When looking for a physician mortgage in Virginia, there’s one easy step that can simplify the entire process. Comparing lenders based on their rates, terms, and down payment facilities is key. This task becomes easy when you engage a mortgage broker with a focus on physician mortgage programs.
While any broker can help you find funding through traditional loans, not all have the necessary understanding of physician mortgage loan programs. Considering the unique terms and prerequisites of doctor loans, it’s crucial to find a broker who has experience with this type of loan..
To begin the process of comparing rates and terms from lenders in Virginia, you can work with LeverageRx. Our team has helped over 50,000 physicians and healthcare providers find the best banks and mortgage lenders to fulfill their home purchasing goals.
Once you’ve chosen a lender, you will need to complete a loan application and submit it. Additionally, expect to supply documentation such as proof of employment, academic credentials, certifications, or medical licensing.
Where to Find a Physician Loan in Virginia
In your search for a physician mortgage in Virginia, concentrating on lenders and programs within the state is vital. This ensures you work with lenders knowledgeable about the local market and compliant with state-specific regulations. Loan programs can differ between states, making it important to explore options specifically available in Virginia.
Here are ten dependable physician mortgage loan lenders serving physicians in Virginia.
BMO
BMO offers a physician loan program specifically designed to meet the financing needs of medical professionals in Virginia. The program aims to eliminate common barriers to homeownership that doctors frequently face, such as significant student loan debt and a lack of funds for the standard 20% down payment.
Here are the primary features of BMO physician loans in Virginia:
- Qualifying Designations: MD, DDS, DMD, DO
- Financing up to 95% for loans up to $1.5 million
- Financing up to 90% for loans up to $2 million
- Limited to primary residences only
- Mortgages for purchase and refinance
- Construction financing options available
BMO physician loans are accessible to licensed medical doctors, residents, and fellows who qualify in all states, excluding New York. For a deeper understanding of this program, you can peruse our comprehensive BMO Physician Loan Review.
Evolve
Evolve Bank & Trust is an option for physicians in Virginia experiencing difficulties qualifying for traditional loans due to substantial student loan debt. Their physician loans pave the way for immediate homeownership, eliminating the need for a down payment.
Here are the chief characteristics of Evolve physician loans in Virginia:
- Qualifying Designations: MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists
- Full financing for up to $1,000,000
- 95% financing for up to $1,250,000
- 90% financing for up to $1,500,000
- 85% financing for loans above $2,000,000
- Applicable for primary residences, co-ops, condos, land acquisitions, and construction financing
These specialized loans help you get into your new home faster, bypassing the conventional waiting period that saving for a down payment can cause. However, physicians who have been in practice for more than a decade are not eligible for the doctor loan program. To explore and identify the right mortgage solution, you can connect with an Evolve lender in Virginia through LeverageRx.
First Horizon
First Horizon offers mortgage loans crafted specifically for healthcare professionals in Virginia and other states in the south. Here are the significant aspects of their program:
- Eligible Professions: MD, DO, and DPM
- 100% financing available for loans peaking at $1.5 million
- 95% financing available for loans up to $2 million
- 90% financing available for loans as high as $2.5 million
- Flexible closing arrangements with possibilities to close up to 6 months before the employment commencement date
- Private mortgage insurance (PMI) is not necessary
To explore your alternatives and identify an appropriate lender from First Horizon, you can seek your mortgage rates via LeverageRx.
First National Bank of Pennsylvania
The physician mortgage offered by First National Bank is advantageous for medical professionals, irrespective of their training status or if they are practicing physicians. The medical specializations eligible in Virginia include MD, DO, DDS, DMD, DVM, and PharmD.
Here are the significant components of First National Bank’s physician loan:
- 100% financing available for loans peaking at $1 million
- 90% financing available for loans up to $1.5 million
- Applicable for both purchase and refinancing transactions
- Primary or secondary residences
- Construction financing options available
For more comprehensive information on First National Bank’s physician loan, you can peruse our complete First National Bank Physician Loan Review.
Fulton Bank
Fulton Bank has a special mortgage loan program for healthcare practitioners in Virginia, specifically suited to cater to professionals such as MD, DO, DDS, DMD, OD, DPM, DVM, and PharmD. Here’s a snapshot of Fulton Bank’s physician mortgage program in Virginia:
- Restricted to primary residences.
- Applicable for both buying a home and refinancing an existing mortgage.
- Full financing up to $1 million (for physicians who have been in practice for less than 10 years).
- 95% financing for loans as high as $1.5 million.
- No need for Private Mortgage Insurance (PMI).
For a more in-depth exploration of Fulton Bank’s physician mortgage program in Virginia, you can examine our thorough Fulton Bank Physician Loan Review.
