If you’re thinking of purchasing a home in North Carolina, using a physician mortgage loan can help your housing dream become a reality. Over 28,000 physicians call the Tar Heel State home, and soon you can too with a doctor home loan in North Carolina.
Many people are moving – and staying – in North Carolina, it’s the 14th fastest-growing state in population, and one of the most populous states in the country. But North Carolina is more than BBQ and Basketball to those who call it home. It’s a state where you’ll find multiple major metropolitan areas, fantastic hospitals and healthcare, and many options for a home purchase.
Recommended Lenders for Doctor Home Loans in North Carolina
For years, Neil has been helping physicians, surgeons, and dentists achieve their dreams of homeownership. From start to finish, he can help guide you through the process. Beginning with our mortgage comparison tool to determine your options, to painlessly uploading your documents digitally, Neil will be there to assist and guide you during the entire process. Whether you’re a first-time homebuyer, looking to purchase a second home or purchase an investment property, TD Bank, N.A. has solutions designed for Doctors and an efficient process that makes getting a mortgage easier.
To learn more about Neil and why we highly recommend him, go here.
Mike Fitzmeyer of SunTrust (now Truist) understands the mortgage business. He is a seasoned professional with over 27 years of experience with a specific focus on Doctor Mortgage financing. Mike understands the needs of the Physician community and will tailor a mortgage solution for each client’s individual needs and financial plan. Mike and SunTrust (now Truist) have tremendous Doctor Mortgage experience and have flexibility in dealing with different situations in order to customize a mortgage solution for each client.
Contact Mike today to get the best service for your next home purchase or refinance needs.
Living in North Carolina means you have tons of choices. You can choose to live on the coast, in the mountains, or in the Triangle (Raleigh-Durham area). A physician mortgage loan can make it possible to own a home, no matter which region you choose.
Working with a lender who specializes in physician mortgages can help you throughout your home-buying process. Getting pre-qualified for a physician mortgage loan will give you solid numbers to work with as you start house-hunting. You’ll know what to expect in a monthly mortgage payment as you narrow down your housing choices. When you do make an offer, it’ll show the seller of the property that you are a serious buyer.
If you’re ready to get started on your doctor home loan in North Carolina, then you’ll find these lenders ready to help you move forward.
The Complete List of Lenders for Doctor Home Loans in North Carolina
TD Bank – TD Bank is one of the top 10 largest banks in the Nation. TD Bank has an amazing PHYSICIAN MORTGAGE product offered to the following: MD, DO, DPM, DMD, DDS, medical residents, and medical fellows. The Physician loan allows for 0% down, 100% financing for loans up to $750,000, and 5% down, 95% financing for loans up to $1,250,000. Other loan options are available up to 3 million with 89.99% financing. TD also has a rate float down option if rates go lower after locking. TD Bank’s physician loans have NO MI (mortgage insurance) and NO prepayment penalties! The bank offers financing and refinancing for purchases of single-family homes, condos, and COOPS. TD Bank has over 1,200 branch locations and operates in multiple states on the East Coast. Only someone with a “MEDPRO” designation at TD can offer this program, there are only a select few in the Nation. Contact your MEDPRO and Physician Loan Certified Neil Surgenor for more information!
SunTrust (now TRUIST) – The doctor home loan program from SunTrust Bank (now Truist) is available to MD’s, DO’s, DDS’s and DMD’s that are currently in residency, and practicing professionals that have completed their training within the last 10 years. Residents and fellows are eligible for a SunTrust physician loan up to $750,000 with no down payment. Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts up to $1,500,000 with down payment options based on loan size. Contact Mike Fitzmeyer today!
KeyBank Mortgage – KeyBank Mortgage offers several options for your unique physician mortgage needs. Whether you are purchasing your first home or looking for cash-out or rate/term refinance, KeyBank can personalize a program for you. They offer up to 5% down up to $1,000,000; 10% down payment up to $1,500,000. 15% down up to $2,000,000. Max loan size $3,500,000. NO PMI. NO Prepayment Penalty. Fixed rate and variable rate mortgages available. Loan options available for purchase, as well as rate/term and cash-out refinances. Physician mortgage loans are available for both your primary residence and second homes, as well as single-family houses and condos. KeyBank has branches in numerous states, with over 17,000 employees throughout the 1000+ branches. Contact Mike DeRaspe today!
