To secure a physician mortgage in Pennsylvania, it is recommended to contact multiple lenders in order to compare their terms, interest rates, and down payment choices. This task can be made simpler by partnering with a mortgage broker who specializes in physician mortgages.
While most brokers are capable of assisting you in securing a loan via conventional loans, not all are versed in the intricacies of physician mortgage loan programs. As doctor loans come with unique terms and eligibility prerequisites, it’s crucial to find a broker with expertise in physician mortgages.
To receive help comparing rates and terms from lenders in Pennsylvania, utilize LeverageRx’s mortgage form. Their team has helped over 50,000 physicians and healthcare providers find optimal banks and mortgage lenders to meet their home buying objectives.
Once you’ve selected a lender, you’ll need to fill out and submit a loan application, making sure you have all the necessary documentation prepared. This should include proof of employment, education, certifications, or licensure as a healthcare professional.
Where to Obtain a Physician Loan in Pennsylvania
Mortgage loan programs differ from one state to another, and Pennsylvania is not an exception. When in pursuit of a physician mortgage, it’s crucial to concentrate exclusively on lenders and programs available within the state. Below are nine reccomended physician mortgage loan lenders for physicians in Pennsylvania.
BMO
BMO’s physician loan program is specifically designed to navigate the unique financing challenges often faced by medical professionals in Pennsylvania. This program is designed to bypass common barriers to homeownership that doctors frequently confront, such as substantial student loan debt and limited savings for the conventional 20% down payment.
Here’s an overview of the BMO physician loan program offerings in Pennsylvania:
- Eligibility: MD, DDS, DMD, DO
- Financing up to 95% for loans not exceeding $1.5 million
- Financing up to 90% for loans up to $2 million
- Limited to primary residences
- Mortgages for both purchase and refinance are available
- Construction financing options are also accessible
BMO’s physician loans are available to certified licensed medical doctors, residents, and fellows in all states, with the exception of New York. You can delve deeper into this program through our exhaustive BMO Physician Loan Review.
Evolve
Evolve Bank & Trust offers a specialized solution for doctors in Pennsylvania struggling with the challenge of obtaining a standard loan due to significant student loan debt. Their physician loans pave the path for prompt homeownership without demanding an upfront down payment.
Here are the key characteristics of Evolve’s physician loans in Pennsylvania:
- Eligibility includes MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists
- Full financing up to $1,000,000
- 95% financing up to $1,250,000
- 90% financing up to $1,500,000
- 85% financing for loans over $2,000,000
- Can be utilized for primary residences, co-ops, condos, land acquisitions, and construction financing
These loans are designed to help you achieve homeownership without the typical delay. However, physicians with over ten years of experience are not qualified for this doctor loan program. To explore your options and find the best mortgage solution, you can connect with an Evolve lender in Pennsylvania via LeverageRx.
First Horizon
First Horizon recognizes the specific requirements of medical professionals in Pennsylvania and offers physician mortgage loans to meet resolve circumstances. Here are the principal components of their physician mortgage program:
- Full financing for loans up to $1.5 million
- 95% financing for loans up to $2 million
- 90% financing for loans up to $2.5 million
- Ability to close on the loan up to half a year before the employment start date
- Open to MD, DO, DDS, DMD, CRNA, CPA, and DPM
- No need for private mortgage insurance (PMI)
To delve into your options and connect with a physician mortgage lender from First Horizon, you can acquire your mortgage rates via LeverageRx.
First National Bank of Pennsylvania
First National Bank delivers a physician loan service that caters to the financial needs of medical professionals in Pennsylvania, whether they are undergoing training or already established attending physicians. Relevant medical specialties encompass MD, DO, DDS, DMD, DVM, and PharmD.
Here are the main points of First National Bank’s physician loan:
- Eligible for both main and secondary residences
- Options for construction financing are available
- Full financing up to $1 million
- 90% financing for loans up to $1.5 million
- Appropriate for both home acquisition and refinancing necessities
With the physician loan from First National Bank, medical professionals in Pennsylvania can leverage advantageous financing terms, empowering them to realize their homeownership dreams efficiently and conveniently. You can peruse our in-depth review of First National Bank’s physician loan program to gain a better understanding of their offerings.
