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Bank of America Physician Loan Review (Updated 2024)

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Obtaining a mortgage is a significant step for medical professionals, especially considering the high levels of student loan debt many carry. The Bank of America Physician Loan program is designed to help physicians surmount these financial hurdles and achieve their homeownership goals. This review will provide a comprehensive analysis of the Bank of America Physician Loan Review (Updated 2024), examining its features, advantages, limitations, and alternatives.

 

What is Bank of America’s Physician Loan?

The Bank of America Physician Loan program is structured to cater to the unique financial circumstances of medical professionals. Here are some key points to note:

  • The program is open to MDs, DOs, DDSs, DMDs, ODs, and DPMs.
  • The loan can be used for the purchase or refinance of a primary residence.
  • The program offers financing up to 95% for loans up to $1 million and 90% for loans up to $1.5 million.
  • The program provides 15-year and 30-year fixed-rate mortgages and adjustable-rate mortgages

What Is Bank of America?

Established in 1904 in San Francisco, Bank of America has grown into one of the largest banking institutions in the United States. The bank caters to a wide range of financial needs, including mortgages, small business loans, personal loans, credit cards, and financial planning. Bank of America’s Physician Loan program is a specialized offering designed for medical professionals.

Bank of America is the second largest bank by assets in America. It has over $2.16 trillion dollars in assets and is working diligently to stay relevant by integrating financial technology into its products and services. The bank has a Better Business Bureau rating of “A+“, the highest rating on a scale or A+ to F and is a publicly traded company with the ticker symbol BAC.

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Bank of America Physician Loan Highlights

To qualify for a Bank of America Physician Loan, applicants must meet certain eligibility criteria:

  • Applicants must have a degree in medicine (MD, DO, DDS, DMD, OD, or DPM).
  • Applicants must be currently employed or have an employment contract that will commence within 90 days of the loan closing.
  • The loan should be used for the purchase or refinance of a primary residence.
  • Applicants must have a minimum credit score of 700.
  • Applicants must have either a Bank of America savings or checking account, or an account with Merrill Lynch or Private Bank, which are affiliated with Bank of America.

Click here to compare all physician mortgage programs in your state!

Bank of America Physician Loan Alternatives

Bank of America isn’t the only financial institution offering physician mortgage programs. When you are borrowing hundreds of thousands of dollars (or more!) it is important you know your options. Here are a few alternatives to 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 Bank has a great physician mortgage program for MD, DO, DDS and DMDs. They offer construction financing and 95% financing for loans up to $650k.

Learn More: Citizens Bank Physician Mortgage Review

BMO Harris

BMO Harris extends physician mortgages to MDs, DOs, DDS and DMD designations. The loan is available for purchase or refinance and whether you are still in school or practicing, you can get 100% financing up to $1MM. If you’ve been attending for longer than 10 years, you can qualify for 90% financing up to $2MM.

Learn More: BMO Harris Physician Mortgage Review

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Pros and Cons of Bank of America Physician Loan

Like any financial product, the Bank of America Physician Loan has its advantages and disadvantages.

Pros

  1. Exclusion of Student Debt: In many cases, Bank of America will exclude student loan debt from the total debt when considering mortgage applications. This can make it easier for medical professionals with significant student loan debt to qualify for a mortgage.
  2. Variety of Mortgage Options: Bank of America offers a range of mortgage options, including fixed-rate and adjustable-rate mortgages with various loan terms.
  3. Refinancing Option: The Bank of America Physician Loan program allows borrowers to refinance their current homes, providing flexibility in managing their financial situation.
  4. Medical Practice Loans: In addition to home loans, Bank of America also offers loans for medical professionals who own their own practice.

Cons

  1. No 0% Down Payment Option: Unlike some other physician loan programs, the Bank of America Physician Loan program does not offer a 0% down payment option.
  2. Limited Eligibility: The program is not available to all medical professionals. Only those with certain degrees (MD, DO, DDS, DMD, OD, DPM) can qualify.
  3. High Credit Score Requirement: Applicants are required to have a minimum credit score of 700 to qualify for the loan. For the best interest rates, a credit score of 720 or higher is recommended.
  4. Account Requirement: Applicants must have a Bank of America account to qualify for the loan.

Key Takeaways

The Bank of America Physician Loan can be a great tool for medical professionals looking to purchase or refinance a home. With its flexible terms and understanding of the unique financial challenges faced by medical professionals, it can provide a viable path to homeownership. However, as with any financial product, it’s crucial to thoroughly research and compare options to ensure you’re choosing the best loan for your individual circumstances. To see your options with Bank of America and other banks that offer physician mortgages, request your rates here. 

In less than 2 minutes, see all physician mortgages here and compare.

Bank of America FAQ

Bank of America is great for medical professors, especially those just starting out. On top of personal banking and practice loans, Bank of America can provide physician mortgage loans to fit your needs, no matter where you are in your career.

You would think the immediate answer is yes, but that isn’t the case. Most medical professions have a mountain of student loan debt. However, because of their profession and income potential, they are considered “lower risk.” On the flip side, the absence of PMI may cause a higher rate than traditional loans. Finding the right lender is important, some may offer more or less depending on your situation. It’s important to shop between lenders.

You’ll need a minimum score of 720 to get the best interest rate most lenders offer. But some lenders will accept a credit score as low as 680. If they do, expect to pay a slightly higher interest rate than the best published offer.

Which Banks Offer Physician Mortgage Loans?

