KeyBank Physician Loan Review 2024

KeyBank Physician Loan logo

KeyBank Physician Loan


Financial Residency rating

Expert Take

KeyBank offers physician loans with down payments as low as 5%. They are spread across 15 states and offer attractive terms for qualified physicians.


  • No PMI
  • Low down payment options
  • Open to many medical professionals


  • No option for no down payment
  • No transparent requirements or pricing

KeyBank Physician Loan logo

KeyBank has been around for 200+ years and is one of the country’s largest bank-based financial services organizations, located mainly on the East and West Coasts – and offers physician loans.

It currently operates in 15 states with 1,000+ full-service branches and 40,000 ATMs.

  • BBB Score: A+
  • CEO: Christopher Gorman
  • Parent company: KeyCorp
  • Phone number: 1-800-539-8336
  • Services offered: Consumer and business banking and wealth management

KeyBank Physician Loan: Fast Facts

Here are some quick facts about the KeyBank physician loan products.

  • Financing options: Up to 95%
  • Physician loan products: Fixed and adjustable-rate loans
  • Maximum loan amount: $3.5 million
  • Qualifying degrees: MD, DO, DPM, DDS, or DMD
  • Private Mortgage Insurance: Not required

KeyBank Physician Loan: Qualifications

Like most banks that offer a physician loan product, there are specific qualifications you must meet that are unique to KeyBank, including the following.

  • Down payment: Up to 5%, depending on the loan amount
  • Property type: Single-family, condo, or PUD
  • Eligible degree: MD, DO, DPM, DDS, or DMD
  • Position: Intern, resident, fellow, practicing medical practitioner, professor, or medical researcher
  • Loan type: Purchase or rate and term or cash-out refinance

How to Apply

Knowing how the KeyBank physician loan application process works can help you through the process easier.

Get Prequalified

The first step is to get prequalified. This isn’t a formal process, and you don’t have to provide any documentation yet. Instead, it’s a conversation with a KeyBank loan officer about your position, income, amount of savings, ideal price point, and other debts.

You’ll discuss your student loan debts and how they affect your ability to secure a KeyBank physician loan.

With this information, the loan officer can tell you how much you prequalify for to give you an idea of what you can afford. If there are any issues the loan officer finds, especially if he does a soft pull on your credit report, you can resolve the issues now before formally applying for the loan.

Gather the Necessary Documents

When you’re ready to look at homes and make an offer, you should get pre-approved. Before doing this, you should gather the necessary documents to get an answer faster.

The documents include:

  • Income documentation: You must prove you make enough income to qualify for the physician loan. If you’re already practicing, you can provide your W-2s and paystubs. If not, you may qualify with an executed employment contract.
  • Savings: KeyBank must determine you have enough money for the required down payment and closing costs. You can prove this with two months of bank or investment statements.
  • Degree: Since the KeyBank physician loan is only for certain medical practitioners, you must prove you have a qualifying degree.
  • Employment information: You must provide information about your employer, including your position and start date, including if you’re trying to qualify before you’ve started but have an employment contract.

Get Pre-Approved

Getting pre-approved is more formal than prequalification. When you get pre-approved, you complete the loan application, and KeyBank does a hard credit pull.

They decide your ability to afford the loan by evaluating the documents you provided above, along with reviewing your credit report. If pre-approved, the lender will provide you with a pre-approval letter. This letter states how much you can afford, at what terms, and what conditions you must satisfy to close the loan.

The most common conditions are those that relate to the property itself. Since you should get pre-approved before making an offer on a house, you must provide KeyBank with the executed sales contract. They will order an appraisal and title search on the house to ensure it’s worth as much as you offered to pay and the title is free of any liens.

A pre-approval letter is usually good for 60 to 90 days. If you can’t find a house within that time, you can request an extension but must provide the necessary documentation again so the underwriters can ensure you still qualify for the loan.

