For physicians looking to buy a home with a low or no down payment, Old National Bank’s Professional Mortgage program may be worth considering, particularly if you live or work in the Midwest. The program offers up to 100% financing for eligible medical professionals and does not require private mortgage insurance (PMI). However, geographic availability and loan structure should be evaluated alongside other physician mortgage options before deciding whether it fits your situation.
If you want to compare eligibility across multiple physician mortgage lenders, start by requesting your rates through LeverageRx.
Is Old National Bank A Good Fit For Physicians?
Yes, Old National Bank can be a strong fit for physicians who qualify for its Professional Mortgage program and are located within its service footprint.
Old National Bank is headquartered in Evansville, Indiana and has operated since 1834. Following its merger with First Midwest Bank in 2022 and its partnership with CapStar Bank in 2024, the institution reported approximately $53 billion in assets and remains one of the largest commercial banks headquartered in the Midwest.
For physicians, the primary appeal is access to specialized mortgage financing that recognizes the unique financial profile of medical professionals. Compared with conventional financing, physician mortgage programs may offer more flexibility around down payments and mortgage insurance requirements. If you are new to physician home loans, our guide to physician mortgage loans explains how these programs differ from traditional mortgages.
For additional information on consumer mortgage protections and lending standards, the Consumer Financial Protection Bureau’s mortgage resources provide useful guidance for homebuyers evaluating loan options.
What Features Does Old National Bank Offer?
Old National Bank’s Professional Mortgage program offers eligible physicians access to up to 100% financing for a primary residence with no PMI requirement.
According to the program details described by Old National Bank, eligible borrowers may qualify for:
- Up to 100% financing on qualifying primary residence purchases
- No private mortgage insurance requirement
- Fixed-rate mortgage options
- Adjustable-rate mortgage (ARM) options
- Loan amounts up to $2,000,000 for qualified borrowers
The absence of PMI can be particularly valuable for physicians who prefer to preserve cash for relocation expenses, student loan repayment, practice startup costs, or emergency reserves.
Unlike many conventional mortgage programs, physician loans are often structured around future earning potential and professional credentials rather than solely accumulated assets. However, physicians should always verify current underwriting requirements directly with the lender because program guidelines can change over time.
Who Qualifies For An Old National Bank Physician Mortgage?
Physicians, dentists, and certain academic professionals may qualify for Old National Bank’s Professional Mortgage program.
The program is designed for healthcare and educational professionals whose career paths may involve delayed earnings or significant educational debt. Eligibility considerations may include:
- Licensed physicians
- Dentists
- Professors
- Medical professionals completing residency or fellowship training
- Physicians joining or employed by a medical practice
Qualification standards can vary depending on employment status, income documentation, credit profile, and loan structure.
Physicians should also understand that lender-specific qualification rules differ across institutions. Some physician mortgage lenders evaluate student debt differently than conventional lenders. Our article on common physician mortgage misconceptions explains several assumptions physicians frequently make when comparing programs.
How Much Can Physicians Borrow Through Old National Bank?
Eligible physicians may qualify for financing up to $2,000,000, with certain transactions eligible for 100% financing.
According to the source program information:
- Purchase transactions up to $750,000 may qualify for 100% financing
- Higher loan amounts may require additional borrower qualifications
- Maximum loan amounts can reach $2,000,000
- Financing is intended for primary residences
These features can be particularly attractive for attending physicians relocating for a new position or residents transitioning into practice who have not yet accumulated a large down payment.
Physicians should remember that borrowing capacity depends on more than loan limits. Income documentation, credit history, employment contracts, debt obligations, and property characteristics all influence final approval decisions.
For a broader explanation of mortgage qualification standards, the Federal Housing Finance Agency homebuyer resources provide helpful information about mortgage lending and homeownership requirements.
What Are The Advantages And Limitations Of Old National Bank’s Program?
Old National Bank’s program offers meaningful physician-focused benefits, but it is not the right fit for every borrower.
Advantages
Physician-focused financing structure
The Professional Mortgage program is designed specifically for physicians, dentists, professors, and other qualifying professionals.
Up to 100% financing
Qualified borrowers may purchase a home without a down payment on eligible transactions.
No PMI requirement
Eliminating PMI can reduce the overall cost associated with a low-down-payment home purchase.
Multiple mortgage structures
Borrowers can choose between fixed-rate and adjustable-rate loan options depending on their financial goals.
Limitations
Geographic concentration
Old National Bank primarily serves markets throughout the Midwest, which may limit accessibility for physicians purchasing homes elsewhere.
Program-specific eligibility requirements
Not every physician will qualify, and program benefits depend on professional status, loan amount, credit profile, and property characteristics.
Alternative lenders may offer different structures
Other physician mortgage lenders may have different loan limits, eligibility standards, and financing options that better align with a physician’s specific circumstances.
Which Alternatives Should Physicians Compare Alongside Old National Bank?
Physicians should compare multiple lenders because physician mortgage programs vary significantly.
Several alternatives mentioned alongside Old National Bank include:
Truist
Truist offers a physician loan program for residents, fellows, and practicing physicians. The program includes high loan limits, financing options with low down payment requirements, and no PMI requirement on qualifying physician loans.
First Horizon Bank
First Horizon provides physician mortgage financing that includes 0% down payment options on qualifying loans up to $750,000 and allows certain borrowers to close with a signed employment contract before their start date.
Regions Bank
Regions offers a Doctor Mortgage Program for residents, fellows, physicians, and dentists. Features include no PMI and financing options that may extend to borrowers with limited cash available for a down payment.
Because physician loan programs differ by lender, market, and borrower profile, physicians should compare multiple options rather than assuming one lender will be the best fit in every scenario.
Where Can Physicians Learn More About Evaluating Mortgage Options?
Physicians should understand both lender-specific requirements and broader physician mortgage concepts before choosing a loan.
A useful starting point is learning how to find physician mortgage lenders for your new home. Comparing lenders side by side can help identify differences in down payment requirements, eligibility criteria, loan limits, PMI treatment, and geographic availability.
Many physicians also benefit from obtaining multiple loan scenarios before committing to a lender. Reviewing several physician mortgage programs can help avoid assumptions that all doctor loans operate under identical underwriting guidelines.
Key Takeaways
Old National Bank’s Professional Mortgage program offers eligible physicians access to up to 100% financing for primary residences without requiring PMI. The program is designed for physicians, dentists, professors, and certain other professionals, with loan amounts available up to $2,000,000 for qualified borrowers. Physicians considering Old National Bank should evaluate geographic availability, eligibility requirements, and loan structure before applying. Comparing Old National Bank with other physician mortgage lenders by requesting your rates can help identify differences in financing options, qualification standards, and loan limits.
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