Fulton Bank
Fulton Bank extends physician loans in Pennsylvania, accommodating medical professionals with specialties such as MD, DO, DDS, DMD, OD, DPM, DVM, and PharmD. Here’s the full rundown on Fulton Bank’s physician loan program in Pennsylvania:
- Offered for primary residences exclusively
- Applicable for both home acquisition and refinancing intentions
- Full financing up to $1 million (if you are practicing less than 10 years)
- 95% financing up to $1.5 million
- No Private Mortgage Insurance (PMI) necessary
For a complete understanding of Fulton Bank’s physician loan program in Pennsylvania, you can study our detailed review focused on their offerings.
Heritage Bank NA
For medical practitioners seeking full financing for homes in Pennsylvania, Heritage Bank NA emerges as a superb option. Their Physician Mortgage Loan program offers numerous benefits, including:
- Reduced down payment prerequisites and higher loan-to-value ratios
- Zero down payment for homes up to $1 million
- Eligibility for MD, DDS, DO, OD, DPM, and DVM designations
- Open to practicing physicians and residents
- No requirement for private mortgage insurance (PMI)
- Suitable for both main and secondary residences
Heritage Bank NA provides both fixed-rate and adjustable-rate loans. If you want to investigate your options and connect with a lender from Heritage Bank NA, you can fill out a mortgage form with LeverageRx.
Huntington Bank
Huntington Bank extends a physician loan service tailored for medical practitioners in Pennsylvania. Their program caters to a broad array of medical specialties, such as MD, DO, DDS, DMD, DPM, and DVM, making it more comprehensive than other lenders.
Here are some standout points of Huntington Bank’s physician loan initiative:
- Exclusively applicable for primary residences; no funding for new construction.
- Suitable for both home acquisition and refinancing intents.
- Full financing for loans up to $1 million
- 95% financing for loans up to $1.25 million
- 90% financing for loans up to $2 million
For loans surpassing $1.25 million, Huntington Bank necessitates that applicants have a minimum of one year of attending physician experience. This specific requirement precludes residents from utilizing the loan service. However, residents and attending physicians alike can benefit from the program for loans under $1.25 million. To fully comprehend their provision and establish a connection with a lender, you can peruse our exhaustive Huntington Bank Physician Loan Review.
TD Bank
TD Bank’s program is open to individuals with credentials such as MD, DO, DPM, DDS, and DMD. To be eligible, applicants must be practicing doctors, dentists, oral surgeons, or certified medical or dental residents or fellows.
Here are the principal aspects of TD Bank’s physician mortgage program in Pennsylvania:
- Appropriate for both home acquisition and refinancing.
- Restricted to primary residences only
- Applies to single-family homes, condos, planned unit developments (PUDs), and co-ops.
- Full financing for loans up to $750,000
- 95% financing for loans up to $1.25 million
- 89.99% financing for loans up to $1.5 million
TD Bank’s physician mortgage program in Pennsylvania is explicitly crafted for medical professionals who are no more than 10 years out of residency. To fully understand their offerings and make a well-informed decision, you can examine our comprehensive TD Bank Physician Mortgage Review.
Truist
In Pennsylvania, loans from Truist are accessible to individuals with designations such as MD, DO, DPM, DDS, and DMD. Regardless of whether you’re a practicing physician, dentist, oral surgeon, resident, or fellow, Truist offers financing options to meet your circumstances. Note that Truist does not deem practicing physicians and dentists with over 10 years of experience as eligible. Here are the principal aspects of Truist’s physician loan program in Pennsylvania:
- Restricted to primary residences only
- Can be used for acquisition or refinance
- Full financing up to $1 million
- 95% financing for loans up to $1.5 million
- 90% financing for loans up to $2 million
- Both adjustable-rate mortgages (ARMs) and fixed-rate alternatives available
- Flexible debt-to-income prerequisite
- No private mortgage insurance (PMI) requirement
If you’re a medical professional in Pennsylvania seeking a mortgage solution customized to your distinct needs, consider examining Truist’s physician loan program. To gain a complete understanding of their offering and make an informed decision, you can peruse our comprehensive Truist Physician Loan Review.
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