Huntington Bank offers a robust physician loan program, making it easy for doctors and dentists to secure mortgage financing. In addition, you may be eligible for 100% financing if you have money saved in reserves to guarantee you can make your required payments.
About Huntington Bank
Huntington Bank has existed since 1866, and today is a $189 billion asset bank located in Columbus, Ohio.
Huntington Bank provides individuals, small businesses, and large corporations with many banking products, including mortgage loans. Huntington Bank has over 1,000 branches across 11 states, but many of its customers handle their banking online.
Among the many programs the bank offers, Huntington has a robust physician loan to help residents, fellows, and practicing physicians.
What Are Huntington Bank Physician Loans?
Huntington Physician Bank loans are loans for fellows, residents, and practicing doctors who don’t qualify for traditional financing.
They can be an excellent option for doctors with a large number of student loans, resulting in a high debt-to-income ratio. Huntington Bank offers flexible DTI requirements and requires little money down on loans as high as $2 million.
How to Qualify for Huntington Bank Physician Loans
To qualify for Huntington Bank physician loans, you must meet specific requirements. However, they are much more flexible than conventional or FHA loan guidelines, the most common option for homebuyers.
To qualify for Huntington Bank physician loans, you must have specific credentials, a small down payment, and a 50% or lower DTI.
Huntington Bank doesn’t disclose the exact credit score required for a physician loan. However, they may require a higher down payment if you don’t have at least a 700 credit score when applying for a physician loan.
To qualify for the Huntington Bank physician loan program, you must be a resident, fellow, or practicing doctor with the following credentials:
One of the most significant benefits of physician loans is the ability to borrow a large amount of money with a low down payment.
At Huntington Bank, qualified medical professionals can borrow up to $1,000,000 with no money down or put 5% down on loans up to $1,250,000 and 10% down on loans up to $2,000,000.
The required down payment varies by borrower’s credit score, position, and loan amount.
The debt-to-income ratio is the hardest part for medical school graduates to pass when they graduate with large amounts of student loan debt. The average medical school graduate leaves school with $202,450 in debt, and that’s before undergraduate student debt.
Huntington Bank is one of the few banks that require reserves to prove you can afford the loan. Reserves are funds in a liquid bank account that can provide a backup or guarantee of your payments.
Type of Loan
The Huntington Bank physician loan program is available only on primary residences, but you can purchase or refinance a home with the program. In addition, Huntington Bank offers fixed and adjustable rate terms, allowing you to choose the loan that suits your needs the most.
Huntington Bank offers ARMs in terms of 3, 5, 7, 10, or 15 years, allowing you to have some say in the loan’s terms.
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!
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!
Pros and Cons
There are several pros and cons of the physician loan program at Huntington Bank, including the following.
- No PMI – Medical professionals don’t have to pay Private Mortgage Insurance. This is true even with less than 20% down, saving you thousands over the life of the loan.
- No prepayment penalty – Doctors and other medical professionals can pay their physician mortgage off early, which includes refinancing or selling the home without worrying about a prepayment penalty.
- No down payment – Depending on how much you borrow, you may not need money down on the home, or if you do, the maximum amount Huntington Bank requires is 10% on loans up to $2 million.
- Flexible guidelines – Medical professionals can get a physician loan from Huntington Bank before starting their position with an employment contract. They can have up to a 50% debt-to-income ratio, making qualifying even with large amounts of student loan debt easier.
- Variable interest rates
- Limited property type
- Risk of overbuying
How to Apply for a Huntington Bank Physician Loan
Huntington Bank makes it easy to apply for a physician loan. The key is to have the necessary documents and all your questions ready.
Huntington Bank offers its application process over the phone or online. If you’re comfortable applying online, it takes only a few minutes. However, if you prefer more handholding, call 877-593-9313 and work one-on-one with a loan officer.
No matter how you decide to apply, you’ll follow these steps.
1. Provide Your Basic Information
Huntington Bank needs the following information to determine if you’re a good candidate for a physician mortgage loan:
- Employment information
- Loan amount
- Property information
2. Provide Proof of Qualifying Factors
Next, Huntington Bank needs proof of your qualifying factors. You must provide proof of your income, assets, and employment with the following documents:
- Paystubs – If you’ve already started working, you must provide your last month of paystubs. This proves you have the income you stated on your application.
- Employment contract – If you haven’t started working yet, but have an employment contract that begins in 90 days or less, you can provide the contract.
- Bank statements – You must provide two months of bank statements to prove you have the money for the down payment and required reserves.
- Proof of schooling – You must also prove you have the required degree to qualify for a Huntington Bank physician loan, such as a medical license or diploma.
3. Accept Your Loan Terms
The final step is to review and accept your loan terms. You’ll receive a quote with specific loan terms, including any conditions you must satisfy. Always ask your loan officer if you have any questions or are unsure how the loan works.
Alternatives to Huntington Bank Physician Loans
Huntington Bank is one of the many banks that offer physician loans. Here are some common alternatives.
Bank of America
Bank of America offers physician loans nationwide. Like Huntington Bank, you can close on the loan before starting your job with an employment contract. Bank of America may exclude your student loan debt from your DTI, and they require the following down payment amounts:
- 3% on loans up to $850,000
- 5% on loans up to $1 million
- 10% on loans up to $1.5 million
- 15% on loans up to $2 million
Bank of America physician loans are available to doctors, dentists, medical residents, and fellows.
Fifth Third Bank
Fifth Third Bank offers physician loans for purchase and refinances for physicians, residents, fellows, and dentists. The program is open to new and established physicians with different conditions.
New physicians can borrow up to $1 million with no money down and take out a fixed or adjustable-rate loan. New physicians, including fellows and residents, can also refinance an existing loan.
Established physicians can borrow up to $1 million with no money down or $2 million with a small down payment. Established doctors may also choose a fixed or adjustable-rate loan but cannot use the program to refinance.
Truist offers physician mortgage loans to doctors with the following credentials:
The Truist physician loan program is available on primary residences only with a 5% down payment on up to $1.5 million and 10% down on up to $2 million. Truist, like many other banks, doesn’t include your student loan debt in your debt-to-income ratio to make it easier to qualify.
Huntington Bank offers an attractive physician loan program for fellows, residents, and doctors. Here are some commonly asked questions about them.
What Are the Alternatives to Physician Mortgage Loans?
Doctors don’t have to use the physician loan program to get a mortgage. If you have the credit score and debt-to-income ratio to qualify for conventional or FHA loans, they are perfectly acceptable options for doctors buying or refinancing a house.
Who Qualifies for Physician Mortgage Loans?
Every lender has different requirements regarding who qualifies for physician mortgage loans. Typically MDs, DOs, and DDSs qualify, but some banks offer their program to more medical professionals.
Do Doctors Get Good Mortgage Rates?
Doctor loan mortgage rates are often higher than standard mortgage rates because they are riskier for lenders. With little to no down payment, it can be risky for lenders to finance a property. This makes the risk of default higher, and with the higher loan amounts, lenders must protect themselves.
What Credit Score Does Huntington Bank Require for Physician Loans?
Huntington Bank requires good to great credit scores, usually 700+. They may allow lower credit scores but with a higher down payment.
Is a Huntington Bank Physician Mortgage Loan Right for You?
With over 150 years of experience, Huntington Bank has a history to back it up, and its online presence makes getting a loan convenient for borrowers.
Huntington Bank is a great option for physician loans, but like any loan, there are many factors to consider before making a decision.
When choosing the right loan, compare your options, including the interest rates, down payment requirements, and other conditions.