Laurel Road – Laurel Road is a digital lender that is owned by KeyBank who uses innovative technological and digital strategies to help you secure lending. The physician mortgage program with Laurel Road is a home loan tailored specifically to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Their product features up to 95% financing for loans up to $750,000 (for primary residences). Physician loans have fewer restrictions than conventional mortgages and bases the lending decision on creditworthiness and future income potential. Contact Mike DeRaspe today!
Fifth Third Bank – The doctor and dentist loan programs at Fifth Third Bank offer medical practitioners with simple solutions to meet their home financing needs. Both new and established doctors can get fixed and adjustable rate mortgage loans to purchase or refinance. What’s more is that no private mortgage insurance is required. Eligible borrowers include: Medical Doctors (MDs), Doctors of Osteopathy (DOs), Doctors of Dental Medicine (DMDs), Doctors of Dental Surgery (DDSs), and Doctors of Podiatric Medicine (DPMs). New physicians, interns, residents and fellows (those who have practiced in less than 1 year) can get up to $1 million with a low down payment, or $750,000 with no down payment.
US Bank – U.S. Bank is a leader in the mortgage industry. Many of their customers have said they would recommend them in the future. They offer loans that meet almost every mortgage need. You may be eligible for the U.S. Bank Customer Credit with a new or existing U.S. Bank Personal Checking Package, or with an existing first mortgage with U.S. Bank. Take 0.25% of the loan amount and deduct it from the closing costs, up to a maximum of $1,000. At U.S. Bank, they know that your home is one of the biggest investments you’ll ever make. And whether you’re looking for a new mortgage loan, a mortgage refinance or a home equity loan, you want a partner you can trust. Contact who we trust, Jonathan C. Brozek today!
First Citizens Bank – First Citizens Bank is headquartered in Raleigh, NC and operates in several states throughout the country. Physician mortgages are available to medical residents, interns, fellows, and practicing physicians. There is no limit on years in practice for established physicians. Private Mortgage Insurance is not required for physician loans. There are several options available including fixed-rate and ARMs. You may be eligible for 100% financing up to $750,000; 95% up to $1M; 90% up to $1,250,000, and 85% up to $1.5M. There are also options for second homes, construction (permanent and renovation) loans.
Willow Bend Mortgage – Willow Bend Mortgage has multiple loan options to suit your financial needs. Designed for physicians, dentists, and veterinarians, there are many benefits to the medical loan program. You can utilize terms such as a 5% down payment for loans up to $1M, 10% down up to $1.5M, or 15% down up to $2M – all without PMI. There is also a 0% VA loan program for vets and active military personnel. You can inquire about the 3% down option (but with PMI) for smaller loans. The loans can include either a fixed or adjustable rate.
Union Bank – Union Bank has a fantastic physician home loan that includes some of the best rates in the nation. Key features include: 10% down to $1.25MM loan amount, they can close up to 6 months from start date of new contract (if exiting residency or fellowship). Your down payment, reserves, and closing costs can be gifted from family with no seasoning requirements (a HUGE benefit). There is no Mortgage Insurance or PMI and you can receive a lender credit for 0.25% of the loan amount up to $1,000 for opening a platinum checking account.
Cadence Bank – Cadence Bank offers a variety of mortgage programs designed to address the unique needs of physicians and financing. The physician mortgage program allows mortgages to be obtained with up to a 100% loan-to-value (LTV) ratio. Physicians can qualify for a mortgage on a home valued up to $1.5M without any down payment. These loans are available without PMI. The wide range of mortgage options include fixed-rate and adjustable-rate mortgages and 5/1 ARMs. Cadence Bank has almost 100 locations which operate in the states of Colorado, Florida, Georgia, North Carolina and Texas.
