Fulton Mortgage Company is an offshoot of Fulton Bank and part of Fulton Financial Corporation.
The business was founded in 1882 and concentrates on helping customers purchase primary residences, refinance homes, construct new homes, and contribute income-based and government-insured programs to low- and middle-income families. However, Fulton Mortgage also offers physician loans to eligible medical professionals.
The mortgage company has locations across the Mid-Atlantic region including branches in Washington D.C, Delaware, Maryland, New Jersey, Pennsylvania, and Virginia.
Fulton Mortgage specializes in mortgage options and offers many different choices to suit a number of different people. Among these options is a physician mortgage loan which is structured specifically for doctors and other medical professionals, as they have noticeably different finances from the average citizen when it comes to preexisting student debt, career payment tracks, and other assorted financial freedoms and constraints.
The company offers several different financing options depending on your personal needs, whether you’re purchasing a new home or refinancing your existing home. You can receive 100% financing for loans of up to $1,000,000, 95% financing for loans up to $1,500,000, and 90% financing for loans up to $2,000,000. Further, all of these loan options are private mortgage insurance free. Note that if you are refinancing instead of purchasing, home options with lower loan values are available.
You can choose the rate you prefer for your loan from thirty and fifteen-year fixed-rates or adjustable-rate options if that is what you prefer. Adjustable options include 5/1, 7/1, 10/1, and 15/1. You are also permitted up to 6% seller-paid closing costs and prepaids for each loan.
Homes permitted for loan approval include detached single-family residences and planned development units (PUD) which are a form of townhouse or condominium.
Student loan payments that have been deferred for twelve months or longer will not be included in the credit approval process, and gift funds from immediate family members are permitted. Additionally, you can purchase up to sixty days before your employment contract officially starts, which can be a great help if you are relocating.
Eligible professionals include Medical Doctors (MD), Doctors of Osteopathy (DO), Doctors of Dental Surgery (DSD), Doctors of Dental Medical (DMD), Doctors of Pharmacy (PharmD), and Doctors of Veterinary Medician (VetD).
No private mortgage insurance required
Fulton Mortgage company does not require its physician borrowers to take out any private mortgage insurance (PMI) which can be a huge financial relief. PMI can cost families hundreds of dollars per month, and they typically don’t see any real benefit from having it. The insurance works to protect the bank or loan provider rather than the borrower and can end up causing financial stress. Physicians and medical professionals already have to deal with mountains of student loans, so to add home loan repayments and PMI at the same time can be overwhelming--especially considering that PMI tends to cost individuals approximately one-fifth the total price of their home.
Wide range of rates and repayment plans
Fulton Mortgage gives physicians many good options for repayment plans when it comes to their loans. Doctors and other medical professionals are able to choose the plan that best fits them, and is given a wider range of adjustable-rate mortgage (ARM) options to choose from than other physician mortgage companies provide.
Limited service area
Fulton Mortgage is located in only six locations in America, and those places are all quite close together. This means that the mortgage lender can be more ineffective in successfully serving larger groups of people outside of those specific states and districts. This is especially true when it comes to dealing with high-cost loans like physician mortgage loans. People tend to prefer human-to-human, in-person interactions when dealing with such technical documents and such huge sums of money, so not being able to access a banker or financial advisor connected with your bank easily can be a deal-breaker.
Limited housing options
Unlike many other physician mortgage loans, Fulton Mortgages are very limited when it comes to housing options. They only permit two kinds of housing for approval with their physician loans, single-family residences, and planned development units (PUDs). This leaves no room for families who want to purchase townhomes or condominiums, or even families who want to invest their loans into the building of their own, uniquely designed space.
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Jack is the Head of Content Marketing at LeverageRx, the personal finance company that simplifies how healthcare professionals shop for financial products and services. A Creighton University graduate and former advertising creative, he has written extensively about topics in personal finance, work-life, employee benefits, and technology. His work has been featured in MSN, Benzinga, TMCNet, StartupNation, Council for Disability Awareness, and more.