Physician Lenders Available in Virginia 


Regions Bank

DOCTOR PROGRAM FEATURES:

  • Offers mortgage loans to medical physicians, including Residents, Fellows, Doctor of Dental Medicine (DMD/DDS) or Doctor of Osteopathy (DO).
  • Doctors who have been self-employed for a minimum of 3 years are eligible.  For self-employed physicians, income will be averaged based upon the most recent two years business and personal tax returns.
  • 1099 income with contract is allowed – must have minimum monthly income guarantee.
  • Mortgages are available for purchases and refinances.
  • They offer fixed rate and ARMS. Available ARMS are 5, 7 and 10 years fixed. Loan terms are 30 years for ARMS.
  • Loan terms are 15 and 30 year for fixed rate mortgages.
  • No private mortgage insurance (PMI).
  • 100% financing is available.
  • For loan amounts less than $750,000, 100% financing is available. For loan amounts up to $1,000,000, 95% financing is available.
  • Student loans are not included in the debt to income ratio with sufficient documentation supporting that the student loans are currently in deferment/forbearance.
  • This loan is for primary residences only, single-family residences, and townhomes.
  • Minimum credit score is 720 for loan amounts above $453,100.
  • Minimum credit score is 700 for loan amounts below at or below $453,100.
  • Residents entering medical profession are required to have a copy of the executed written agreement as evidence of employment or future employment.

*Please complete the form to connect with the lender of choice. 


Citizens Bank

DOCTOR PROGRAM FEATURES:

  • Up to 95% financing with no mortgage insurance for loan amounts up to $850,000
  • Up to 89% financing with no mortgage insurance for loan amounts up to $1,000,000
  • Up to 85% financing with no mortgage insurance for loan amounts up to $1,500,000
  • Student loan debt deferred or on reduced payment plan for at least 12 Months excluded from debt-to-income ratio
  • Construction-to-permanent financing eligibility – maximum 85% financing
  • Primary residence only
  • PUDs, Condos and Co-Ops
  • Close on your home up to 60 days prior to new employment start date (with signed contract)
  • Eligible professions include Residents, MD, DDS, DMD, DPM and DO
  • Eligible Products: 10, 15, 20, 25 and  30 Year Fixed Rates. 3/1, 5/1, 7/1 and 10/1 ARM

700 Minimum Credit Score – Doctor Loan only

LTV < 90% maximum DTI is 43%

LTV >/= 90% maximum DTI is 40%

*Please complete the form to connect with the lender of choice. 


SunTrust Mortgage

DOCTOR LOAN PROGRAM* FEATURES:

For Residents, Interns and Fellows in MD and DO Programs:

  • Maximum of 100% financing* for loan amounts not to exceed $750,000

For licensed medical professionals (physicians and dentists) who have completed their residency within the last ten years:

  • Maximum of 100% financing* for loan amounts not to exceed $650,000
  • Maximum of 95% financing* for loan amounts not to exceed $1,000,000
  • Maximum of 89.99% financing* for loan amounts not to exceed $1,500,000

No monthly mortgage insurance payments

*Available only in AL, AR, DE, FL, GA, MD, MS, NC, SC, TN, VA, WV, DC and select counties in PA to licensed Residents, Interns, Fellows in MD and DO programs and licensed Physicians and Dentists (MD, DO, DDS, DMD) who have completed their training within the last ten years. Doctors with over ten years post training need to be members of SunTrust Private Wealth Management or belong to a practice that is part of Private Wealth Management to be eligible for this product. Subsequent time spent as a Teaching Attending does not count in this ten year period. Ten year restriction does not apply when refinancing an existing SunTrust Doctor Loan. Other program restrictions may apply, please consult your Loan Officer for details.* Borrowers should note that 100% mortgage financing will result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property’s value.  A down payment may be required if the property is located in a declining market or if required by state regulations.

*Please complete the form to connect with the lender of choice. 


BBVA

The program is available for practicing physicians, CPA's, Dentists and Attorneys with a 700+ FICO score who are purchasing a single family detached home.

  • 95% loan to $1M with no mortgage insurance
  • 90% loan to $1.25M with no mortgage insurance
  • 85% loan to $1.5M with no mortgage insurance
  • 80% loan to $1.75M obviously with no mortgage insurance.
  • 30, 20 and 15 year fixed loans as well as a 5 and 7 year ARM.
  • MD, DO, DDS, DMD, Attorneys, And CPA's
  • Approved Condominiums are acceptable

*Please complete the form to connect with the lender of choice. 


National Lender

(The name of this bank has been omitted to comply with their trademark policies)

DOCTOR LOAN PROGRAM FEATURES:

  • 95% Financing up to $1,000,000 (some restrictions apply)
  • 90% Financing up to $1,500,000 (some restrictions apply)
  • Maximum Loan Amount ** $1,500,000
  • Private Mortgage Insurance Not Required (No PMI)
  • Close on your home up to 60 days prior to new employment start date (with signed contract)
  • Eligible professions include Residents, MD, DDS, DMD,OD, DPM and DO
  • Student loans deferred for at least 12 months after closing not included in debt ratios.
  • Eligible Property Types One-unit Single Family, Warrantable Condos and PUDs
  • Eligible Products: 15 and 30 Year Fixed Rates. 5/1, 7/1 and 10/1 ARM (Fully Amortizing)
  • 720 credit score required

*Please complete the form to connect with the lender of choice. 


Opes Advisors
(A Division of Flagstar Bank)

DOCTOR PROGRAM FEATURES:

The program is available for practicing physicians with a 700+ FICO score who are purchasing a single family detached home.

  • 100% loan to $850,000 with no mortgage insurance
  • Low down payment on loans up to $1.5M
  • Deferred medical student debt may not affect your qualifying loan amount.
  • 80% loan to $1.75M with no mortgage insurance.
  • Purchase and rate/term refinance for primary residence.
  • 5/1 and 7/1 Adjustable Rate Mortgages (ARMs) ONLY
  • MD, DDS, DMD, DO, DPM and Veterinarians accepted.
  • Non-occupant co-borrowers

*Please complete the form to connect with the lender of choice. 

 

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Peninsulas of Virginia