Union Bank & Trust Physician Loan Review 2024

Union Bank & Trust Physician Loan logo

Union Bank & Trust Physician Loan


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Expert Take

The Union Bank & Trust physician loan offers 100% financing up to $500,000 and is good for doctors with a strict budget.


  • No PMI
  • No down payment options
  • Open to medical professionals who haven’t started their position yet (60 days out)


  • Max loan amount is low for physician loans
  • 100% financing is only up to $500,000

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at UBT.com

Union Bank & Trust isn’t well-known, but they offer a robust physician mortgage loan program with great customer service. Check out this Union Bank & Trust physician mortgage review to learn if it’s the right choice for you.

About Union Bank & Trust

Union Bank & Trust is a family-owned bank focused on community and providing excellent service.

They pride themselves on the breadth of financial products they offer, but with a level of care you won’t find at your big-box banks.

  • BBB Score: A+
  • CEO: Angie Muhleisen
  • JD Power Score: N/A
  • Parent Company: Farmers & Merchants Investments, Inc.
  • Phone Number: 800-297-2837
  • Services Offered: Personal banking, wealth management, and business banking

Union Bank & Trust Physician Loan: Fast Facts

Here are some key fast facts about the Union Bank & Trust physician loan program.

  • Financing Options: 100% on loans up to $500,000, 95% on loans up to $1 million, and 90% on loans over $1 million
  • Maximum Loan Amount: $1 million+
  • Private Mortgage Insurance: Not required
  • Refinancing: Allowed

Union Bank & Trust Physician Loan: Qualifications

  • Down Payment: 0 to 10% down payment, depending on the loan amount
  • Verified Income: Future-dated employment contract or residency agreement if you start within 60 days

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!

How to Apply

Knowing how to apply for a Union Bank & Trust physician loan can help you get approved faster and close on your dream home.

Get Prequalified

It’s always a good idea to get prequalified first. You don’t have to provide paperwork yet for this step. You simply have a conversation with a loan officer to determine what you can afford and what terms they might offer.

This allows you to understand the undertaking of a physician loan and determine if it’s affordable at this stage in your career.

Get Ready for Pre-Approval

After learning what you qualify for based on your current income, assets, and debts, you can begin gathering your paperwork and improving your credit, if necessary.

If you don’t have a 700+ credit score, focus there first. Your credit can take a few months or longer to improve, depending on your current score. Pull your free credit reports and see where you should make changes to improve your score. A few ways include:

  • Paying debt down or off entirely
  • Ensuring all payments are made on time
  • Not opening new credit accounts
  • Keeping old credit accounts open
  • Disputing any errors or fraudulent activity

In the meantime, gather your income, asset, and employment paperwork. You’ll need 30 days’ worth of paystubs if you’re already employed. If you haven’t started yet, you’ll need an executed employment contract that shows you starting work within 60 days of closing.

The loan officer will also request asset statements to prove you have the funds to close, especially if you’re making a down payment. You may also need proof of any liabilities that may differ from what is reported on the credit report.

Get Pre-Approved

When you’re ready to look at homes, it’s time to get pre-approved. If you’ve gathered your paperwork, you should be able to sail through the process.

When you contact Union Bank & Trust, you’ll complete a loan application and provide them with the abovementioned paperwork. An underwriter will pull your credit and review your documentation. If you meet the guidelines, they’ll issue a pre-approval letter. This states how much you can borrow and on what terms.

You can use this letter when making offers on homes. Sellers like pre-approved buyers because it shows you are serious and can get financing.

Pre-approval letters are usually good for 60 – 90 days. If you don’t find a home within that timeframe, you can have it extended but may need to provide updated paperwork to prove you still qualify.

Lock In Your Rate

After signing a sales contract, you’ll submit it to the underwriter and get ready to close your loan. Before you can close, you must lock in your rate. Most rate locks are good for 30 days, so do this within the right timeframe before closing so you don’t lose your rate.

During this time, you should also clear any outstanding conditions the lender requires. They will also work on your appraisal and title search to ensure the home you’re purchasing is eligible for financing.

Union Bank & Trust Physician Loan: Alternatives

Union Bank & Trust provides an excellent opportunity for physicians, but comparing your options is always a good idea. Here are some loan alternatives to consider.

Huntington Bank

Huntington Bank offers up to 100% financing on physician loans with no PMI or prepayment penalties. The loans are available as fixed or adjustable-rate and in loan amounts up to $2 million. The program is open to MDs, DOs, DMDs, DVMs, and DDS.

100% financing is available up to $1 million. Otherwise, a 5% – 10% down payment is required for loans up to $2 million. The program is limited to the purchase and refinance of primary residences.


The KeyBank physician loan is for loans amounting to $3.5 million and is open to medical doctors and dentists. The loans are available at fixed or adjustable rates with down payment requirements ranging from 0% – 15%.

The program is available on single-family homes, condos, and townhomes and is available as a purchase or refinance (rate/term or cash-out).

Flagstar Bank

Flagstar Bank offers a professional loan that works for doctors and other medical professionals, too. The program doesn’t require a down payment with credit scores of at least 720 on loan amounts up to $1 million and low down payments on loans up to $1.5 million.

Flagstar only offers adjustable-rate mortgages for physicians and is open to professionals within ten years of the start of their careers.

Pros and Cons

Like any lender, there are pros and cons to the loan program. Here’s what we found for this Union Bank & Trust physician loan review.


  • No down payment options
  • No PMI
  • Open to medical professionals who haven’t started their position yet (60 days out)


  • Maximum loan amount is low for physician loans
  • 100% financing is only up to $500,000, which is low

Frequently Asked Questions

How much can I borrow with a Union Bank & Trust physician loan?

Union Bank & Trust allows loans up to $1 million, but that doesn’t mean you can borrow that much. You must prove you have the income to afford the loan amount and that the payment fits within your debt-to-income ratio while considering any existing debts you carry.

What interest rate do physician loans charge?

Like any mortgage loan, the interest rates vary daily on physician loans. While Union Bank & Trust isn’t transparent about the rates they charge, typically, physician mortgage loans have higher rates because of the risk they pose. Physicians can secure higher loan amounts with low down payments, putting lenders at risk of default. They usually make up for the risk with higher interest rates.

What credit score is required for physician loans?

Each lender has different requirements for credit scores, but on average, you need a 700+ score. Having great credit proves you can handle your financial responsibilities and aren’t in over your head in debt. Since Union Bank & Trust allows loans up to $1 million, they must ensure you are a good risk before lending you the money.