How to Get a Physician Mortgage in Delaware

To obtain a physician mortgage in Delaware, it is best to compare different lenders and evaluate their terms, rates, and down payment options. You can simplify this process by connecting with a mortgage broker who specializes in physician mortgage programs.

While all brokers can help potential homeowners secure financing through conventional loans, not all possess expert knowledge of physician mortgage loan programs. Given that doctor loans have specific terms and eligibility requirements, it is vital to find a broker with specialized expertise in physician mortgages.

For assistance in obtaining and comparing rates and terms from lenders in Delaware, fill out  LeverageRx’s mortgage form. Their experienced team has helped over 50,000 physicians and healthcare providers find the best banks and mortgage lenders to meet their home buying needs.

Once you have selected a lender, complete and submit a loan application, ensuring that you have all the necessary documentation ready. This should include proof of employment, education, certifications, or licensing as a healthcare professional.

Where to Get a Physician Loan in Delaware

Mortgage loan programs are different from state to state, and this includes the options available in Delaware. When seeking a physician mortgage, it’s important to only focus on lenders and programs available within the state. Here are ten of the best physician mortgage loan lenders for physicians in Delaware.

BMO 

In Delaware, BMO provides a comprehensive physician loan program designed specifically to meet the challenges of medical professionals. This specialized program eliminates the barriers to homeownership that doctors often face, including substantial student loan debt and limited savings to meet the traditional 20% down payment requirement. 

Here are the key highlights of BMO Harris’ physician loans for physicians in Delaware:

• Designations: MD, DDS, DMD, DO
• 95% financing up to $1.5 million*
• 90% financing up to $2 million
• Primary residence only
• Mortgages available for purchase or refinance
• Construction financing options available

BMO Harris physician loans are available to qualified licensed medical doctors, residents, and fellows in all states except New York. Read our full BMO Physician Loan Review.

Evolve

Physicians can encounter difficulties when attempting to qualify for a conventional loan to purchase real estate due to their substantial student loan debt. Evolve offers an alternative solution by providing a pathway to immediate homeownership. These loans acknowledge the circumstances faced by physicians, enabling them to fulfill their homeownership aspirations without the need to wait for several years to qualify. 

Here are the highlights of what Evolve physician loans have to offer:

• Available toMD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists
• 100% financing available for up to $1,000,000
• 95% financing available for up to $1,250,000
• 90% financing available for up to $1,500,000
• 85% financing available for over $2,000,000
• Mortgages available for primary residence, co-ops, condos, land purchases, and construction financing.

Evolve Bank & Trust provides physician mortgages to medical professionals who are within 10 years of completing their residency or fellowship training. Physicians who have been practicing for over a decade are ineligible for a doctor loan. Get matched with an Evolve lender by checking your options with LeverageRx.

First Horizon

In Delaware, First Horizon extends its physician mortgage loans to medical professionals, including those with designations such as MD, DO, DDS, DMD, CRNA, CPA, and DPM. While primarily serving the southern United States, First Horizon also operates in Delaware. Here are the program highlights for their physician mortgage loans:

• Up to 100% financing for loan amounts up to $1.5 million
• Up to 95% financing for loan amounts up to $2 million
• Up to 90% financing for loan amounts up to $2.5 million
• Flexibility to close the loan up to 6 months prior to the start date of employment
• No Private Mortgage Insurance (PMI) required

Get matched with a First Horizon lender by checking your options with LeverageRx.

First National Bank of Pennsylvania

First National Bank has a physician loan product tailored to meet the needs of medical professionals, whether they are currently in training or already practicing as attending physicians. Eligible medical specialties include MD, DO, DDS, DMD, DVM, and PharmD. Here are the key highlights of First National Bank’s physician loan product:

• Qualification for both primary and secondary residences
• Construction financing options are available
• Up to 100% financing for loan amounts up to $1 million
• Up to 90% financing for loan amounts up to $1.5 million
• Suitable for both home purchase and refinancing needs

With First National Bank’s physician loan product, medical professionals in Delaware can access favorable financing terms, allowing them to fulfill their homeownership goals efficiently and conveniently.

Read our full First National Bank Physician Loan Review.

