Citizens Bank Doctor Loan Review (Updated 2022)

Jack Wolstenholm
Jack Wolstenholm

Read Time

4 mins

IN THIS ARTICLE
IN THIS ARTICLE

Residents qualify for 95% financing up to $600k, but only in 11 states.

What Is Citizens Bank?

Citizens Bank was founded in Providence, Rhode Island in 1828. It slowly grew over the years and now operates in 11 states. Formally known as Citizens Financial Group, its headquarters are still in Rhode Island and the company has $188 billion in assets making it the 22nd largest bank in America.

Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. The bank is known for offering tailored advice and recommendations to its customers. For current customers, Citizens provides 24/7 customer service, online banking and 3,000 ATMs across 940 branches.

citizens-bank-doctor-loan-highlights

Citizens Bank Doctor Loan Highlights

As you know, medical professionals have an interesting financial situation. They have high levels of debt but are practically guaranteed even higher salaries. Financial institutions were quick to acknowledge this and create products that cater to doctors and dentists. These are the highlights of Citizen’s physician mortgage:

  • Designations: MD, DO, DDS, DMD
  • Primary and secondary residences qualify
  • Construction financing available
  • 95% financing up to $600k (residents only)
  • 95% financing up to $3MM (attending 1+ year)

LeverageRx works with loan officers at Citizens and find them always to be knowledgeable, competent and quick to help borrowers find their perfect home. That said, Citizens is not available in every state. Here is where Citizens operates:

Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Vermont

Don’t see your state?

Click here to find doctor home loans in less than 2 minutes for your state!

citizens-bank-alternatives

Citizens Bank Doctor Loan Alternatives

Even if you love everything you see about Citizens Bank, it’s important that you know your options. Doctor home loan programs are growing in popularity, here are a few alternatives:

Fifth Third

Fifth Third has a well-known doctor home loan program. The bank offers construction financing, 100% financing up to $750k and 85% financing up to $1.5MM for medical professionals with at least 1 year experience.

Learn More: Fifth Third Physician Loan Review

Bank of America

Bank of America a nationwide lender offering physician mortgages in nearly every state. The bank offers financing of up to $1 million with 5% down, and 10% down up to $1.5 million. Like TD, however, you will face stricter underwriting practices and limited designations.

Learn More: Bank of America Physician Loan Review

First National Bank

First National Bank is a great option because a wide range of designations qualify for their physician mortgage. The bank offers 100% financing up to $1MM and the loan is eligible for primary residences and vacation homes.

Learn More: First National Bank Doctor Mortgage Review

takeaways

Citizens Bank Doctor Loan Takeaways

A quick breakdown of the pros and cons.

Pros

  • Smaller, regional bank
  • Construction financing (doctors often build rather than buy)
  • No PMI
  • Long history of catering to medical professionals
  • Fixed and ARMs available

Cons

  • Limited designations
  • Limited state coverage
  • No option to get 100% financing

is-citizens-right-for-you

Is a Citizens Bank Doctor Loan Right for You?

When practically every other program offers 100% financing, it seems like Citizens Bank is not the best option. However, 100% financing is not always a good thing. It can be argued that if you have the savings to pay a down payment, you should. The outcome is true ownership in your home, i.e. equity.

Other factors to consider are the additional products and services that Citizens offers medical professionals. If you take out a mortgage with Citizens, you may consider the following:

Education Refinance Loan

There’s no doubt you have medical school loans, and Citizens Bank may be able to reduce your interest rate and lower your monthly payments through their education refinance loan. They offer fixed and variable refinance options, and do not charge application, origination, or disbursement fees.

Wealth Management Services

Financial institutions offer great mortgages to physicians and doctors because they assume you will one day be wealthy and they want your business. In the case of Citizens, they offer custom investment plans and wealth management services to help you manage, invest and grow your money.

Which Banks Offer Physician Mortgage Loans?

Compare rates, features, and more from the best physician mortgage loan programs of 2022.

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companies match your search (Reset all filters)

  • Company
  • Loan Amounts ForResidents & Fellows
  • Loan Amounts ForPracticing Physicians
  • MinimumCredit Score
  • States available in

States Available

AK, AZ, CO, FL, GA, HI, IA, ID, IL, IN, KS, MI, MN, MO, MT, ND, NE, NM, NV, OK, OR, SD, TN, UT, WA, WI, WY

About

BMO Harris offers doctor loans for primary residences, for purchase or refinance.

