Fulton Bank offers a physician mortgage program with 100% financing up to $1.5 million and no private mortgage insurance requirement, but geographic availability is limited to eight states in the Mid-Atlantic and Southeast. If you practice in Pennsylvania, New Jersey, Delaware, Virginia, West Virginia, Washington DC, Maryland, or North Carolina, Fulton Bank is worth evaluating. If you are outside those states, you will need to look elsewhere. Physicians considering a home purchase or refinance should compare physician mortgage options through LeverageRx before committing to a single lender.
What Physicians Need to Know About Fulton Bank
Fulton Bank is a regional institution founded in 1882 and headquartered in Pennsylvania, with more than $27 billion in assets. Its mortgage division, Fulton Mortgage Company, handles physician loans alongside construction loans, jumbo loans, and income-based mortgage products. As a regional bank, Fulton operates with a more limited footprint than national lenders, which can mean more individualized underwriting attention but also fewer options if your state is not covered.
A broader overview of how physician mortgages work and what to evaluate across lenders is available in the LeverageRx physician mortgage loans guide.
Who Is Eligible for the Fulton Bank Physician Loan
Fulton Bank’s physician loan program accepts the following degree designations: MD, DO, DDS, DMD, OD, DPM, DVM, and PharmD. This is a broader set of eligible credentials than many physician mortgage programs, which often restrict eligibility to MDs and DOs only. Dentists, optometrists, podiatrists, veterinarians, and pharmacists are included.
The loan is available for primary residence only. Vacation homes and investment properties are not eligible. The program is available for both purchase and refinance transactions.
Down Payment and Financing Structure
Fulton Bank’s physician loan offers three financing tiers based on loan amount: 100% financing up to $1.5 million, 95% financing up to $2 million, and 90% financing up to $3 million. No private mortgage insurance is charged at any of these tiers. This is the defining feature of physician mortgage programs: the ability to finance a home with little or no down payment without triggering PMI, which is normally required by conventional lenders when a borrower puts down less than 20%.
For physicians who are early in their careers with limited liquidity, the 100% financing tier is particularly relevant. The Federal Housing Finance Agency’s guidelines on conventional conforming loan limits provide context for how Fulton’s loan limits compare to standard conforming thresholds, and why jumbo physician loans with no PMI represent a meaningfully different underwriting approach.
Seller-paid closing costs are permitted up to 6% for each loan tier, which can further reduce out-of-pocket costs at closing.
Loan Types and Geographic Availability
Fulton Bank offers 30-year and 15-year fixed-rate mortgages as well as adjustable-rate mortgage options under its physician loan program. The choice between fixed and adjustable structures carries long-term tradeoffs that depend on how long you intend to hold the property and your tolerance for payment variability.
Geographic availability is a hard constraint: Fulton Bank’s physician loan is available only in Pennsylvania, New Jersey, Delaware, Virginia, West Virginia, Washington DC, Maryland, and North Carolina. Physicians outside these states are not eligible regardless of credentials or financial profile.
One notable operational detail: Fulton Bank permits closing up to 90 days prior to a new contract start date, which is relevant for residents and fellows who have signed an employment agreement but have not yet begun their position.
How Fulton Compares to Other Regional Physician Lenders
Fulton Bank is most directly comparable to regional lenders that serve similar geographic markets. For physicians who want to evaluate a bank with a different regional footprint or different eligibility structure, the TD Bank physician loan review covers a lender that operates across a broader East Coast market with its own loan limits and eligibility criteria.
National alternatives cover different tradeoffs. A lender operating in all 50 states may provide flexibility that a regional bank cannot, but regional lenders often offer more direct underwriting access and may carry different appetite for complex income documentation, including residents qualifying on signed employment contracts rather than pay history. The Consumer Financial Protection Bureau’s overview of mortgage loan types and what lenders evaluate provides useful regulatory context for understanding how physician loans differ from conventional products.
For physicians who own or operate a medical practice and have questions about how business structure affects home loan qualification, the LeverageRx resource on reverse mortgage and home equity considerations for physicians covers equity-related mortgage decisions relevant to established attendings.
Is Fulton Bank the Right Fit for Your Situation
Fulton Bank works well for physicians in its service states who want high loan limits, zero PMI, and flexibility on credentials beyond MD and DO. The program’s 100% financing at $1.5 million is competitive, and the willingness to close 90 days before a contract start date makes it practical for physicians transitioning into their first attending role.
It is not a fit for physicians outside its eight-state footprint, those purchasing vacation homes or investment properties, or those seeking national lender scale and presence. Physicians who are uncertain whether their income situation or credential type qualifies should compare multiple lenders before applying.
Key Takeaways
Fulton Bank’s physician mortgage program offers 100% financing up to $1.5 million with no PMI requirement and accepts a broad range of medical designations including MD, DO, DDS, DMD, OD, DPM, DVM, and PharmD. The program is limited to primary residences in eight states: Pennsylvania, New Jersey, Delaware, Virginia, West Virginia, Washington DC, Maryland, and North Carolina. Financing tiers extend to $3 million at 90% with seller-paid closing costs permitted up to 6%, and borrowers can close up to 90 days before a new employment contract begins. Vacation homes and investment properties are not eligible under this program. Physicians should compare Fulton Bank against other lenders serving their region to confirm that its loan limits, credential eligibility, and geographic availability align with their specific situation.
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