First National Bank of Pennsylvania, now based in Pittsburgh, Pennsylvania, was founded more than 150 years ago in Greenville, Pennsylvania.
It’s the second-largest bank in the state but doesn’t limit its service area to a single state. Instead, the First National Bank operates in several states including Ohio, Maryland, West Virginia, North Carolina, South Carolina, Delaware, Georgia, Tennessee, Florida, New York, New Jersey, and Virginia while also serving Washington D.C.
The bank works with individuals and businesses in many different ways. With individuals, it helps people plan for education, retirement, and any future financial endeavors while building personal credit and financing a home or vehicle. With businesses, the bank works to minimize cash flow and risk while helping companies expand their businessesand combat fraud.
The First National Bank of Pennsylvania offers a lot of valuable financing options to their customers, but some programs are more highly catered to specialized individuals. This includes physician mortgages.
With First National’s physician mortgage loan solution, physicians and other professionals are able to receive 100% financing on their mortgage loans without having to purchase private mortgage insurance (PMI). Further, there are a wide range of financing options available for doctors at fixed or adjustable rates so that whichever path is chosen, it works for you in your current situation.
The doctor loan program at First National allows customers to use their loan to purchase primary residences, second homes, or to build their own, unique residence with construction permanents.
Primary residence loans are offered at 100% on loans of up to $750,000, 95% on loans of up to $1,000,000, and 89.99% on loans of $1,500,000. Second homes are offered at 80% on all loans up to $1,000,000 with non-permanent residency options available. Lot loans are available for second home loans, and second homes can consist of single and two-family homes or condominiums at fixed and adjustable mortgage rates.
The loan is available to any doctor or medical professional holding an eligible degree. Among these are included Doctor of Medicine (MD), Doctor of Osteopathy (DO), Doctor of Dental Surgery (DDS), Doctor of Veterinary Medicine (DVM), and Doctor of Dental Medicine (DMD). Additionally, closing can occur before a doctor’s employment start date if the bank is presented with an acceptable, signed, unconditional contract and start date.
First National is committed to making sure that customers receive all the help they need when choosing and applying for their home loans. To accomplish this, the bank offers flexible, convenient, and personalized assistance options that are available in person, online, or on the phone so that no matter what your schedule looks like, you’ll be able to talk with one of their employees and figure out what’s best for you.
Additionally, for any medical professional struggling to understand the intricacies of this process, the bank offers a guide, “Private Banking Mortgages for Physicians,” to help doctors and other healthcare professionals better understand the specialized mortgage program First National has created for them. The package helps to streamline the mortgage process to save physicians valuable time and money as they apply for home loans and mortgages.
Second home financing
Unlike many other physician mortgage loans, the one offered by First National is not limited to a medical professional’s primary residence. Instead, the loan can be taken out to finance second homes as well as primary residences, so that doctors have options for loans concerning the purchase of additional living spaces.
No PMI required
Private mortgage insurance (PMI) is a type of insurance that many traditional loan applicants are required to have before qualifying for a loan. Essentially, the loan protects lenders, in this case First National Bank of Pennsylvania, from any unmade payments on the part of the borrower. On average, this can cost the new homeowner 20% of the cost of their home--an incredibly high amount, By avoiding this charge, physicians and other borrowers are able to put more money toward paying off school debt, mortgage debt, or even to invest for their futures.
Limited service area
First National Bank of Pennsylvania covers a wider range of states than most other banks do, with locations all over the East coast. However, despite this, the bank still has precious few physical locations further west than Tennessee and doesn’t cover a majority of Southwestern, Midwestern, and Western states. Yes, the bank has a strong online presence, but they cannot make up for physical presence in some cases.
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Jack is the Head of Content & SEO at LeverageRx, a personal finance company exclusively for doctors.