![]() Eligible property types includeīorrowers can choose from fixed or adjustable-rate mortgage options.įifth Third Bank offers two physician mortgage loan options for medical professionals at any stage in their careers. Loans may be used to purchase or refinance a primary residence. Student loan debt deferred for 12 months or more is not factored into DTI calculations. Unlicensed early-career medical professionals are limited to a total loan amount of $450,000. Licensed medical residents, fellows, and interns can borrow up to $600,000. Qualified borrowers are eligible for up to $850,000 with a 5% down payment, but loans up to $1 million will require at least 11%. All borrowers are required to be within the first 10 years of their careers. Interns, residents, and fellows are also eligible, but their loan amounts are capped differently. It will provide up to 95% financing to medical doctors, dentists, and doctors of osteopathy with a minimum credit score of 700. The Doctor Loan Mortgage Program is Citizens Bank’s physician loan program. Other physicians can use a signed employment contract future dated within 90 days of closing as proof of earning potential. Self-employed physicians can be approved for the program with two years of tax returns. Loans may be used to purchase or rate/term refinance a duplex, single-family home, condominium, or townhouse you’ll use as your primary residence. The Physicians’ Program is available in standard fixed and adjustable-rate mortgage products for up to 30 years. In many cases, they’ll approve borrowers with DTI ratios as high as 45%, which is more lenient than many other loan programs. Student loan debt isn’t excluded from debt-to-income (DTI) calculations but its underwriting guidelines are flexible. 10% down payment on loans up to $2 million without PMIīorrowers who hold a qualifying BMO Bank account and enroll in AutoPay for mortgage payments will be eligible for a $500 closing cost discount as well.5% down payment on loans up to $1.5 million without PMI.0% down payment on loans up to $1 million without PMI.Physicians who have already been practicing for 10 years or more will be required to put down at least 10% on all loan amounts. ![]() There are three financing options from BMO in North Carolina: BMO BankīMO Bank (formerly BMO Harris Bank) extends its Physicians’ Program to medical doctors (MD), doctors of osteopathy (DO), and dentists (DDS and DMD) at any stage in their careers. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free! Loan Type Property Type How will this property be used? Next 1. Here are the top physician mortgage loan lenders in NC:ĭiscover The Best Lenders in North CarolinaĪnswer just a few questions about your career, where you're buying, and how much you want to borrow. In This Article 11 Best North Carolina Physician Home Loan Lenders If you’re ready to get your ducks in a row to purchase a home, start your research with the best physician mortgage loans in North Carolina. It’s a state where you’ll find multiple major metropolitan areas, such as Charlotte and Raleigh, fantastic hospitals and healthcare, and many options for a home purchase from the scenic Appalachian mountains to pristine suburbia and even glistening coastal beaches. More than 28,000 physicians call North Carolina home and the state hosts some of the country’s most prestigious universities and residency programs. Physician mortgage loans in North Carolina can help your housing dream become a reality if you’re an early-career medical professional who hasn’t had the time or resources to save for a down payment or build a long work history while you’ve been training. This does not influence our recommendations or editorial integrity, but it does help us keep the site running. At no extra cost to you, some or all of the products featured below are from partners who may compensate us for your click.
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