Heritage Bank NA
For physicians or medical professionals seeking full financing for a home acquisition in Virginia, Heritage Bank NA stands out as a worthy contender. Their Physician Mortgage Loan program extends multiple advantages, including:
- Reduced initial payment requirements and amplified loan-to-value ratios.
- No down payment needed for homes costing up to $1 million.
- Eligibility includes MD, DDS, DO, OD, DPM, and DVM credentials.
- Open to both active physicians and residents.
- No need for private mortgage insurance (PMI).
- Applicable for primary and secondary residences.
Heritage Bank NA provides choices for both fixed-rate and variable-rate loans. To see your options and connect with a lender from Heritage Bank NA, simply fill out a mortgage form via LeverageRx.
Huntington Bank
Huntington Bank presents a physician mortgage program in Virginia, especially created to cater to medical professionals with titles such as MD, DO, DDS, DMD, DPM, and DVM. The distinguishing feature of Huntington Bank is their inclusion of a broader array of medical specializations. Here are the primary highlights of their physician mortgage program:
- Limited to primary residences.
- No financing solutions available for new construction endeavors.
- Can be used for both home acquisition and mortgage refinancing.
- 100% financing for loans as high as $1 million.
- 95% financing for loans as high as $1.25 million.
- 90% financing for loans up to $2 million.
It’s important to underscore that Huntington Bank has specific requirements depending on the loan amount. For loans surpassing $1.25 million, the bank requires applicants to have a minimum of one year of experience as practicing physicians, thereby making such loans unattainable for residents. However, loans under $1.25 million are available to both those in training and in practicing roles. To delve deeper into Huntington Bank’s physician loan program in Virginia, peruse our comprehensive Huntington Bank Physician Loan Review.
TD Bank
TD Bank delivers a physician mortgage initiative in Virginia aimed at healthcare professionals holding credentials such as MD, DO, DPM, DDS, DMD. Potential applicants include practicing physicians, dentists, oral surgeons, or certified medical or dental residents or fellows.
Below are the primary highlights of TD Bank’s physician mortgage initiative in Virginia:
- Suitable for both property purchase and refinancing.
- Exclusively available for primary residences.
- Applies to single-family houses, condos, planned unit developments, and co-ops.
- Complete financing for loan amounts up to $750,000.
- 95% financing for loan amounts up to $1.25 million.
- Financing up to 89.99% for loan amounts as high as $1.5 million.
TD Bank’s physician mortgage initiative in Virginia is specifically devised for medical professionals who are within a decade of concluding their residency. Also, it’s required for applicants to have a TD Bank checking account in good standing. To gain a broader understanding, we recommend reading our detailed TD Bank Physician Mortgage Review.
Truist
Truist’s physician loan program in Virginia is for medical professionals holding titles such as MD, DO, DPM, DDS, and DMD. Whether you are a practicing physician, dentist, oral surgeon, resident, or fellow, you are eligible for this loan. It’s worth noting that Truist does not regard physicians and dentists with more than a decade of practice as eligible.
Below are the key characteristics of Truist’s physician loan initiative in Virginia:
- Exclusively available for primary residences.
- Suitable for both property purchase and mortgage refinancing.
- Complete financing for loan amounts up to $1 million.
- 95% financing for loan amounts up to $1.5 million.
- 90% financing for loan amounts as high as $2 million.
- Both variable-rate mortgages (ARMs) and fixed-rate choices are on offer.
The program considers single-family homes and condos as acceptable properties. Moreover, their physician loan eases the debt-to-income criterion and does not require private mortgage insurance (PMI). For a better understanding of Truist’s physician loan program in Virginia, take a look at our detailed Truist Physician Loan Review.
US Bank
US Bank extends its physician mortgage loans to medical professionals in Virginia, with financing solutions for individuals with credentials such as MD and DO. Whether you’re nearing the end of your residency program or have been in practice for a decade, US Bank provides financing options for your new home. Here are the program highlights of US Bank’s physician mortgage loans in Virginia:
- Only applies to primary residences.
- 90% financing available for loan amounts up to $1.25 million.
- 85% financing for loans as high as $1.5 million.
- 80% financing for loan amounts up to $2 million.
It’s important to note that US Bank’s physician loan initiative is open to a limited number of designations, considering only MD and DO professionals as eligible. Compared to other doctor home loan initiatives, US Bank adopts a more selective approach in determining eligibility. It’s also noteworthy that US Bank does not propose a loan option with 100% financing.
To gain more insight about their program and make an informed decision, we invite you to peruse our complete US Bank Physician Loan Review.
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