required if greater than $750K up to $1MM
15% down payment required if greater than $1MM up to $1.5MM
No limit of years after training
Refinance Loans available
720 Credit score required
DENTISTS are eligible
DOCTOR and DENTIST PROGRAM FEATURES:
MD, DO, DPM, DDS or designations only
Fixed Rate (30, 20, 15 year terms) and Adjustable Rate (10, 7, 5 year terms) available
No Private Mortgage Insurance required
Allowed Property types: 1-unit, Single Family, PUD, Freddie/Fannie approved condos. Must occupy as Primary Residence
Construction END LOANS are available
Non-Permanent Resident Alien with a H1 Work VISA are acceptable (must demonstrate continued employment per guidelines)
Program allows physician to have a CURRENT doctor loan
There is no time limit on the amount of years after Residency/Fellowship
*Please complete the form to connect with the lender of choice.
CHEMICAL BANK
STATES FINANCING IS OFFERED IN (WRITE AS MANY AS YOU KNOW):
Ohio, Indiana, Illinois, Kentucky, Pennsylvania, West Virginia, Michigan
PLEASE SHARE AS MANY GUIDELINES AS YOU ARE AWARE OF:
100% financing up to $1m purchase or refinance
95% financing up to $1.5m purchase or refinance
No Private Mortgage Insurance required (PMI)
Construction to perm financing 100% up to $1m, 95% up to $1.5m
1-2 units for primary residence
1 unit for 2nd homes
680 minimum credit score
Condos warrantable and non-warrantable
15 year fixed loans as well as a 5, 7 & 10 year ARM's
MD, DO, DDS, DMD, DPM, DC, or DVM.
FLAGSTAR BANK
The program is available for practicing physicians with a 700+ FICO score who are purchasing a single family detached home.
100% loan to $850,000 with no mortgage insurance (720 FICO)
Low down payment on loans up to $1.5M (710 FICO)
Deferred medical student debt may not affect your qualifying loan amount.
80% loan to $1.75M obviously with no mortgage insurance.
Purchase and rate/term refinance for primary residence.
5/1 and 7/1 Adjustable Rate Mortgages (ARMs)
MD, DDS, DMD, DO and DPM accepted.
Non-Occupant Co-Borrowers Allowed
Citizens Bank
DOCTOR PROGRAM FEATURES:
Up to 95% financing with no mortgage insurance for loan amounts up to $850,000
Up to 89% financing with no mortgage insurance for loan amounts up to $1,000,000
Up to 85% financing with no mortgage insurance for loan amounts up to $1,500,000
Student loan debt deferred or on reduced payment plan for at least 12 Months excluded from debt-to-income ratio
Construction-to-permanent financing eligibility – maximum 85% financing
Primary residence only
PUDs, Condos and Co-Ops
Close on your home up to 60 days prior to new employment start date (with signed contract)
Eligible professions include Residents, MD, DDS, DMD, DPM and DO
Eligible Products: 10, 15, 20, 25 and 30 Year Fixed Rates. 3/1, 5/1, 7/1 and 10/1 ARM
700 Minimum Credit Score – Doctor Loan only
LTV < 90% maximum DTI is 43%
LTV >/= 90% maximum DTI is 40%
*Please complete the form to connect with the lender of choice.
BBVA
The program is available for practicing physicians with a 700+ FICO score who are purchasing a single family detached home.
100% loan to $650K with no mortgage insurance (FICO 720)
95% loan to $1.0M with no mortgage insurance (FICO 700)
95% loan to $1.25M with no mortgage insurance (FICO 720)
90% loan to $1.25M with no mortgage insurance (FICO 700)
90% loan to $1.5M with no mortgage insurance (FICO 720)
85% loan to $1.5M with no mortgage insurance. (FICO 700)
80% loan to $1.75M with no mortgage insurance. (FICO 700)
30, 20 and 15 year fixed loans as well as a 5 and 7 year ARM.
Can be used for Refinance / Cash out to 85%
MD, DO, DDS, DMD (other designations maybe acceptable)
Approved Condominiums are acceptable
One-Time Close Construction/Renovation loans/Lot Loan
**20 Point FICO Exceptions Available if qualified**
*Please complete the form to connect with the lender of choice.
National Lender
(The name of this bank has been omitted to comply with their trademark policies)
DOCTOR LOAN PROGRAM FEATURES:
95% Financing up to $1,000,000 (some restrictions apply)
90% Financing up to $1,500,000 (some restrictions apply)
Maximum Loan Amount ** $1,500,000
Private Mortgage Insurance Not Required (No PMI)
Close on your home up to 60 days prior to new employment start date (with signed contract)
Eligible professions include Residents, MD, DDS, DMD,OD, DPM and DO
Student loans deferred for at least 12 months after closing not included in debt ratios.
Eligible Property Types One-unit Single Family, Warrantable Condos and PUDs
Eligible Products: 15 and 30 Year Fixed Rates. 5/1, 7/1 and 10/1 ARM (Fully Amortizing)
720 credit score required
*Please complete the form to connect with the lender of choice.
