Whether you’re in the middle of your residency program or well into your career as an attending, a doctor home loan in Virginia can help your dream of homeownership become a reality. Virginia is a state where many physicians are choosing to call home, with over 23,000 doctors practicing medicine in the Old Dominion.
As the Birthplace of our Nation, Virginia continues to have millions of residents calling it their home each year. Virginia can offer its residents everything from amazing weather to beautiful scenery and delicious food. It also happens to offer top educational choices, world-renowned hospitals, and access to incredible healthcare.
Recommended Lenders for Doctor Home Loans in Virginia
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 28 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 Virginia allows you the choice to live in the mountains, on the coast, in the city, or the beautiful pastures. No matter what you choose, a physician mortgage loan can make it possible to own your own home in Virginia, you only need to know where to start.
Getting started in the home loan process will be much easier by working with a lender who specializes in physician home loans. It’s important to work with someone who understands the challenges of a physician’s unpredictable schedule and financial situation as you work through the details of obtaining a physician mortgage. The first step in the process is to get pre-qualified for a physician mortgage loan. This will help you understand the impact of buying a home on your monthly budget and how much you can afford. It’ll also show sellers you are a serious buyer when you finally choose to make an offer.
If you’re ready to get started with the physician mortgage loan in Virginia, then you’ll find several preferred lenders who are ready to get you closer to home ownership.
The Complete List of Lenders for Doctor Home Loans in Virginia
TD Bank – TD Bank offers a variety of physician mortgage loan products to licensed medical or dental residents and fellows with at least two years of completed residency. There are also programs for practicing physicians and self-employed doctors. Products offered include 0% down, 100% financing for loans up to $750,000, and 5% down, 95% financing for loans up to $1,250,000. TD Bank offers loans without any PMI and flexible rate options. TD Bank has over 1,200 branch locations and operates in multiple states on the East Coast. Contact Neil Surgenor for more information!
SunTrust (now TRUIST) – The doctor home loan program from SunTrust Bank (now Truist) is available to MDs, DOs, DDS’, and DMDs 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 at 100% financing! Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts up to $1,000,000 with 95% financing and up to $1,500,000 with 89.99% financing! Contact Mike Fitzmeyer today if you have questions specific to your upcoming home purchase!
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.
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.
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.
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.
BBVA Compass – BBVA operates in 9 states and is headquartered in Birmingham, AL. The BBVA physician mortgage program offers benefits such as low down-payment options, expanded loan-to-value ratios, programs with up to 100% loan financing and loan amounts available up to $1,750,00. There is also no requirement for PMI. BBVA offers physician mortgages to medical residents and practicing physicians.
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.
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.
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.
LoanDepot – LoanDepot offers innovative solutions for your physician home loan needs. Working with LoanDepot means you are working with a national consumer lender. They are headquartered in Southern California and employ 6,400 team members across the country. This also includes 2,000+ licensed loan officers who hold more than 10,000 licenses. The company operates 150+ local loan locations nationwide.
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.
Recommended Real Estate Agents In Virginia
Financial Residency has partnered with Dr. Moves to offer you a tailored home buying experience with agents that specialize in working with physicians in Virginia.
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