First Citizens Bank Physician Loan Review 2024

First Citizens Bank Physician Loan logo

First Citizens Bank Physician Loan


Financial Residency rating

Expert Take

First Citizens Bank offers loans with no down payment up to $1 million, and its program is open to many medical professionals, not just MDs.


  • No PMI
  • Flexible credit score requirements
  • No down payment options available
  • Can close 60 days before starting your position


  • Not available nationwide
  • May require 25% down, depending on the loan amount

First Citizens Bank Physician Loan logo

Learn More

at First Citizens Bank Physician Loan

First Citizens Bank offers opportunities for many medical professionals to secure mortgage financing with little to no money down.

They have flexible underwriting guidelines and some of the highest loan limits in the industry.

Check out my First Citizens Bank physician mortgage review to see how it stacks up compared to your financing needs.

About First Citizens Bank

First Citizens Bank has been helping consumers and businesses achieve their financial dreams for 125 years. They are one of the top 20 financial institutions in the country and have 550 bank branches in 23 states.

  • BBB Score: B
  • CEO: Frank B. Holding, Jr.
  • JD Power Score: N/A
  • Parent Company: First Citizens Bancshares, Inc.
  • Phone Number: 888-323-4732
  • Services Offered: Personal, small business, and commercial banking and lending services

First Citizens Bank Physician Loan: Fast Facts

My First Citizens Bank physician mortgage review includes some fast facts about the loans to help you determine if it’s right for you.

  • Financing Options: 100% on loans up to $1 million, 95% on loans up to $1.25 million, 90% on loans up to $1.5 million, 80% on loans up to $2 million, and 75% on loans up to $3 million
  • Physician Loan Products: Fixed-rate and adjustable-rate mortgages
  • Maximum Loan Amount: $3 million
  • Qualifying Degrees: MD, DO, DMD, DDS, NP, PA, DC, OD, CRNA, DPM, fellows and residents
  • Private Mortgage Insurance: Not required

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!

First Citizens Bank Physician Loan: Qualifications

Most lenders don’t advertise their physician loan products, and each bank has different qualifying requirements.

  • Good Credit: 680 minimum FICO score
  • Down Payment: 0–25% down payment, depending on the loan amount
  • Property Type: Primary or secondary home
  • Eligible Degree: Must have a qualifying medical degree and be a fellow, resident, or practicing physician/nurse
  • Verified Income: Future-dated employment contract allowed for up to 60 days before closing

How to Apply

First Citizens Bank makes it easy for doctors to navigate their system and determine if they qualify for a physician mortgage loan. Here are the necessary steps.

Consult With a Mortgage Loan Banker

Your first step is to determine your physician mortgage loan readiness. Your discussion with a mortgage banker will discuss your qualifications, loan terms, and payments to ensure you can afford it.

Apply for the Home Loan

When you’re ready to look at homes, consider applying for the First Citizens Bank physician loan first. To do this, you’ll need your paperwork to prove your income, assets, and current liabilities. You must also prove you have a qualifying degree and are currently (or soon-to-be) employed.

You’ll complete a loan application, which the underwriter will review along with the documentation you provide.

Wait for Loan Approval

The underwriter will evaluate everything you provided to determine if you personally qualify for the loan. If you do, they’ll provide a pre-approval letter, which you can give to sellers to help encourage them to accept your offer.

Ensure you understand the terms of the pre-approval, including the rate, term, and payment amount, to clearly understand what you’re undertaking.

Clear Conditions and Close Your Loan

Your pre-approval will include conditions you must clear, such as a home appraisal and title search. It may also include conditions you must clear for your personal qualifying factors. The faster you clear them, the more likely it is that you’ll be able to close on your closing date and get the keys to your new home.

First Citizens Bank Physician Loan: Alternatives

My First Citizens Bank physician mortgage review includes alternatives because First Citizens isn’t right for everyone. Plus, it’s a good idea to look at all your options.

Flagstar Bank

Flagstar Bank has a professional loan program open to doctors, nurses, and other professionals. They have stricter credit score guidelines than First Citizens Bank, requiring at least a 720 score, and they lend up to $1.5 million with low and no down payment options.

Like First Citizens Bank, they lend their physician mortgage loans throughout the first ten years of a professional’s career, giving you time to find your perfect home and not rush into a mortgage as soon as you graduate medical school.

Huntington Bank

Huntington Bank offers physician mortgage loans up to $2 million with a 10% down payment, and if you need 100% financing, you can borrow up to $1 million. They have relaxed guidelines regarding a borrower’s debt-to-income ratio and don’t charge PMI.

Huntington Bank has fixed and adjustable-rate loan options but limits their program to only primary residences. If you already have a physician loan, you may be eligible to refinance it with the Huntington Bank loan program.

Citizens Bank

Not to be confused with First Citizens Bank, Citizens Bank has a loan program open to MDs, DOs, DMDs, and DDSs. The loan program is open to employed and self-employed doctors, but you need a 2-year history of self-employment to qualify.

Citizens Bank offers low loan limits of $1 million, but you’ll need a down payment unless you borrow no more than $850,000. Like most banks, they have flexible debt-to-income ratio requirements and will exclude student loans that are deferred for at least 12 months.

BMO Bank

BMO Bank offers a great physician loan program for existing customers. You can even get a 0.125% rate reduction if you set up autopay from your existing BMO checking account to pay your mortgage.

BMO Bank allows you to use future employment contracts for up to 90 days from the closing date, and you can borrow up to $2 million, but you’ll need a 10% down payment. If you borrow less, you’ll need a lower downpayment of 5% on loans up to $1.5 million.

BMO Bank offers fixed and adjustable-rate loans, and the program is available on many property types.


KeyBank offers the highest loan amounts out of any loan on my list, with loan amounts as high as $3.5 million. You can put down as little as 5% on some loans, and they offer fixed and adjustable-rate loans.

Like First Citizens Bank, you can apply for a purchase or refinance loan, and there is no PMI. You can use the program on almost any property type, and it’s open to many doctors, including MD, DO, DPM, DDS, and DMD degrees.

Pros and Cons

Understanding the pros and cons of the First Citizens Bank physician mortgage is important when deciding if it’s right for you.


  • Offers options for no down payment
  • Doesn’t charge PMI
  • Low minimum credit score requirements
  • Can close loans up to 60 days before starting your position


  • May require as much as 25% down
  • Not available nationwide

Frequently Asked Questions

How much money can I borrow with a First Citizens Bank physician mortgage?

First Citizens Bank offers loans up to $3 million, but you must prove what you qualify for before you can get a loan. Underwriters will consider your income, assets, and current liabilities to determine what you can afford.

First Citizens Bank has flexible debt-to-income ratio guidelines, but they also don’t let you get in over your head.

What credit score does First Citizens Bank require?

First Citizens Bank has more lenient guidelines regarding credit scores for physician loans. They allow scores as low as 680, but the better your credit score, the better rates and terms they can provide.

What interest rates does First Citizens Bank offer?

The interest rate you can get from First Citizens Bank depends on your qualifying factors. Because rates change daily, it’s important to track them when you’re considering buying a home so you can lock in your rate after you’re approved and have found a home.

To get the best rate, maximize your credit score, lower your debts, and prove you have stable income and are not a high risk.

Do dentists qualify for a First Citizens Bank physician loan?

Fortunately, at First Citizens Bank, their physician loan program is open to many professionals, including dentists.