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Home > Blog > Physician Mortgages > Citizens Bank Doctor Loan Review (Updated 2024)

Citizens Bank Doctor Loan Review (Updated 2024)

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Citizens Bank’s offers physician mortgages for medical professionals looking for tailored financial solutions. With its foundation of 1,100 branches across 14 states, Citizens Bank has a wide reach and an array of personal, business, and corporate banking services specifically designed to meet the unique needs of the medical community.

Citizens Bank’s doctor loan program is crafted to provide advantages that align with both your personal and professional aspirations. Whether you’re a recent medical school graduate or a seasoned practitioner, this review will guide you through the notable features, loan terms, pros, and cons. We’ll also introduce alternatives, offering a comprehensive lens through which to evaluate the Citizens Bank physician mortgage program against your financial blueprint.

 

What Is Citizens Bank?

Citizens Financial Group, Inc. – one of the oldest and largest financial institutions in the US, had $222.0 billion in assets as of the end of December 2023. Headquartered in Providence, Rhode Island, Citizens Financial Group has established itself as a cornerstone in the banking industry. They offer a comprehensive suite of retail and commercial banking products and services tailored to meet the diverse needs of its clientele.

Offerings and Strategic Focus:

  • Integrated Banking Experience: Citizens places a strong emphasis on delivering an integrated banking experience, featuring mobile and online banking, a full-service customer contact center, and an extensive network of approximately 3,200 ATMs and 1,100 branches across 14 states and the District of Columbia.
  • Citizens Financial Group’s dedication to providing tailored advice, innovative solutions, and a seamless banking experience positions it as a trusted partner for individuals and businesses alike.

Citizens Bank Doctor Loan Highlights

When you dive into the specifics of the Citizens Bank physician mortgage loan, you’ll find a suite of features. Here’s a closer look at what makes this program stand out:

Loan Options and Financing:

  • Up to 100% financing on loans up to $1 million, with higher financing options available for larger loan amounts, up to $3 million.
  • Flexible down payment options, starting as low as 5% for loans up to $850,000, catering to a range of financial positions.
  • A variety of loan products including fixed-rate and adjustable-rate mortgages, ensuring a fit for different risk appetites and financial plans.

Qualification and Benefits:

  • The program is open to a wide array of medical professionals including MDs, DOs, DMDs, DDSs, and more, within 10 years of graduating residency or fellowship.
  • No Private Mortgage Insurance (PMI) required, potentially saving borrowers thousands over the life of the loan.
  • Flexible underwriting guidelines, including the exclusion of deferred student loan debt from DTI calculations or consideration of income-driven repayment amounts, making qualification easier for newly graduated professionals.

Additional Perks:

  • The ability to close on a new home up to 60 days before starting a new position, providing flexibility for transitioning professionals.
  • Competitive interest rates on both fixed and adjustable-rate mortgages, with interest-only options available up to 89% loan to value.
  • Closing cost discounts and no prepayment penalties, further enhancing the financial benefits of the program.

Citizens Bank’s physician mortgage loan program is tailored to address the unique financial challenges and opportunities faced by medical professionals, offering a compelling mix of flexibility, comprehensive coverage, and competitive benefits.

Loan Terms and Options

Exploring the loan terms and options of the Citizens Bank physician loan reveals a carefully structured program designed to accommodate the unique financial scenarios of medical professionals. Here’s a breakdown of what you need to know:

Minimum Credit and Down Payments:

  • A minimum credit score of 700 is required to qualify for the loan, to ensure applicants have a solid financial standing.
  • Down payment options are varied and flexible, with 5% down required for loans up to $850,000, and 11% down for loans up to $1,000,000, catering to different financial capabilities.

Innovative Qualification Criteria:

  • Citizens Bank allows the exclusion of student loan payments deferred for at least 12 months from the debt-to-income ratio, and the use of Income-Based Repayment (IBR) payment, offering significant flexibility.
  • An employment contract can be used as proof of income, enabling professionals to qualify for home ownership sooner, a critical advantage for those in transition or starting new positions.

This detailed approach to loan terms and options underscores Citizens Bank’s commitment to providing tailored financial solutions for the medical community, addressing needs in the sort and long-term.

 

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Pros of Choosing Citizens Bank

Choosing Citizens Bank for your physician mortgage loan comes with a range of benefits tailored to meet the unique financial needs of medical professionals. Here’s a closer look at the advantages:

Tailored Qualification Criteria:

  • Broad eligibility, welcoming a wide array of medical professionals including MDs, DOs, DMDs, DDSs, and more, within 10 years of completing residency or fellowship.
  • Underwriting guidelines, such as the exclusion of deferred student loan debt from DTI calculations and consideration of income-driven repayment amounts, make the qualification process more accommodating.

Additional Perks for Medical Professionals:

  • Competitive interest rates on both fixed and adjustable-rate mortgages, including interest-only options up to 89% LTV.
  • Closing cost discounts and no prepayment penalties, enhancing the overall financial benefits and flexibility of the loan program.

These features prove Citizens Bank’s commitment to providing medical professionals with financial solutions that are as flexible and dynamic as their career paths.

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Cons of Choosing Citizens Bank

While the Citizens Bank physician loan program offers a tailored solution for medical professionals, it’s essential to consider a few limitations that might affect its suitability for your unique situation:

Geographical Restrictions:

  • Availability is confined to certain states, potentially excluding medical professionals located outside these areas from accessing the program.

Property Type and Usage Limitations

  • Exclusively for primary residences, either new mortgages or refinancing.

Eligibility and Financial Conditions 

  • Requires a down payment, setting it apart from some other physician mortgage programs that offer $0 down payment options.
  • Eligibility is limited to a specific group of medical professionals and conditions, potentially excluding a broader range of practitioners.

Citizens Bank Doctor Loan Alternatives

Exploring alternatives to the Citizens Bank physician mortgage loan unveils a diverse landscape of financial solutions tailored for medical professionals. Here are some of the notable options:

 

BMO Bank

U.S. Bank is a national lender in all 50 states, but their doctor loan program is only available for MD, DO, DDS, and DMDs. If you have one of those degrees, then you can get 100% financing up to $1MM.

Learn More: BMO Physician Loan Review

 

Huntington Bank

Huntington Bank offers flexible physician mortgage options for medical doctors, dentists, podiatrists, and veterinarians. It approves mortgages for physicians with a DTI as high as 50%.

Learn More: Huntington Bank Physician Loan Review

 

US Bank

U.S. Bank is known for its range of services, including specialty loan programs for doctors. It offers more lenient terms than other conventional loans, including no PMI and generous flexible debt-to-income (DTI) calculators.

Learn More: U.S. Bank Physician Loan Review

 

These banks provide a range of options for medical professionals seeking tailored mortgage solutions, with varying degrees of flexibility, coverage, and financial benefits.

Key Takeaways

With its blend of considerable financing, specialized loan terms, and a host of benefits tailored to the nuances of the medical profession, this program presents itself as an ideal option for physicians pursuing the dream of homeownership. 

Considering all the options for physician loans, the significance of making an informed decision cannot be overstressed. While Citizens Bank’s physician mortgage loan furnishes a robust set of advantages, its geographical restrictions may mean that you need to find other options. Whether you think Citizens is the right fit for you or if you are seeking alternatives, getting matched with lenders using LeverageRx’s mortgage form is the best way to find the right lender for your next home. 

 

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.