Northwest Bank Physician Loan Review

Northwest Bank Physician Loan logo

Northwest Bank Physician Loan


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Expert Take

Northwest Bank offers low to no down payment options for a wide range of doctors, helping you secure the financing for your dream home.


  • May qualify for 100% financing
  • Has fixed or adjustable-rate loans
  • Offers its program to many types of doctors


  • Down payment required over $1 million
  • Isn’t open to other medical professionals

Northwest Bank Physician Loan logo

Finding the right physician loan can seem like a daunting task. In this Northwest Bank physician loan review, I’ll cover the ins and outs of Northwest Bank physician loans to help you determine what’s right for you.

About Northwest Bank

Northwest Bank is a bank that treats its customers like people, not just a number. They don’t rely only on technology to help you; they provide personalized service, which is paramount when applying for a physician loan.

  • BBB Score: A+
  • CEO: Louis Torchio
  • Parent company: Northwest Bancshares, Inc.
  • Phone number: 888-884-4626
  • Services offered: Personal, business, commercial, and wealth management services

Northwest Bank Physician Loan: Fast Facts

Here are some quick facts about the Northwest Bank physician loan.

  • Financing options: Up to 100% financing
  • Maximum loan amount: Up to $1.5 million
  • Physician loan products: Fixed and adjustable rate mortgages
  • Qualifying degrees: MD, DO, OD, DDS, DMD, or DPM
  • Private Mortgage Insurance: Not required

Northwest Bank Physician Loan: Qualifications

The Northwest Bank physician loan has unique qualifying factors, including the following.

  • Down payment: Starts at 0%
  • Loan program: Purchase or refinance
  • Position: Practicing physicians and residents
  • Eligible Degree: Doctor, doctor of osteopathy, doctor of podiatric medicine, and dentist

How to Apply

In this Northwest Bank physician loan review, I’ll help you understand how to apply for a physician loan to get approved and buy your dream home.

1. Apply for Pre-Qualification

Northwest Bank makes it easy to get pre-qualified to determine how much you can borrow for a physician loan. The pre-qualification process is informal and isn’t a guarantee to lend. Instead, it’s a conversation with a loan officer about your income, assets, debts, and credit score to determine if you fit within the program’s guidelines.

This is often the first step to determining what you can afford or what you must do to ensure you get qualified when you’re ready to buy a house.

2. Get Your Documents Ready

When you are ready to apply for a mortgage, you must have the necessary documents that prove you can afford the loan. If you have these documents ready when you apply, the underwriting process can be seamless.

The necessary documents include:

  • Income documentation: You must make enough income to qualify for the physician loan. This means providing paystubs and W-2s to prove your income. If you own your own practice, you can provide your tax returns.
  • Savings: You must provide bank or investment statements to prove you have enough money for the down payment and closing costs. Usually, providing two months of the statements is sufficient.
  • Degree: Only doctors with specific degrees qualify for physician loan financing. You must prove you have the degree to qualify for the loan.
  • Employment information: The underwriter must confirm you work for the practice you say you do and your employment is expected to continue for the foreseeable future. Providing your practice’s contact information will speed up the process.

3. Get Pre-Approved

The pre-qualification process was to see what you could afford. When you’re ready to look at homes and make an offer, you’ll need an official pre-approval.

When you’re pre-approved, it means an underwriter reviews your qualifications and documents and ensures you are eligible for the loan. A pre-approval is an approval of your individual qualifications, but there will be outstanding conditions regarding the property and any potential loose ends the underwriter needs to clarify.

You’ll receive a pre-approval letter stating the conditions of your pre-approval, including what you must clear to close the loan. You can use the letter to show sellers you are an interested and qualified buyer.

4. Clear the Conditions

After receiving pre-approval, you can work on gathering the necessary documents to clear any conditions the underwriter put on your loan. This may include things like updated paystubs, debt clarification, or proof that your investment account funds belong to you.

The underwriter must also wait for an appraisal and title report regarding the property to ensure it has a high enough value and the title doesn’t have any liens except mortgage loans the seller has on the property.

5. Close the Loan

The last step is to close your loan. You can close the sale when you’ve cleared all conditions on the pre-approval letter. This allows Northwest Bank to fund your loan, paying the seller and any other interested parties and getting you access to the keys to your new home.

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!

Northwest Bank Physician Loan: Alternatives

The Northwest Bank physician loan is a great option, but there are alternatives.

Huntington Bank

Huntington Bank is open to MDs, DOs, DVMMs, and DMDs, similar to Northwest Bank. Some borrowers may qualify for no down payment on loans up to $1 million, but you may be able to borrow up to $2 million with a low down payment. Like most physician loans, PMI isn’t required.

Fifth Third Bank

Fifth Third Bank allows no down payments on physician loans up to $1 million, and they have fixed and adjustable-rate loans. No matter how much you borrow, you don’t have to pay PMI, and they open their program to established doctors. However, if you’ve been in practice for a while, you may need to make a larger down payment than a resident, fellow, or new doctor.

BMO Bank

BMO Bank doesn’t offer a no down payment option, but they work with a wide range of doctors to provide affordable financing with down payments ranging from 5% to 10%. They offer loans with fairly flexible guidelines that don’t require PMI.

Fulton Bank

Fulton Bank has a no-down payment option on loans up to $1.5 million; otherwise, you’ll need 5% -10 % down on loans up to $3 million, much higher than Northwest Bank allows. They also offer the option for interested parties to help with the cost of buying a home, making it even easier to qualify.

Pros and Cons

Like any bank, the Northwest Bank physician loan has advantages and disadvantages. Here’s what to consider.


  • Offers up to 100% financing
  • Has fixed and adjustable-rate options
  • Works with a large number of doctors


  • Only doctors qualify (no nurses, pharmacists, or medical researchers)
  • Down payments are required on higher loan amounts

Frequently Asked Questions

Here are some common questions people have about the Northwest Bank physician loan program.

Are Northwest physician mortgage rates lower?

Northwest Bank takes a larger risk than most traditional lenders when lending to physicians. With the higher loan amounts and lack of down payment required, Northwest Bank must charge a higher interest rate to compensate for the risk they take.

How much money can I borrow with a Northwest Bank physician loan?

Northwest Bank lends up to $1.5 million, but how much you can borrow depends on your qualifying factors. The higher your income and down payment, the more you may be eligible to borrow up to their maximum loan limit.

Who is eligible for the Northwest Bank physician loan?

Northwest Bank restricts its physician loan program to MDs, DOs, OODs, DDSs, DMDs, and DPMs.

Do physician loans have benefits?

Physician loans are good for doctors with a lot of student loan debt but who can afford and are ready to buy a house. If you qualify without your student loan debt, a physician loan can help since most lenders overlook the deferred student loan debt and instead focus on your income and career potential.

Does Northwest Bank require a specific credit score for a physician loan?

Northwest Bank doesn’t state what credit score they require, but it’s always best to have a credit score of 700 or higher when looking to borrow $1 million or more.