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16 companies match your search
States
BBB Rating
A.M. Best Rating
Corporate Structure
Company
Loan Amounts for Residents & Fellows
Loan Amounts for Practicing Physicians
Minimum Credit Score
States Available In
BoA Bank of America
Loan Amounts for Residents & Fellows N/A
Loan Amounts for Practicing Physicians N/A
Minimum Credit Score N/A
States Available In Available in 55 states. (View States)
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Canal Zone
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Guam
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virgin Islands
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Logo BBVA BBVA
Loan Amounts for Residents & Fellows N/A
Loan Amounts for Practicing Physicians N/A
Minimum Credit Score N/A
States Available In Available in 55 states. (View States)
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Canal Zone
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Guam
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virgin Islands
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
BMO Harris Bank BMO
Loan Amounts for Residents & Fellows 1.5MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score 700
States Available In Available in 27 states. (View States)

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
    Pros
  • No Income History required. With only proof of future income, you will be eligible for up to $750,000 with no down payment.
  • Closing cost discounts available. When you authorize BMO to automatically withdraw your mortgage payment each month, you will pay less in closing costs.
  • No Private Mortgage Insurance
  • Construction financing available
    Cons
  • Limited designations
  • Limited footprint, only the states listed above are eligible for a BMO physician loan
States Available
  • Alaska
  • Arizona
  • Colorado
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • North Dakota
  • Oklahoma
  • Oregon
  • South Dakota
  • Tennessee
  • Utah
  • Washington
  • Wisconsin
  • Wyoming
  • Nebraska
  • New Mexico
  • Nevada
Fifth Third Bank Fifth Third Bank
Loan Amounts for Residents & Fellows 1MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score 700
States Available In Available in 11 states. (View States)

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
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • South Carolina
  • Tennessee
  • West Virginia
First Horizon First Horizon
Loan Amounts for Residents & Fellows 2.5MM
Loan Amounts for Practicing Physicians 2.5MM
Minimum Credit Score 700
States Available In Available in 11 states. (View States)

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)
States Available
  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Louisiana
  • Mississippi
  • North Carolina
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
first_national_bank_veulqu-thumb First National
Loan Amounts for Residents & Fellows Up to 1.5MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score 700
States Available In Available in 11 states. (View States)

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
  • Delaware
  • District of Columbia
  • Georgia
  • Maryland
  • North Carolina
  • Ohio
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Virginia
  • West Virginia
Frandsen bank and Trust Frandsen Bank & Trust
Loan Amounts for Residents & Fellows 2MM
Loan Amounts for Practicing Physicians 2MM
Minimum Credit Score 700
States Available In Available in 2 states. (View States)

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
  • Minnesota
  • Wisconsin
Fulton Mortgage Company Fulton Mortgage Company
Loan Amounts for Residents & Fellows 1.25MM
Loan Amounts for Practicing Physicians 1.25MM
Minimum Credit Score 700
States Available In Available in 4 states. (View States)

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
  • District of Columbia
  • Delaware
  • New Jersey
  • Pennsylvania
huntington Bank Huntington
Loan Amounts for Residents & Fellows 1.25MM
Loan Amounts for Practicing Physicians 2MM
Minimum Credit Score 700
States Available In Available in 42 states. (View States)

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
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Utah
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Level One Bank Level One Bank
Loan Amounts for Residents & Fellows 2MM
Loan Amounts for Practicing Physicians 2MM
Minimum Credit Score 700
States Available In Available in 1 state. (View State)

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)
States Available
  • Michigan
Mercantile Bank Mercantile Bank
Loan Amounts for Residents & Fellows 100% Financing Options
Loan Amounts for Practicing Physicians 100% Financing Options
Minimum Credit Score Call Lender
States Available In Available in 4 states. (View States)

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
  • Indiana
  • Kentucky
  • Michigan
  • Ohio
Regions Regions
Loan Amounts for Residents & Fellows 1MM
Loan Amounts for Practicing Physicians 1MM
Minimum Credit Score 700
States Available In Available in 14 states. (View States)

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
  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Mississippi
  • Missouri
  • North Carolina
  • South Carolina
  • Tennessee
  • Texas
S&T Bank S&T Bank
Loan Amounts for Residents & Fellows 5MM
Loan Amounts for Practicing Physicians 5MM
Minimum Credit Score 700
States Available In Available in 10 states. (View States)

S&T Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 95% financing up to $5MM (training or attending)
States Available
  • Delaware
  • Indiana
  • Kentucky
  • Maryland
  • Michigan
  • New Jersey
  • Ohio
  • Pennsylvania
  • Virginia
  • West Virginia
TD Bank Logo TD Bank
Loan Amounts for Residents & Fellows 1.5MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score N/A
States Available In Available in 16 states. (View States)

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
  • Connecticut
  • District of Columbia
  • Delaware
  • Florida
  • Massachusetts
  • Maryland
  • Maine
  • North Carolina
  • New Hampshire
  • New Jersey
  • New York
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Virginia
  • Vermont
truistbank_bzftmn-thumb Truist
Loan Amounts for Residents & Fellows 1.5MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score 700
States Available In Available in 11 states. (View States)

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

States Available
  • Alabama
  • Arkansas
  • California
  • Connecticut
  • District of Columbia
  • Delaware
  • Florida
  • Georgia
  • Mississippi
  • Tennessee
  • Virginia
usbank US Bank
Loan Amounts for Residents & Fellows N/A
Loan Amounts for Practicing Physicians N/A
Minimum Credit Score N/A
States Available In Available in 55 states. (View States)
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Canal Zone
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Guam
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virgin Islands
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
No companies match your search.