Evolve Bank & Trust Physician Loan Review 2024

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Evolve Bank & Trust Physician Loan


Financial Residency rating

Expert Take


  • Open to a range of medical professionals
  • 100% financing options
  • Licensed lender in all 50 states
  • Financing for various property types


  • Student loan debt is considered
  • Only for new doctors

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at Evolve Bank & Trust Physician Loan

Evolve Bank & Trust offers a special loan program that can make homeownership a reality right away regardless of that mountain of student loan debt after finishing medical school.

Evolve Bank & Trust offers attractive mortgage products with custom underwriting for new doctors, dentists, veterinarians, and other medical professionals.

This includes home loans with low down payment or no down payment requirements, private mortgage insurance (PMI) requirements waived, and 100% financing on real estate up to $1 million.

About Evolve Bank & Trust

Founded in Arkansas in 1925, Evolve Bank & Trust’s original goal was to provide banking services for rapidly developing, yet underserviced, farm towns.

Since then, Evolve has evolved to become a full-service, member FDIC financial services institution. The bank offers savings and checking accounts, debit cards, credit cards, personal loans, IRAS, certificates of deposit (CDs), and a range of home loan products.

Evolve’s home finance offerings include conventional loans (fixed-rate), FHA (first-time homebuyer) loans, VA loans, home equity lines of credit (HELOC), and adjustable-rate (ARM) mortgages.

Evolve funds home loans in all 50 states and offers home loan customer service centers in the following 17 states:

  • Arizona
  • Arkansas
  • California
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Maryland
  • Massachusetts
  • New York
  • Ohio
  • Oregon
  • South Carolina
  • Tennessee
  • Virginia

Evolve Bank & Trust has excellent stability as a mortgage lender and full-service banking institution. Among Arkansas-based financial institutions, Evolve is the 15th largest in the state (out of 134) with over $1.4 billion in total assets.

In terms of financial health, Evolve has an “A” rating (6.51%) when using the Texas Ratio.

Discover The Best Lenders

Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!

Evolve Bank & Trust Physician Loan: Fast Facts

  • Qualifying Professions: Medical doctors, osteopathic doctors, dentists, dental surgeons, optometrists, pharmacists, podiatrists, physician assistants, chiropractors, veterinarians, nurse anesthetists, nurse practitioners, clinical nurse specialists
  • Eligible Property: Primary residences or secondary residences. Qualifying structures include single-family homes, multi-family homes up to four (4) units, condominiums, HOA properties, co-ops, land purchases, or new construction.
  • Loan Amounts: Up to $2 million
  • Loan Types: Adjustable-rate mortgages, construction loans
  • Student Loan Considerations: Student loan debt is viewed more favorably than other debt (i.e., credit cards) when calculating the borrower’s DTI or debt-to-income ratio.

Evolve Bank & Trust Physician Loan: Qualifications

  • Degrees: MD, DO, PharmD, DMD, DDS, OD, DPM, PA, DC, DVM, CRNA, NP, CNS
  • Employment Contract: Yes, Evolve will accept a signed employment contract as proof of future full-time income for borrowers who are not yet employed. No uniform stipulations for employment start date.
  • States: *All 50 states and Washington D.C.
  • Credit Score: 680 – 700 minimum generally required
  • Down Payment: $0 for home loans up to $1 million
  • Private Mortgage Insurance: No PMI requirement with many financing options, including 0% down and no PMI for financing up to $1 million

Evolve Bank & Trust is licensed to provide ARM, VA, fixed-rate, and FHA loans in all 50 states and Washington D.C., however, physician loans may be restricted to the contiguous 48 states and Washington D.C. Residents of Hawaii or Alaska should contact a bank representative.

How to Apply

Physician mortgage programs will vary in eligibility requirements (i.e., credit score, eligible healthcare fields), but the application process is generally the same.

To apply for a physician loan with Evolve Bank, you’ll need to:

  • Contact the bank. Talk to a lender office in your area, begin the application process online, or talk to a consultant over the phone at 1 (866) 234-1039.
  • Gather personal and financial documents. This may include pay stubs or an employment contract, W2, medical degree, driver’s license, recent tax returns, and Social Security number.
  • Submit your application. After you have gathered all the requisite documents, you will need to consent to a credit check (hard pull). The underwriting process may be lengthy and have more back-and-forth as this is not a traditional loan. Follow up promptly to any requests for more information or documentation.

Interest rates for physician loans can vary and it’s a good idea to shop around. When comparing the “total numbers” you’re offered, make sure to closely examine the terms for PMI, closing costs, early repayment penalties, or any refinancing stipulations.