Citizens Bank – Citizens Bank offers a special mortgage program for physicians and dentists through their doctor loan program. Their doctor loan is available for purchases and limited cash‑out refinances of primary residence. A few highlighted features of the program include up to 95% financing, no mortgage insurance, and your choice of a fixed-rate or adjustable-rate mortgage. Headquartered in Providence, RI, Citizens Bank has over 1,200 locations across the country.
First Horizon Bank – If you are a current First Horizon account holder and you are an M.D., D.O., O.M.S., or D.P.M., you could be eligible for a mortgage loan that offers 100% financing. First Horizon Bank was founded in Memphis, Tennessee and has now expanded into several Southeastern states – including Texas. There are over 5,500 employees and over 270 First Horizon locations.
Flagstar Bank – Flagstar bank offers a Professional Loan series available to physicians, dentists, attorneys and other high-income professionals. Features of the Flagstar Bank Professional Loan includes financing for loan amounts up to $1.5M. There are also low or no down payment options with adjustable rates. You will not have to pay PMI for the loans. You can also use these benefits for a purchase or refinance for your primary residence only.
Midland States Bank – Midland States offers a comprehensive program for physician loans. Midland States Bank offers maximum loans up to $1.5M without any money down. You won’t have to pay any PMI either. There are traditional and adjustable rates and terms for your consideration. If you have a minimum credit score of 720, then you can begin the qualification process for a physician loan with Midland Bank.
First National Bank of Pennsylvania – Most physicians have unique banking needs. That’s why First National Bank of Pennsylvania has developed a mortgage program especially for physicians. FNB currently offers up to 100% financing with no PMI. Fixed and adjustable rate products are also available. In order to apply, you must hold an M.D., D.O., D.D.S., D.V.M. or D.M.D degree, but interns, fellows and residents are eligible. They operate in several states, including Washington D.C.
SoFi – SoFi is known for refinancing choices, but physicians might not be aware of the mortgage options available. Although the mortgage option isn’t limited to only physicians, it is targeted towards highly-educated individuals. One alternative mortgage to consider includes a 10% down for up to $3M in financing. There are also fixed rate and ARM options, without any hidden fees for prepayment penalties.
TIAA Bank – TIAA Bank is a large, national bank headquartered in Jacksonville, FL. They operate in all 50 states and offer a variety of physician mortgage loan products. Their doctor loan mortgage program is only available to existing medical doctors (and DO’s, veterinarians, dentists and dental surgeons) who are actively practicing and have completed residency in the past 10 years. TIAA Bank offers loan amounts up to $2M and without any PMI. A down payment is required and you must start employment within 60 days of the loan closing.
Bank of America – Get started with the Digital Mortgage Experience with Bank of America. Preferred Rewards clients may qualify for a reduction of $200-$600 in the mortgage origination fee (based on your eligible balances at the time of application). Some of the home loan products they offer include fixed-rate mortgages, adjustable-rate mortgages, FHAs, and VA loans. Already pre-approved with Bank of America? View your pre qualification letter, or contact a lending officer about taking the next steps towards home financing.
Fairway Independent Mortgage – Fairway offers borrowers the options of fixed-rate conventional loans and adjustable-rate mortgages. Prospective borrowers can apply for a loan with Fairway Independent Mortgage online, with the closing process taking place in person. Fairway has grown into a national independent brokerage network with more than 7,000 employees — including more than 3,000 loan officers — in over 500 branches.
IberiaBank – IberiaBank offers several mortgage solutions for borrowers. Physician loans are offered to those both residents, fellows and practicing physicians. Doctors are eligible to borrow up to $1M with no money down. Mortgage loans are offered with options including 5/1 ARM, 7/1 ARM and 30 year fixed – all with no mortgage insurance. Iberia Bank is headquartered in Louisiana and is available in several states.
Regions Bank – Regions Bank can help borrowers finance a loan with no down payment options for loans up to $750,000 or a 5% down option for those who need up to $1M. In addition, PMI will be excluded. Regions bank will also exclude certain student loan debt when calculating your debt-to-income ratio.
Recommended Real Estate Agents In North Carolina
Financial Residency has partnered with Dr. Moves to offer you a tailored home buying experience with agents that specialize in working with physicians in North Carolina.
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