Wells Fargo Physician Loan Review (Updated 2022)

wells fargo

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IN THIS ARTICLE

What is Wells Fargo?

Wells Fargo is a multinational financial services company headquartered in San Francisco, California that has been around for more than 150 years. The company operates in 42 countries and has over 70 million customers globally. The firm’s primary subsidiary, Wells Fargo Bank, N.A., is a national bank with its main office in Sioux Falls, South Dakota. It is the fourth largest bank in the United States by total assets and considered one of the “Big Four” alongside Bank of America, J.P. Morgan Chase and Citi. Wells Fargo is so large that one in three U.S. households is a Wells Fargo customer.

Wells Fargo offers an extensive range of banking products and services that make it possible for physicians and dentists like you to meet all of your banking needs in a single financial institution. They provide everything from checking and savings accounts, investment products, small business banking, credit cards, certificates of deposits and of course mortgages. Let’s dig in deeper to the Wells Fargo physician loan program.

Wells Fargo Physician Loan Highlights

The reason so many physicians and dentists look to Wells Fargo to service their home financing needs is simply because there are that many Wells Fargo customers in America. It is convenient to take out a mortgage with your current banking partner. That said, Wells Fargo does not have a special mortgage products designed just for doctors. Instead, what medical professionals go for is the Wells Fargo Jumbo Loan:

  • 700+ credit score
  • Debt-to-income no higher than 43%
  • Large loan balances (over $750k)
  • 100% financing not available
  • Available nationwide
  • May be subject to PMI

As you can see, the Wells Fargo Physician Loan is not competitive to true doctor home loan programs. That said, if you are a Wells Fargo customer and happy there, then taking out a mortgage with Wells Fargo makes perfect sense. Just know that you will certainly have to make some sort of down payment, when most physician mortgage loans have an option for 100% financing.

Looking for a true physician mortgage?

Click here to see physician mortgage programs in your state in less than 2 minutes!

Wells Fargo Physician Loan Alternatives

Taking out a mortgage is entering into a very, very long term relationship. Are you sure you don’t want to look around and know your options? Here are a few alternatives LeverageRx recommends you check out.

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

Citizens Bank

Citizens offers fixed- or adjustable-rate mortgages (ARMs) at up to 95% financing for loan amounts up to $850,000. No PMI is required and student debt can be excluded from DTI. A discount is offered for special banking relationships. Offered to medical doctors, doctors of dental medicine, doctors of dental surgery, or doctors of osteopathy. Learn More: Citizens Bank Physician Mortgage Review

Cadence Bank

Cadence Bank recently merged with BancorpSouth to become an even larger bank than it was before. It still has a limited footprint (southern states) but an excellent doctor home loan program where you can get 100% financing up to $1.5MM. Learn More: Cadence Bank Physician Loan Review

Is Wells Fargo Right for You?

You have seen Wells Fargo in the news over the years, and probably not for very good reasons. The bank has been caught multiple times mistreating customers, forging documents and in general behaving badly. First, there was the 2016 revelation of falsely opening accounts in customers’ names without permission and having to pay a $3 billion fine. In 2021, the company ran into more trouble. The FBI and Office of the U.S. Attorney for the Southern District of New York both filed a suit that claimed Wells Fargo “defrauded 771 customers by systematically charging them higher markups on FX transactions than they represented the Bank would charge, and concealing these overcharges through various misrepresentations and deceptive practices.”

Every company runs into trouble with the law or unintentionally hurt its customers, but in the case of Wells Fargo, both major lawsuits seem to suggest they intentionally put profits over the care or concern for account holders. Where you get your physician mortgage loan is up to you, of course, but you should take the bank’s past behavior into consideration.

Wells Fargo FAQ

Here are some common questions regarding FNB and the physician mortgage program.

What credit score is needed for Wells Fargo financing?

In regards to a physician mortgage or jumbo loan, Wells Fargo will require borrowers to have a very good credit score, something above 700.

Does Chase offer physician loans?

Similar to Wells Fargo, Chase does not offer a true physician mortgage. Bank of America is the only “Big Four” bank that has an entire range of products built with the medical professional in mind. That said, if you are already a Chase customer, you may find it easier to do home financing with them instead of starting a new banking relationship somewhere else.

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

Elizabeth Shutty

Elizabeth is helping grow LeverageRx and occasionally writes articles. She has written in the past for Investor Junkie and StartupNation.

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