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.
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.
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