Finalize the Loan

After signing a sales contract, it’s time to finalize the loan. The underwriter will do the work behind the scenes for the property, but you may have some work to do on your end, too.

For example, the underwriter may request an additional paystub as you get closer to the closing to ensure you’re still employed. There may also be questions about documents you provided, such as your bank or investment statements.

Stay in touch with your KeyBank loan officer throughout this time so you know what’s outstanding and what you must resolve to close the loan.

Close the Loan

The final step is to sign the documentation and close your loan! If you haven’t done so yet, you must lock in your interest rate. This is your rate no matter what happens to rates, even if you haven’t closed. As long as the rate lock hasn’t expired, you keep the rate you locked.

At the closing, you’ll sign documentation, including the mortgage and note. The title will also transfer into your name and get recorded with the county.

Physician Loan Alternatives

KeyBank offers a great physician loan program, but there are alternatives to consider, especially if you live outside of the 15 states they serve.

Huntington Bank

Huntington Bank offers a physician loan for MDs, DOs, DDSs, DVMMs, and DMDs. They allow up to 100% financing depending on your loan amount, don’t require PMI, and don’t charge a prepayment penalty if you pay the loan early. They are available as fixed or variable-rate loans, up to $2,000,000.

Fifth Third Bank

Fifth Third Bank offers physician loans for new and established doctors. Their program is available for purchase and refinance and allows no down payment on loans up to $1 million or a low down payment on loans up to $2 million. The loans are available at fixed or adjustable rates and do not require PMI.

BMO Bank

BMO Bank has a physician loan program for residents, fellows, and new doctors. They have flexible underwriting guidelines regarding your debt-to-income ratio with student loans and allow approval with an employment contract before you begin working. They require a 5% down payment on loans up to $1.5 million and 10% on loans up to $2 million.

Fulton Bank

Fulton Bank offers a physician mortgage for doctors, pharmacists, veterinarians, and dentists. You can borrow up to $1.5 million with no down payment, $2 million with a 5% down payment, and $3 million with 10% down on a house.

Fulton Bank allows gift funds, and sellers can help with closing costs on up to 6% of the sales price. The loan is available at a fixed or adjustable rate and as a purchase or refinance.

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

Understanding the pros and cons of the KeyBank physician loan can help you determine if it’s right for you.


  • Offers up to 95% financing
  • PMI not required
  • Available to multiple medical professionals, not just doctors


  • No option for no down payment
  • Not transparent about the required credit score or income requirements

Frequently Asked Questions

KeyBank offers an attractive loan option for physicians. Here are more questions people have about it.

Are physician mortgage rates lower?

Physician mortgage rates are often higher than other loans because of the risk they pose. Doctors can borrow $1 million or more, sometimes with no down payment, putting the lender at risk of default. This usually translates into a higher interest rate for doctors, but they can be competitive. It’s important to get quotes from multiple lenders to find the best rate.

How much money can I borrow with a KeyBank physician loan?

How much money you can borrow with a KeyBank physician loan depends on your qualifying factors. You must prove you have the income to afford the loan and your existing debts, including any student loans they include in your DTI. The lower your debts are, the more money you may qualify to borrow to purchase a house.

Are only doctors eligible for the KeyBank physician loan?

KeyBank is one of the few banks that opens its physician loan program up to more than doctors and dentists. It’s also open to medical researchers and pharmacists, giving more people the option to secure financing.

What are the benefits of a physician loan?

Lenders offer physician loans to give doctors more leeway with qualifying. Because most doctors have extensive student loan debt, they are often not qualified for a standard loan. Physician loans often exclude the student loan debt, or at least the portion deferred for 12 months or more, allowing doctors to qualify for financing.

Physician loans also have flexible guidelines, including no down payments and no PMI, even with a low or no down payment.

What credit score do you need for a KeyBank physician loan?

KeyBank isn’t transparent about the required credit score. However, like most lenders, you’ll have the best options with a credit score of 700 or higher.