  • 100% financing up to $1MM for training or attending
  • 95% financing up to $1.5MM for training or attending
  • 90% financing up to $2MM

States Available

FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV

About

Fifth Third Bank offers residents and physicians a primary residence loan for either purchase or refinance:

  • 100% financing up to $750k (training or attending)
  • 95% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (attending more than 1 year)
  • 90% financing up to $2MM (attending more than 2 years)

States Available

AL, AR, FL, GA, LA, MS, NC, SC, TN, TX, VA

About

First Horizon’s doctor loan program is available for primary residence, for purchase or refinance:

  • 100% financing up to $1.5MM (training or attending)
  • 95% financing up to $2MM (training or attending)
  • 90% financing up to $2.5MM (training or attending)
  • First National Bank
  • Up to $1.5MM
  • $1.5MM
  • 700
  • 11 states (View states)
  • Learn More

States Available

DC, DE, GA, MD, NC, OH, PA, SC, TN, VA, WV

About

First National Bank offers residents and physicians financing on primary or secondary residences, for purchase or refinance:

  • 100% financing up to $1MM (training or attending)
  • 90% financing up to $1.5MM (training or attending)

States Available

MN, WI

About

Frandsen Bank & Trust’s doctor loan program is available for primary or secondary residences, for purchase, refinance or equity:

  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $2MM (training or attending)

States Available

DC, DE, NJ, PA

About

Fulton Mortgage Company has a doctor loan program available for home purchase only on primary residences:

  • 100% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (training or attending)

States Available

AR, AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WA, WI, WV, WY

About

Huntington Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 100% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $2MM (attending)

States Available

AK, AZ, CO, CT, HI, ID, IN, MA, ME, MI, MT, NM, NV, NY, OH, OR, PA, RI, SC, TN, UT, VT, WA, WY

About

KeyBank’s doctor loan program is available for primary or secondary residences, for purchase or refinance. For residents or attending physicians alike:

  • 100% financing up to $1MM
  • 95% financing up to $1.5MM
  • 85% financing up to $2MM

Geographic restrictions may apply.

States Available

MI

About

Level One Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 100% financing up to $500k (training)
  • 100% financing up to $1MM (attending 1+ year)
  • 85% financing up to $2MM (training or attending)
  • Mercantile Bank
  • 100% Financing Options
  • 100% Financing Options
  • Call Lender
  • 4 states (View states)
  • Learn More
  • Get Rates

States Available

IN, KY, MI, OH

About

Mercantile Bank’s doctor loan program is for primary residences, for purchase or refinance:

  • 100% financing options for residents & fellows
  • 100% financing options with loan amounts up to $2MM for practicing physicians

Equal Housing Lender

Member FDIC

States Available

AL, AR, FL, GA, IA, IL, IN, KY, MO, MS, NC, SC, TN, TX

About

Regions’ doctor loan program is available for primary residences, for purchase or refinance:

  • 100% Financing up to $750k (training or attending)
  • 95% financing up to $1MM (training or attending)

States Available

DE, IN, KY, MD, MI, NJ, OH, PA, VA, WV

About

S&T Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 95% financing up to $5MM (training or attending)
  • TD Bank Logo
  • $1.5MM
  • $1.5MM
  • N/A
  • 16 states (View states)
  • Learn More

States Available

CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT

About

TD Bank’s doctor loan program is available for primary residences, for home purchase only:

  • 100% financing up to $750k (training or attending)
  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $1.5MM (training or attending)

States Available

AL, AR, CA, CT, DC, DE, FL, GA, MS, TN, VA

About

Truist’s doctor loan program is available for primary residences, for purchase or refinance.

For training or attending physicians with less than 10 years experience:

  • 100% financing up to $750k
  • 5% down up to $1MM
  • 10% down up to $1.5MM

**if you have been attending for more than 10 years but less than 15, Truist requires a 10% down payment

Jack Wolstenholm

Jack is a Creighton University graduate and former advertising creative who has written extensively about topics in personal finance, employee benefits, and technology.

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