100% financing is available for amounts up to $1 million, although it does not cover financing for new construction.
What is Huntington Bank?
Huntington Bank is a financial institution that provides banking services.
Columbus, Ohio was the birthplace of Huntington Bank in 1866, and it remains the location of its headquarters. This bank offers a wide range of banking, payment, and wealth management options to its customers. Until June 2021, Huntington’s presence was limited to only 11 states.
Huntington and TCF completed a merger in June 2021, resulting in the creation of one of the biggest banks in the United States, with the Huntington name remaining. The bank’s presence has expanded from 11 states to 43 and it now holds $142 billion in deposits, $116 billion in loans, and numerous physical branch locations.
Huntington Bank Physician Loan Highlights
The physician loan program offered by Huntington Bank caters to MD, DO, DDS, DMD, DPM, and DVMs, encompassing a broader scope of medical specialties compared to other lenders. Some additional standout features include:
- Only for primary residences
- Not eligible for financing for new construction
- Available for both purchasing and refinancing
- Up to 100% financing for loans up to $1 million
- Up to 95% financing for loans up to $1.25 million
- Up to 90% financing for loans up to $2 million
Huntington has a requirement for loans exceeding $1.25 million where the borrower must have been attending for at least one year, making it unavailable for residents. However, loans below $1.25 million are accessible for both trainees and attendants. Similar to other physician mortgage loans, Huntington does not impose PMI fees and your medical school debt will not be factored into the loan decision. Huntington operates in the following states:
Colorado, Connecticut, Delaware, 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, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming
Huntington Bank Physician Loan Alternatives
When it comes to borrowing large sums of money, such as hundreds of thousands or even millions of dollars, it is important to explore various options and compare them. Here are some alternatives to consider:
Fifth Third
If you are a medical professional with at least 1 year of experience, Fifth Third is an excellent option for obtaining a doctor home loan. This bank provides construction financing and offers 100% financing, up to $1MM, as well as 95% financing, up to $1.5MM.
Learn More: Review of Fifth Third 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
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
Physician Mortgage Calculator
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Is Huntington Bank’s Physician Loan Right for You?
Locating the ideal lender can be challenging, as you will have a long-term partnership with your mortgage provider. Here are some important things to keep in mind about Huntington.
Pros
Graduates from medical school have the opportunity to obtain a mortgage loan without requiring a down payment. To qualify, all they have to do is provide an employment contract.
At Huntington Bank, physicians have the option to select either a fixed or variable rate mortgage, providing flexibility in choosing the most suitable type for their specific situation.
Huntington Bank offers a physician mortgage loan that allows you to pay off your home loan without any additional fees. By reducing the amortization period, you have the potential to save a significant amount of money.
Cons
The physician loan offered by Huntington does not cover nurse practitioners, physician assistants, and chiropractors, unlike other loans. Additionally, the program is not accessible nationwide and larger loan amounts (over $1.25MM) are only available to borrowers who have been practicing for at least a year.
Let’s explore some frequently asked questions regarding borrowing money as a physician.
Financial institutions like lending to doctors because they tend to have stable and high salaries. Doctors are the ideal long term customer so banks offer several products designed with their lifestyle in mind. For example, medical practice loans, custom refinancing solutions for medical school debt and of course physician mortgages.
No, in fact physicians tend to get better and lower interest rates than the general public when they borrow money.
Huntington is one of the best mortgage lenders in the country, however, it is important that you shop around and know your options. The bank is not in every state, and you may be able to get better service or special financing with another lender. Ask questions and comparison shop when taking out a mortgage.
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