10 Best Physician Mortgage Loans in Pennsylvania with No Money Down

What you need to know:

  • Pennsylvania physician mortgage loans have exclusive benefits for qualifying doctors and dentists.
  • Physician mortgage loans have high loan limits, usually ranging from $750,000 to $1.5 million.
  • This no-money-down mortgage solution doesn’t require private mortgage insurance (PMI).

Pennsylvania is dripping with American history and culture, making it a diverse and exciting place to both live and work. It also has one of the highest employment levels for physicians.

The average Pennsylvania physician makes just north of $200,000. But most doctors and dentists also carry around high six-figure student loan debt that can often hold them back from pursuing other dreams, like owning a home.

Recent data from the Pennsylvania Association of Realtors shows the median home sales price in April 2021 was $183,820. However, depending on what county you choose to settle into, home prices can push closer to half a million or more.

If you’re a physician interested in buying a home in this historic state, a Pennsylvania physician mortgage loan can help you access financing with no down payment and no private mortgage insurance (PMI) requirement.

Read on to learn about physician mortgage loans in Pennsylvania.

How Pennsylvania physician mortgage loans work

Physician loans are designed with a high-earning medical professional’s career path in mind.

Because most physicians and dentists must take on a large amount of student debt to pursue their chosen career, physician mortgages treat student loans more favorably than a conventional mortgage loan. This makes owning a home more attainable for many new physicians, residents, fellows and interns.

And that’s only the tip of the iceberg.

Unlike conventional home loans, a physician mortgage typically doesn’t require a down payment. If it does, it’s usually to access larger amounts of financing (e.g. $1 million).

Even though there’s no (or a low) down payment, doctor mortgages don’t require PMI. This means you can save hundreds of dollars each month that can then be dedicated to other goals, like making extra student loan payments or renovating your new home.

10 Pennsylvania physician mortgage lenders to consider

Here’s a roundup of 10 top doctor loans in Pennsylvania for physicians looking to buy a home.

1. Citizens Bank

The Citizen Bank Doctor Loan mortgage program provides up to 95% financing for purchases and limited cash-out refinances of primary residences.

Financing options include:

  • 5% down for up to $850,000
  • 11% down for up to $1 million
  • 15% down for up to $1.5 million

This program is specifically designed for licensed Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Dental Surgery (DDS) and Doctors of Dental Medicine (DMD). To qualify, you must have completed your residency within the last ten years or be a current medical resident, fellow or intern.

2. Fifth Third Bank

Fifth Third Bank’s physician mortgage loan is available to doctors and dentists for purchasing a new home or refinancing an existing one.

Financing options include 0% down for up to $750,000 for both new and established physicians.

Residents, fellows and new physicians (completed residency within 12 months) may be eligible for up to $1 million in financing with a low down payment. Whereas established doctors (employed for more than one year or self-employed for at least two years) may access up to $1.5 million with a low down payment.

3. First Citizens Bank

The First Citizens Bank physician mortgage loan program provides up to 100% financing for purchasing a new home, building a primary residence or refinancing your existing house.

Mortgage options include:

  • 100% mortgage with a 15-, 20- or 30-year term and one monthly payment.
  • 80/20 mortgage with two monthly payments (80% will be a first mortgage with a 15-, 20- or 30-year term and 20% will be a home equity loan).

This program is designed for medical professionals with the following designations: MD, DM, DO, DPO, DDS, DMD, PA, CRNA, CRNP, and DPT.

4. First National Bank of Pennsylvania

The Physician Mortgage Program from First National Bank provides up to 100% financing for existing home and new construction purchases, as well as refinancing a current home.

Eligible borrowers include physicians who hold an MD, DO, DDS or DMD.

This doctor loan program is also available for second homes and vacation homes, but it excludes investment properties.

5. Fulton Mortgage Company

Fulton Mortgage Company’s physician mortgage loan program provides up to $2 million in financing for physicians, dentists, pharmacists and veterinarians.

Financing options include:

  • 0% down for up to $1 million
  • 5% down for up to $1.5 million
  • 10% down for up to $2 million

Eligible borrowers can close on their new home up to 90 days before starting a new position with an acceptable employment contract.

Contact: James Webster, (301) 309-0488 ext. 15781 or [email protected]

6. Huntington Bank

Huntington Bank’s physician mortgage loan is designed for medical doctors with an MD, DO, DDS, DVMM or DMD degree.

Financing options include:

  • 0% down for up to $1 million
  • 5% down for up to $1.25 million
  • 10% down for up to $2 million

Note the overall maximum cash-out refinance is $250,000.

7. KeyBank

Medical doctors and dentists may be eligible for Keybank’s Medical Professional Loan. This Pennsylvania physician mortgage loan provides up to 100% financing for up to $3.5 million.

Most physician mortgage loan programs are limited to primary residences. But KeyBank’s program allows for purchases and refinancing second homes, as well.

8. Laurel Road

Laurel Road (owned by KeyBank) offers up to 100% financing for loan amounts of $750,000 or less for purchasing a primary residence.

Eligible borrowers include doctors, dentists, interns, residents, fellows, clinical professors, researchers and managing physicians with current licenses and an MD, DO, DMD, DDS or DPM degree.

Note that second homes may also qualify for this physician mortgage loan program. However, a larger down payment may be required, along with additional restrictions.

9. SunTrust (now Truist)

SunTrust’s doctor loan program provides up to $1.5 million in financing for practicing MD, DO, DPM, DDS and DMD doctors. Licensed residents, interns and fellows in MD, DO and DPM programs may be eligible for a maximum loan amount of $750,000.

Financing options for practicing physicians include:

  • 0% down for up to $750,000
  • 5% down for up to $1 million
  • 10.01% down for up to $1.5 million

Note that doctors with 15 years or more of post-training experience are limited to a maximum of 89.99% financing.

10. TD Bank

TD Bank’s medical professional mortgage is available for practicing physicians (e.g. MD, DO, DPM), dentists (e.g. DDS, DMD), oral surgeons, and licensed medical and dental residents or fellows.

Financing options include:

  • 0% down for up to $750,000
  • 5% down for up to $1.25 million
  • 10.01% down for up to $1.5 million

Note that you must be less than 10 years out of residency to qualify for this physician mortgage loan program.

Is a Pennsylvania physician mortgage loan right for you?

A Pennsylvania physician mortgage can make owning your dream home a reality much sooner than expected. By providing no-money-down mortgage solutions without PMI, new and established physicians and dentists can benefit greatly from using this exclusive financial product.

Although there are huge benefits associated with a physician mortgage loan, there’s also the risk of getting approved for too much loan with this type of jumbo loan.

Because loan requirements are more relaxed than a conventional loan, it’s likely you’ll get approved for a lot more than you think. This can be detrimental if you can’t realistically afford the higher payments. It’s important to focus on your budget and not get tempted by the huge number the bank comes back with.

Use our referral page for physician and dentist mortgage loans broken down by state to jumpstart your doctor loan search.

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