Loans For Physicians

Loans For Physicians

Fast and Convenient Loans for Doctors

Home loans for physicians have never been easier – or more hassle-free. Whether you’re looking to secure a home loan, or need to refinance, Physician Bank is here with competitive rates, higher loan limits, and flexible terms tailored to meet the unique needs of medical professionals. Get started today!

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Mortgage Loans For Physicians

  • Home Loans Up To $3 Million
  • 100% Financing Up to $1 Million

Are you ready to make the leap and purchase or refinance a home as a physician? Look no further than Physician Bank! We specialize in tailored mortgage loans for physicians and are dedicated to making the home-buying process as seamless as possible. Our underwriting criteria, repayment options, and competitive terms are designed to provide favorable solutions for medical practitioners of all types. Whether you’re a general practitioner, specialist, or surgeon, you can trust us to provide the personalized support and guidance you need. So don’t stress about the home loan process – let us turn it into an enjoyable experience. Contact us today to learn more about our mortgage loans for physicians!

Home Loans For Physicians – Factors to Consider When Applying

When you are about to take on a home loan, there is a lot of research that can be done upfront to make sure the loan fits your needs. Here are some factors to consider when applying for a home loan from Physician Bank:

  1. Income Stability – We take income stability into account, even during residency and fellowship training, so you can rest assured knowing your loan application will fairly reflect your earning potential. Put simply, Physician Bank is the home loan provider that gets you!
  2. Credit Score – A credit score will determine the interest rates you qualify for and the amount of the loan you can take on. We offer competitive rates and consider applicants with scores of 720 and above.
  3. Debt-to-Income RatioYour debt-to-income ratio measures how much of your income goes towards paying off existing debts. This is an important factor for lenders to consider, so make sure you have a good understanding of your debt-to-income ratio before applying for a loan from Physician Bank.
  4. Down PaymentThe size of the down payment will determine your loan amount and monthly payments. Make sure you have enough money set aside from your savings or other sources of income to make a down payment that is satisfactory for the loan.
  5. Type of Home LoanThere are different types of home loans available, such as fixed-rate mortgages and adjustable-rate mortgages. Consider the different loan types to determine what works best for you, make sure to do your research on all of them before making a decision.
  6. Student Loan DebtWe understand the unique needs of physicians, and that includes taking student loan debt into account when it comes to home loans. Don’t let your student loan debt keep you from owning the home of your dreams – trust Physician Bank to help make it happen! We offer customized solutions tailored to meet the needs of physicians, so you can get the home loan you deserve.
  7. Employment ContractIf you’re a physician, you know that your job comes with unique employment contracts. From signing bonuses to future salary increases, these can significantly affect your home eligibility and repayment strategies. That’s why it pays to really understand the contractual obligations — not just give them a cursory glance. Fortunately, Physician Bank is here to help. We understand the ins and outs of loan eligibility for physicians and other medical professionals, so we can assist you with the loan application process.
  8. Mortgage Insurance OptionsPhysicians looking at purchasing a home have different loan options available to them. These loans may waive mortgage insurance requirements for physicians who do not put a large down payment on their home, which can help to reduce upfront costs and ongoing expenses. Depending on the loan program chosen, it may be possible to make a smaller down payment without having to pay mortgage insurance. Physicians should consider all of their options when purchasing a home to ensure they are getting the most cost effective solution for their needs.
  9. Future Plans and RelocationWhen considering mortgage types, those planning to move within a few years may opt for an adjustable-rate mortgage (ARM) with lower initial rates. Physician Bank offers specialized loan products tailored toward the unique needs of physicians and their families. With an experienced team of loan officers and advisors, Physician Bank is dedicated to finding the best home loan solution for you.

By taking these factors and others into consideration when applying for a home loan from Physician Bank, you can ensure that you get the best possible deal and find the perfect loan that meets your needs.

How to Qualify for A Physician LOAN

Qualifying for a home loan for physicians, also known as a doctor mortgage or physician mortgage, can seem like an intimidating process. But don’t worry – it doesn’t have to be! With Physician Bank there is only six criteria that need to be meet in order to qualify:

  • To qualify for a physician loan, you’ll need to have your income verified. That means providing proof of employment such as pay stubs and W-2 forms or an employment contract from a hospital or clinic.
  • You’ll need to show that you have access to a certain amount of funds in liquid assets like savings or brokerage accounts.
  • A good credit score is essential for qualifying for a physician loan and you’ll need to provide evidence of your creditworthiness in the form of documents like bank statements or paycheck stubs.
  • You’ll need to show you have an acceptable debt-to-income ratio. Your total monthly debt payments should not exceed 40% of your income.
  • Potential borrowers must typically be in their post-residency period or have a certificate or license to practice medicine, such as an MD or DO degree.
  • And finally, you’ll need official documentation that verifies the address of the home you’re planning to purchase.

If you meet all of these criteria, then congratulations! You’re well on your way to getting into your dream home through Physician Bank. So don’t be intimidated – with the right paperwork in hand, you can start the process of getting approved for a physician loan today.

More Than Loans For Physicians

Saving money just got easier – with our range of services! Along with loans for physicians, we offer high-interest savings and checking accounts that give you the competitive edge. Plus, our health savings accounts (HSA) help you save big on your medical expenses by offering pre-tax contributions and tax-free spending on qualified medical expenses. Say hello to low fees and great interest rates that help you keep more of your money.

Ready to achieve your financial goals? Let us help you get there. Choose from our suite of financial products to find the perfect fit. Have questions? Contact us today to learn more.

PAYROLL PLUS ACCOUNT

Give your paycheck a boost!

Get the best of both worlds – the convenience of Direct Deposit and an excellent rate of return.

Physician eCentive Checking Account

JUMBO DEPOSIT ACCOUNT

Your savings, safe and secure.

Get the most out of your savings with our high-yield account! With flexible options, you can insure up to $7 million with the FDIC, giving you peace of mind as you watch your money grow.

Physician Jumbo Savings Account

HEALTH SAVINGS ACCOUNT

Convenient health funds.

Save for current and future medical expenses and earn interest with our HSA account! Eligible individuals can use it with a high-deductible health insurance plan. Don’t let medical bills break the bank, start saving today.

Physician Health Savings Account
New! 4.04% APY* on checking.
*APY = Annual Percentage Yield

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Payroll Plus Checking Account

*APY = Annual Percentage Yield. Fees may reduce earnings. Interest rate is variable and may change after the account is opened. Rate applies to balances between $0.01 and $100,000

To earn 4.04%, you must:

  1. Have at least $5,000 in direct deposit each month from payroll, social security, investment income, or other forms of monthly income.
  2. Have monthly debit card purchases posted to your account equaling a minimum of $500. Please note that ATM transactions do not count toward the debit card purchase requirement.
  3. Enroll and receive monthly eStatements. With eStatements, you must have a valid email address to enroll. $4 per month fee applies if not enrolled in eStatements and paper statements are sent through U.S. Mail.

Payroll Plus Rates effective as of April 1, 2024. Minimum opening deposit of $100.