Based in Pittsburgh, First National Bank of Pennsylvania (FNB of PA) is the largest subsidiary of F.N.B Corporation — a financial services holding company with over $33 billion in total assets as of 2019.
The Physician's Program at First National Bank features 10, 15, 20, 25, and 30 year fixed rate loans; and ARM 7/1, 10/1, and 15/1 ARM loans on loan amounts up to $1.5 million.
The program supports both primary residences and second homes for purchase, rate/term refinance, cash-out refinance, and construction perm. Property types include single-family dwellings, planned unit developments, condos, fee simple townhomes, and cluster or zero lot line homes.
Eligible borrowers include:
- Medical Doctor (MD)
- Doctor of Osteopathy (DO)
- Doctor of Dental Surgery (DDS)
- Doctor of Dental Medicine (DMD)
- Doctor of Veterinary Medicine (DVM)
Maximum Loan-To-Value (LTV):
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Purchase Transactions:
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Primary Residence
- 100% CLTV on loan amounts $750,000 or less
- 95% CLTV on loan amounts to $1MM
- 89.99% CLTV on loan amounts to $1.5MM
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Second Homes
- 80% CLTV on all loan amounts up to $1,000,000
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Refinance Transactions:
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Primary Residence
- 100% CLTV for Rate/Term Refinance up to 750K
- 95% CLTV on Rate/Term Refinance to $1MM
- 89.99% CLTV on Rate/Term Refinance to $1.5MM
- 85% CLTV for Cash-Out Refinance
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Second Homes
- 80% CLTV for Rate/Term Refinance (Cash-out refinances are not permitted)
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Construction Perm:
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Primary Residence Only (condos and second homes not permitted)
- 89.99% CLTV - No PMI Required
- 95% CLTV - PMI Required
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Other Requirements & Exclusions:
- Maximum Debt-To-Income (DTI) Ratio: 43%
- Reserve Requirement: Per AUS (accept or approve ratings)
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Mortgage Insurance:
- Purchase or refinance: No MI required.
- Construction perm (primary residence only): Required over 90% LTV
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Pricing: 0.25% added to applicable interest rate plus all applicable LLPA except:
- No credit score / LTV fee for credit scores 740 or higher.
- Physician eligibility is predicated on an FNB Checking account. IF the borrower does not have one, they are not eligible.
- Closing may occur prior to the employment start date with an acceptable signed contract and start date prior to the first payment.
- Title insurance is not required on loan amount $500,000 or less (will accept attorney's final opinion of the title).
- For medical residents, FNB will permit the exclusion of student loan debts under deferment or forbearance once the residency program is validated. If there is a minimum payment required under an income or forbearance plan, that payment is to be included. Loans with these parameters need to be marked as Non-QM in the LMS system.
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Physician loans in Florida limited to:
- Licensed resident/interns, fellows in MD, DO and DPM programs are limited to 750K.
- Doctors in practice 10 years or more are limited to 89.99%.
Learn More: First National Bank of Pennsylvania Physician Loan Review