Doctors default on mortgages at the lowest rate of any profession.
This should come as no surprise, considering their high starting salaries, promising income potential and strong job security. For these reasons, bjg banks and other financial institutions find physician mortgage loans to be a profitable niche.
Enter Fifth Third Bank, a staple in the physician loan space that offers home financing solutions to both established medical practitioners and rising newcomers. Read on to learn more about what Fifth Third Bank has to offer.
About Fifth Third Bank
Fifth Third Bank is an American bank that is headquartered at Fifth Third Center in Cincinnati, Ohio. As the main subsidiary of Fifth Third Bancorp, it operates more than 1,500 branches and 2,470 automated teller machines across 10 states.
Fifth Third Bank provides the following services to a diverse group of customers, including medical professionals:
- Consumer lending.
- Branch banking.
- Commercial banking.
- Wealth and asset management services.
The name “Fifth Third” originates from the names of the bank’s two former holder companies:
- Fifth National Bank.
- Third National Bank.
On June 1, 1908, the two banks joined forces to become the Fifth-Third National Bank of Cincinnati. The company's brand identity cycled through a number of changes until March 24, 1969, when it was officially changed to Fifth Third Bank.
Since 1994, Fifth Third bank has completed numerous acquisitions on its way to becoming one of the largest banks in the United States. The bank is currently ranked 366th on the Fortune 500 list of largest companies in the U.S.
Fifth Third Bank physician loan basics
The Doctor and Dentist Loan Programs at Fifth Third Bank medical practitioners with simple solutions to meet their home financing needs. Both new and established doctors can get fixed and adjustable rate mortgage loans to purchase or refinance. What’s more is that no private mortgage insurance is required. Eligible borrowers include:
- Medical Doctors (MDs).
- Doctors of Osteopathy (DOs).
- Doctors of Dental Medicine (DMDs).
- Doctors of Dental Surgery (DDSs).
- Doctors of Podiatric Medicine (DPMs).
New physicians, interns, residents and fellows (those who have practiced in less than 1 year) can get up to $1 million with a low down payment, or $750, 000 with no down payment. To qualify for the new physician loan program, you should meet the following eligibility requirements:
- 720 minimum credit score is required for zero down payment up to $750,000.
- 700 minimum credit score is required for zero down payment up to $500,000.
- 680 minimum credit score is required, plus a 5% down payment.
- 5 percent down payment is required on loan amounts exceeding $750,000.
As for established doctors and dentists (those who have practiced for more than 1 year), they can also take advantage of the fixed and adjustable rate mortgage loans that the bank offers. They can get up to $750,000 with no down payment when buying or refinancing, or up to $1.5 million plus a low down payment. Requirements for eligibility include:
- 720 credit score is required.
- 15 percent down payment is required if the loan amount is from $1M up to $1.5M.
- 10 percent down payment is required if the loan amount is from $750,000 up to $1M.
- No down payment is required for loan amount below $750,000.
Fifth Third Bank does not require physicians to put additional money down on condominiums. The bank also offers physician mortgage loans to non-permanent resident aliens with H1 work VISAs. However, non-permanent resident doctors must demonstrate continued employment in order to qualify.
Is a physician loan from Fifth Third Bank right for you?
Get a quick, free rate comparison here to find out!
Benefits of home financing with Fifth Third Bank
For many, buying a home is the biggest investment you will make in your life.
That's why finding the right mortgage solution for your financial needs is crucial, regardless of your career stage or medical speciality.
Depending on your current employment status, you may be able to enroll in Fifth Third Bank's physician loan program for doctors, dentists and other medical specialties. The high-level benefits of home financing with Fifth Third Bank include:
- 100 percent financing available.
- Can close up to 90 days before future employment commences.
- No private mortgage insurance (PMI) required.
- Available for both new home purchases and current home refinances.
- The bank offers both fixed and adjustable rate options.
- Student loans in forbearance or deferment are not counted towards the borrower’s debt-to-income ratio.
As you can see, Fifth Third Bank's physician loan program is perfect for low-risk borrowers who work in the medical field.
When it comes to obtaining the right physician mortgage loan, there are a lot of variables to consider. Failure to perform your due diligence can prove to be costly.
In order to do so, it helps to understand:
- The history and background of Fifth Third Bank.
- The basics of Fifth Third Bank's physician loan program.
- The major benefits of home financing with Fifth Third Bank.
Despite the impressive physician loan program outlined above, you shouldn't just assume that Fifth Third Bank is the best fit for you. Instead, take a few minutes to request a rate comparison report here at LeverageRx. It's quick, easy and free!