Eligible professionals, including MDs, DOs, DDSs, DMDs, and DPMs, can receive 100% financing for amounts up to $1MM.
Whether you are a well-established medical practitioner or just embarking on your career, finding a suitable lender can be a daunting task. Fifth Third Bank offers a physician mortgage loan program designed to meet the specific financial needs of medical professionals. Many medical students graduate with significant debt, but the Fifth Third Bank physician mortgage loan is designed to cater to their financial circumstances in a way that a conventional mortgage may not.
What is Fifth Third Bank?
Founded in 1858 in Cincinnati, Ohio, Fifth Third Bank operates in 11 states and has over 1,100 branch locations and 2,300 ATMs. With assets totaling $554 billion, it is among the largest money managers in the Midwest. The bank offers a range of services such as checking and savings, small business banking, home and auto loans, money markets, CDs, and student banking. For small businesses, Fifth Third Bank provides credit cards, loans, checking and savings accounts, and cash management solutions including merchant services and ACH collections. This allows businesses to accept both debit and credit card payments.
The name Fifth Third comes from the combination of the names of the bank’s previous two holding companies, The Fifth National Bank and The Third National Bank.
In 1908, the Fifth-Third National Bank of Cincinnati was formed when the two banks merged. The bank’s branding underwent several changes until it was finally known as Fifth Third Bank in 1969. Over the years, Fifth Third Bank has acquired multiple companies, leading to its current position as one of the biggest banks in the United States. It currently holds the 308th rank on the Fortune 500 list of the largest companies in the country.
Fifth Third Physician Loan Highlights
Fifth Third Bank provides a physician loan that caters to the home financing requirements of medical practitioners. Whether they are new or experienced, doctors can take advantage of this option to obtain fixed or adjustable-rate mortgage loans for buying or refinancing a house. Additionally, private mortgage insurance is not mandatory. Those who are eligible to apply for this loan are:
- Medical Doctors (MDs)
- Doctors of Osteopathy (DOs)
- Doctors of Dental Medicine (DMDs)
- Doctors of Dental Surgery (DDSs)
- Doctors of Podiatric Medicine (DPMs)
Fifth Third has two loan options available for individuals based on their employment status. These options include the Established Physicians and Dentists program, as well as the Residents, Fellows, and New Physicians program.
Practicing Physician and Dentists
This program is open to individuals who hold the specified designations and have a minimum of one year of experience in their respective fields.
- Purchase or Refinance
- Attending 1+ years
- Offer:
- 100% financing up to $1 million
- 95% financing up to $1.5 million
- 90% financing up to $2 million
Residents and Fellows In Training
This program is accessible to those who hold the designations mentioned above and are currently undergoing training or have been attending for less than a year.
- Purchase or Refinance
- Training or Attending 1 year or less
- Offer:
- 100% financing up to $1 million
- 95% financing up to $1.5 million
The loan is offered for both purchase and refinance of single family homes or condominiums under either program. There is no clear mention of Fifth Third’s specific debt-to-income requirement, but student loans will not be considered. Practicing physicians must have a minimum credit score of 720, while doctors still in training need a score of 700. It should be noted that Fifth Third Bank is not available nationwide, and only residents or those planning to move to certain states are eligible. The states of Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia make up this list.
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Fifth Third Bank Physician Loan Alternatives
Securing a mortgage is a significant decision and it is important to be well-informed about all available options and to inquire extensively before selecting a lender. Consider these alternative options in addition to Fifth Third Bank.
UMB Bank
For doctors, UMB Bank provides a financial option that allows for 100% financing up to $1MM. However, the doctor must be currently attending rather than still in school in order to qualify for full financing. Additionally, it is important to note that the bank’s coverage is limited, so it is recommended to verify their presence in your state before proceeding.
Learn More: UMB Physician Mortgage Review
Truist
Truist was formed through the combination of BB&T and SunTrust. The program provides full financing up to $1MM for the following designations: MD, DO, DPM, DDS, DMD.
Learn More: Review of Truist Physician Loan
U.S. Bank
U.S. Bank is a national lender in all 50 states, but their doctor loan program is only available for MDs and DOs. If you have one of those degrees, then you can get 90% financing up to $1.25MM.
Learn More: U.S. Bank Physician Loan Review
Is Fifth Third Bank Right for You?
Fifth Third Bank provides loans to medical professors who are new or established in their field, offering more favorable terms to help them not only build their careers, but also purchase their own homes. However, is this particular lender the most suitable option for your needs? While they do offer complete financing, it is only available up to $1MM. They are a full-service bank, meaning that you can easily manage your mortgage payments online and even set up automatic payments through their customer platform. Additionally, if you are considering starting your own medical practice, Fifth Third caters to small businesses, making it a beneficial choice. It should be noted, however, that this bank has a limited presence in only 11 states. Furthermore, if you require a jumbo loan, such as $2 million, you will need to put down a minimum of 10%.
Compare all physician mortgage programs here in less than 2 minutes
Fifth Third Bank FAQ
It’s always good to learn as much as you can about the lender you are going to enter a potentially 30-year relationship with.
Is Fifth Third Bank a good place to get a mortgage?
In addition to offering personal banking, Fifth Third Bank offers benefits to medical professionals who are just starting out in their careers. Regardless of your financial situation, Fifth Third Bank makes it easy for medical professionals to plant their roots where their career starts and finishes.
Does Fifth Third Bank offer practice loans?
No, however they do offer small business loans which are backed by the Small Business Administration (SBA). SBA loans and lines of credit offer more flexible borrowing amounts and repayment options, which means lower monthly payments for you while offering a limit up to $5 million. Loans may be used for commercial real estate expansion/new construction, working capital, equipment finance, and refinancing existing debt. And as reported earlier, Fifth Third Bank does offer small business banking, including deposit accounts, credit cards, and debit and credit card processing solutions.
Can you use a physician mortgage more than once?
It all depends on the lender you’re working with. Most will allow subsequent loans as long as you meet the criteria. But be aware that physician mortgages are designed primarily for those who are no more than 10 years out of residency. If you exceed that time frame you may not be able to get this type of loan even if you apply with a different lender.
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