Spotlight: Huntington Bank’s Physician Loan Program
As a physician, you’ve invested years of your life and a significant amount of money to pursue your career. Now that you’ve completed your training, you’re ready to take the next step and purchase your dream home. But getting a mortgage loan can be challenging, especially if you have a significant amount of student loan debt or a limited down payment. Fortunately, Huntington Bank’s Physician Loan Program is designed to meet the unique needs of medical professionals like you.
- Physician loans are a special type of mortgage designed for medical professionals, which offer benefits such as higher loan limits, lower down payments, and flexible underwriting requirements.
- Huntington Bank’s Physician Loan Program is a competitive option for physicians, offering benefits such as no mortgage insurance, competitive rates, and personalized service from a dedicated loan officer.
- To be eligible for Huntington Bank’s Physician Loan Program, you must meet certain requirements, such as being a licensed medical doctor, having completed your residency or fellowship within the past ten years, and having a credit score of 720 or higher.
What is a Physician Loan?
A physician loan is a mortgage product that offers medical professionals special financing options, including higher loan limits, lower down payments, and more flexible underwriting requirements. These loans are specifically designed to help physicians overcome the obstacles that can make it difficult to qualify for traditional mortgages. Physician’s loans are offered by a variety of lenders, but Huntington Bank’s Physician Loan Program stands out for its competitive rates and comprehensive features.
Benefits of Huntington Bank’s Physician Loan Program
Huntington Bank’s Physician Loan Program offers several advantages that can help you achieve your homeownership goals.
Higher loan limits: With this program, you can borrow up to $1 million with 0% down, 1.25 million with 5% down, and up to 1.5 million with 10% down. This means you can buy a more expensive home without having to save up a large down payment.
No mortgage insurance: Most conventional loans require mortgage insurance if you put down less than 20%. This insurance can add hundreds of dollars to your monthly payment. But with Huntington Bank’s Physician Loan Program, you can avoid this cost altogether.
Flexible underwriting: This program recognizes that medical professionals have unique financial situations. As such, it allows for flexible underwriting that takes into account your future earning potential, student loan debt, and other factors that traditional lenders may not consider.
Competitive rates: Huntington Bank offers competitive interest rates that are lower than those of many other physician loan programs.
Personalized service: Huntington Bank prides itself on providing personalized service to its customers. You’ll work with a dedicated loan officer who understands the challenges and opportunities that medical professionals face.
To qualify for Huntington Bank’s Physician Loan Program, you must meet certain eligibility requirements:
Be a licensed medical doctor (MD), doctor of osteopathic medicine (DO), or doctor of dental medicine (DMD).
Have completed your residency or fellowship within the past ten years.
Be employed full-time or have a signed employment contract that starts within 60 days of closing.
Have a credit score of 720 or higher.
Be able to demonstrate that you have enough cash reserves to cover three months of mortgage payments.
The Bottom Line
If you’re a medical professional looking to buy a home, Huntington Bank’s Physician Loan Program can be an excellent financing option. With flexible underwriting, competitive rates, and a range of benefits designed specifically for physicians, this program can help you achieve your homeownership goals with ease.
Our preferred loan officer with Huntington Bank is Darick Hansel.
Huntington Bank’s Physician Loan program is available in the following states: Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.