Also note that when comparing rates, other financial institutions will also do a hard pull of your credit report. However, multiple credit pulls within a short window of time (up to 45 days) should not damage your credit score.

Multiple pulls within this timeframe are considered one (1) inquiry for a consumer who is comparing rates.

Evolve Bank & Trust Physician Loan Alternatives

In addition to Evolve Bank, here are some other banks that also offer home loan and mortgage refinance products for physicians.

TD Bank

TD Bank’s home loan program for doctors offers up to 100% home financing for loans up to $750,000. With a 10% down payment, borrowers can get up to $1.5 million. While Evolve offers financing for up to $2 million, it does not offer any fixed-rate financing for its medical mortgage products. TD Bank offers adjustable-rate and fixed-rate (conventional) mortgage terms for physician loans.

And unlike Evolve, TD Bank’s mortgage program is not open to residents in all 50 states. TD Bank provides medical home loans to residents in CT, DE, FL, MA, ME, MD, NC, NH, NJ, NY, PA, RI, SC, VA, VT, and Washington D.C.

Flagstar Bank

Michigan-based Flagstar Bank also has a mortgage loan program for physicians, but it covers a broader list of occupations. This includes many non-doctor professions, like registered nurses, CPAs, ATP pilots, and attorneys.

Similar to Evolve Bank, the bank offers 100% financing up to $1 million for borrowers. Flagstar, however, may require a slightly higher minimum credit score.

First National Bank

First National Bank has a solid physician loan program offering a flexible range of financing options. Whereas most medical mortgages are ARM products, First National offers 15-year and 30-year fixed-rate mortgages in addition to ARMS with term lengths of 5, 7, 10, or 15 years.

Compared to Evolve, however, the program is open to a far narrower range of professions: medical doctors, osteopaths, dentists, podiatrists, and veterinarians. Additionally, financing is not offered in all 50 states. First National offers physician mortgage products in DE, FL, GA, MD, NC, NJ, NY, OH, PA, SC, TN, and Washington D.C.

Pros and Cons

Here’s a quick overview of the pros and cons of Evolve Bank & Trust’s physician mortgage loan program.


  • Open to a wide range of licensed medical professionals, including residents and fellows in eligible fields.
  • 100% financing options (no down payment requirement) for loans up to $1 million.
  • Evolve Bank & Trust is a licensed mortgage lender across all 50 states.
  • Offers financing for various property types, including multi-family dwellings, vacation homes, or rentals.


  • Student loan debt is taken into consideration. While it’s viewed more leniently than other debt when calculating a borrower’s DTI ratio, many other banks will exclude student loan debt altogether (provided the loan is current).
  • Only for new doctors. Doctors with 10 years or more of employment within their field are ineligible for a physician loan.

Frequently Asked Questions

Here are some of the most common FAQs that readers have about Evolve Bank and Trust, and physician loans in general.

Who is Evolve Bank & Trust Affiliated With?

Evolve Bancorp, Inc. owns and operates Evolve Bank & Trust. The bank is the primary entity under the Evolve Bancorp, Inc., umbrella.

Is Evolve Bank & Trust at Risk?

No, Evolve Bank has a strong financial position and is not at risk of a bank failure. Evolve is a well-capitalized, FDIC-insured banking institution.

In headlines, the bank has been linked to BlockFi and FTX. Evolve Bank & Trust served as a card issuer for both companies. In a website statement, the bank says that its relationship with both BlockFi and FTX was “indirect” and that Evolve Bank was not materially impacted by either company’s 2022 bankruptcy filings.

What is Physicians Capital?

Physicians Capital is a lending division of Evolve Bank and Trust. It offers business loans to medical industry professionals like doctors, chiropractors, veterinarians, and dentists. The program focuses on practice-related needs. It provides financing, including commercial real estate, construction loans, medical equipment, and office supplies.

Many Physicians Capital borrowers also have a separate physician mortgage relationship with Evolve Bank and Trust, but Physicians Capital does not offer residential mortgages.

What is the Average Physician Loan Debt?

The average medical school graduate owes $250,995 in total debt for undergraduate and medical school.

This figure underpins why doctor loans are a good option for many doctors. With more traditional mortgage products, a new doctor with this debt load would not qualify for a home loan as their debt-to-income (DTI) ratio would far exceed 50%.

Most lenders prefer to see a DTI of 28% to 36%. For a new doctor with $250,995 in student loan debt, you would need a starting annual salary of $697,208 to $896,410 to qualify for a mortgage — and this assumes no other debt.