TIAA Bank Physician Mortgage (Updated 2022)

Read Time

4 mins

IN THIS ARTICLE
IN THIS ARTICLE

Financing up to $2MM but TIAA requires a down payment

What is TIAA Bank?

TIAA stands for Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA) and was founded in New York City in 1918. The purpose of TIAA was to be a fully funded pension system for educators. In fact, the company did so well in its management of money that it easily survived the Great Depression when many other financial institutions did not.

Today, of course, TIAA is much more than a pension provider for teachers. It is one of America’s largest financial institutions with more than a trillion dollars in assets. Its products and services include home mortgages, savings, checking, small business banking, loans, credit card, investment services and much more.

TIAA Bank Physician Mortgage Highlights

Among its offerings for home mortgages, TIAA has a doctor home loan program designed specifically for medical professionals.

  • Designations: DSD, DMD, DO, DVM, DO, MD
  • Single family loans up to $2MM
  • Purchase or refinance

There are no loans from TIAA for doctors that come with 100% financing. This is a difference from most physician mortgage lenders out there. However, TIAA does not charge private mortgage insurance and borrowers can close up to 60 days before they start employment.

Keep in mind that if a borrower completed their residencies more than ten years ago, they are not eligible for any loans within this physician mortgage loan program.

Click here to compare every doctor home loan program!

TIAA Bank Physician Mortgage Alternatives

For reasons listed above under “cons,” you may want to consider one of the other doctor loan programs out there. Here’s a few that LeverageRx would recommend:

UMB Bank

UMB Bank has an incredible financing solution for doctors, offering 100% financing up to $1MM. However, full financing requires the doctor to be attending, not still in school. And the bank has a limited footprint, so be sure and check their coverage in your state.

Learn More: UMB Physician Mortgage Review

Simmons

If you are in the Midwest, Simmons Bank is a great option. The bank offers 100% financing but only up to $417k. However, given the states where it operates (Midwest), that could be enough to buy the home of your dreams.

Learn More: Simmons Bank Doctor Loan Review

LoanDepot

LoanDepot offers 95% financing up to $1MM and their program is eligible for nurse practitioners. The company operates in all 50 states and loans are available as 15, 30-year fixed as well as ARMs.

Learn More: LoanDepot Physician Mortgage Review

Pros TIAA Bank Doctor Home Program

No PMI required

TIAA Bank requires no private mortgage insurance (PMI) for its loans. This means that borrowers will be able to save hundreds and hundreds of dollars each month that they can invest in repaying student debt, home loans, or any other bill they may need to cover. PMI is in place to protect banks and lenders in case a borrower misses or defaults on their loan repayment, but the same insurance doesn’t really protect the borrower. Instead, it increases their original home loan debt by approximately 20%, causing them to be trapped under debt and repayment plans for a much longer time period when they could, instead, be investing that money in their futures.

High online review ratings

TIAA Bank has a solid reputation that is supported by business associates and employees alike. But beyond those who have intimate, personal dealings with the bank on a day-to-day basis are other companies and reviews who see the value of the banking organization for what it is. Nerdwallet, a reputable online resource, ranks TIAA Bank at 4/5 stars in their review of the bank’s checking, savings, and CD accounts. Bankrate gives TIAA 4.4/5 stars on their site where they laud the bank for its full-service online bank and competitive deposit yields.

Widespread service area

With locations in all fifty states and Washington D.C., TIAA Bank has an enviable service range. They are uniquely equipped to cater to the needs of people from all over America, rather than being limited to a specific state or region. This allows them to be physically present for a larger portion of the population than most banks are able to reach. That, paired with the organization’s stellar reputation, allows the bank to rise above competition time and time again because they are located in every state and meet people where they are thanks to their strong online banking presence.

Cons of TIAA Bank Physician Mortgage

No 100% financing options

100% financing options promise borrowers no down-payment mortgage loans, so by not providing this option, borrowers are more limited in which loans they can pursue. With 100% financing, families who may not otherwise be able to afford home loans are able to begin investing in their permanent residences. This can promote the economy within the housing market and set families up for success with their homes. By not providing 100% financing, families with less available cash are not able to purchase homes. This can be especially difficult for doctors who already have heavy financial burdens from years and years’ worth of heavy student debt.

Which Banks Offer Physician Mortgage Loans?

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

FILTER

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.

READ MORE

Ready to get started?

Compare the best offers for