Fulton Bank

Fulton Bank offers physician loans in Delaware, catering to medical professionals with the following specialties: MD, DO, DDS, DMD, OD, DPM, DVM, and PharmD. Here is everything you need to know about Fulton Bank’s physician loan program in Delaware:

• For primary residences only.
• Available for home purchase and refinancing purposes.
• 100% financing up to $1MM (if you are attending less than 10 years)
• 95% financing up to $1.5MM
• No Private Mortgage Insurance (PMI) is required.

To gain a comprehensive understanding of Fulton Bank’s physician loan program in Delaware, you can read our detailed Fulton Bank Physician Loan Review. 

Heritage Bank NA

Heritage Bank NA is an excellent choice for physicians and medical professionals seeking 100% financing for home purchases in Delaware. Their Physician Mortgage Loan program provides several benefits, including:

• Lower down payment requirements and higher loan-to-value ratios.
• $0 down payment for homes up to $1 million.
• Eligibility for MD, DDS, DO, OD, DPM, and DVM designations.
• Available for practicing physicians and residents.
• No requirement for private mortgage insurance (PMI).
• Available for primary and secondary homes.

Heritage Bank NA offers both fixed-rate and adjustable-rate loans. To explore your options and connect with a lender from Heritage Bank NA, complete a mortgage form with LeverageRx. 

Huntington

Huntington Bank offers a physician loan program in Delaware catering to medical professionals with designations including MD, DO, DDS, DMD, DPM, and DVM. Compared to other lenders, Huntington Bank covers a wider range of medical specialties. Here are some key highlights of their physician loan program:

• Limited to primary residences only.
• No financing available for new construction projects.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million.
• 95% financing up to $1.25 million.
• 90% financing up to $2 million.

It’s important to note that Huntington Bank has specific requirements based on the loan amount. For loans exceeding $1.25 million, applicants must have been attending physicians for at least one year, which makes these loans unavailable for residents. However, loans below the $1.25 million threshold are accessible to both individuals in training and attending positions. For more detailed information about Huntington Bank’s physician loan program in Delaware, you can read our comprehensive Huntington Bank Physician Loan Review.

TD Bank

TD Bank offers a physician mortgage program in Delaware that caters to medical professionals with the following designations: MD, DO, DPM, DDS, DMD. To be eligible, you must be a practicing physician, dentist, or oral surgeon, or a licensed medical or dental resident or fellow.

Here are the key features of TD Bank’s physician mortgage program in Delaware:

• Available for both home purchase and refinancing.
• Limited to primary residences only.
• Eligible property types include single-family homes, condos, planned unit developments (PUDs), and co-ops.
• Enjoy 100% financing for loan amounts up to $750,000.
• Loans up to $1.25 million qualify for 95% financing.
• Loans up to $1.5 million are eligible for 89.99% financing.

Please note that TD Bank’s physician mortgage program in Delaware is specifically designed for medical professionals who are within 10 years of completing their residency. Additionally, applicants are required to have a TD Bank checking account in good standing.

Read our full TD Bank Physician Mortgage Review.

Truist

Truist offers a physician loan program in Delaware that caters to medical professionals with designations including MD, DO, DPM, DDS, and DMD. Whether you are a practicing physician, dentist, oral surgeon, resident, or fellow, you may be eligible for this program. However, it’s important to note that Truist does not consider practicing physicians and dentists with over 10 years of experience to be eligible.

Here are the key features of Truist’s physician loan program in Delaware:

• Limited to primary residences only.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million.
• 95% financing up to $1.5 million.
• 90% financing up to $2 million.
• Both adjustable-rate mortgages (ARMs) and fixed-rate options are available.

The program covers single-family homes and condos as eligible properties. Additionally, the physician loan program relaxes the debt-to-income requirement and does not require private mortgage insurance (PMI).

For more detailed information about Truist’s physician loan program in Delaware, you can read our comprehensive Truist Physician Loan Review.

US Bank

US Bank provides physician mortgage loans tailored to medical professionals in Delaware and all 50 states. Whether you are in the final stages of your residency program or have been practicing for several years, US Bank offers financing options for your new home.

Here are the key highlights of US Bank’s physician loan program:

• Eligible designations: MD, DO.
• Limited to primary residences only.
• 90% financing up to $1.25 million.
• 85% financing up to $1.5 million.
• 80% financing up to $2 million.

It’s worth noting that US Bank extends its physician loan program to a limited number of medical professional designations compared to other programs. Additionally, there is no option for 100% financing.

For more detailed information about US Bank’s physician loan program in Delaware, you can read our comprehensive US Bank Physician Loan Review.