Loan Plans For Doctors: Fifth Third's Great Offerings

Fifth Third Bank offers a range of loan plans tailored to doctors, including residents, fellows, and new and established physicians. The bank's physician loan program helps doctors secure financing for their primary residences, with loan amounts of up to $1 million for new doctors and up to $2 million for established doctors. The loans are designed to cater to the unique financial circumstances of medical professionals, such as high student loan debt and potential for salary growth. One of the key features of the Fifth Third Bank physician loan is the absence of Private Mortgage Insurance (PMI), which can result in substantial savings. The bank also offers flexible loan limits, accommodating various property types, and competitive interest rates. However, it's important to note that Fifth Third Bank is not available nationwide and has specific eligibility requirements for its physician loan program.

Fifth Third Bank's physician loan program for new doctors

Fifth Third Bank offers a physician loan program with low or no down payment options, catering to the home financing requirements of new and established medical practitioners. The program is designed to be flexible, taking into account the unique financial circumstances that come with a career in medicine, such as deferred student loan payments and the potential for significant salary increases as one progresses in their career.

Eligibility

Fifth Third Bank's physician loan program is available to new and established doctors, including residents, fellows, and interns who have already started their position or have a contract to start within 90 days. The program is also open to doctors who completed their residency within the last year and now work for a medical group or hospital. To be eligible for the established doctor program, one must be a licensed medical professional who has worked in a medical practice or hospital for at least a year.

Loan Amounts

The loan amounts vary depending on whether the borrower is a new or established doctor. New doctors can borrow up to $750,000 with no down payment or up to $1 million with a 10% down payment on the home. Established doctors can borrow up to $750,000 with no down payment or up to $2 million with a 10% down payment. The maximum 100% financing loan amount is capped at $1 million to keep debt levels manageable.

Interest Rates and Private Mortgage Insurance (PMI)

Interest rates offered to doctors at Fifth Third Bank vary and will depend on credit score, market conditions, and other factors. The bank does not require PMI, even with down payments less than the traditional 20%, which can result in substantial savings over the life of the loan.

Property Types

Fifth Third Bank's physician loan program accommodates a range of property types, including single-family homes, 2-unit (duplex), Planned Unit Development (PUD), and condominiums. The program is only available for primary residences and single-family houses or condos.

Geographic Availability

The bank's physician loan program is not available nationwide in the US. It is currently offered in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, and West Virginia.

Established doctors' loan program

Fifth Third Bank offers a physician loan program for established doctors. This program is designed to help licensed medical professionals who have worked in a medical practice or hospital for at least one year.

The established doctor program offers loans of up to $750,000 with no down payment or up to $2 million with a 10% down payment on the home. The bank evaluates the doctor's debt-to-income ratio but has more relaxed guidelines than conventional loan lenders.

One of the key features of the established doctor program is the absence of Private Mortgage Insurance (PMI), even with down payments less than the traditional 20%substantial savings over the life of the loan. The program also offers flexible loan limits, with a maximum of 100% financing up to $1 million to maintain manageable debt levels while enabling the purchase of a desirable home.

The established doctor program is available for the purchase and refinance of single-family homes or condominiums. It is important to note that Fifth Third Bank's physician loan program has geographic limitations and is currently only available in certain states, including Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, and West Virginia.

Fifth Third Bank's established doctor program provides established physicians with flexible financing options, taking into account their unique financial circumstances, such as deferred student loan payments and expected salary increases. The program streamlines the application process, making it accessible and convenient for doctors seeking to purchase or refinance their homes.

The application process for a Fifth Third Bank physician loan

Fifth Third Bank offers a physician loan program with favourable terms for new and established doctors to help them build their careers and purchase homes. The bank provides fixed or adjustable-rate mortgage loans for buying or refinancing a house, with no private mortgage insurance (PMI) required.

Eligibility:

To be eligible for the Fifth Third Bank physician loan, you must fall under one of the following categories:

• Residents
• Fellows
• New physicians
• Established physicians and dentists

Additionally, you must have a minimum credit score of 700, although some sources state that the minimum is 720 for practicing physicians and 700 for doctors still in training. It is also preferable to have over $2,000,000 in assets with the bank for private banking.

Loan Amounts:

Loan amounts vary depending on whether you are a new or established doctor. New doctors can borrow up to $750,000 with no down payment or up to $1 million with a 10% down payment on the home. Established doctors can borrow up to $750,000 with no down payment or up to $2 million with a 10% down payment.

Application Process:

While the exact application process for the Fifth Third Bank physician loan is not outlined, the following steps are typically involved in applying for a mortgage loan:

• Contact the Bank: Reach out to Fifth Third Bank through their website, phone, or in-person at a branch to express your interest in the physician loan program.
• Provide Documentation: You will need to submit various documents to verify your identity, income, employment status, and creditworthiness. This may include pay stubs, tax returns, bank statements, and employment contracts.
• Complete a Loan Application Form: The bank will provide you with the necessary forms to apply for the loan, which you will need to fill out accurately and completely.
• Wait for Processing: The bank will review your application, verify your information, and assess your creditworthiness. Processing times may vary, and you can contact a Mortgage Loan Originator at Fifth Third Bank to obtain an estimated timeframe.
• Receive a Decision: Once your application has been thoroughly reviewed, the bank will inform you of their decision. If approved, they will provide you with the loan terms and conditions, including the interest rate, repayment schedule, and any associated fees.
• Accept and Finalize the Loan: If you agree to the terms, you will need to sign the loan agreement and complete any additional paperwork to finalize the loan process.

It is important to note that Fifth Third Bank is not available nationwide, and only residents or those planning to move to certain states are eligible, including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.

Pros and cons of a Fifth Third Bank physician loan

Fifth Third Bank offers physician mortgage loans to new and established doctors or dentists who are considering home ownership. The loan program helps doctors receive attractive financing to purchase or refinance a home. Here are some pros and cons of a Fifth Third Bank physician loan:

Pros

• The bank offers physician loans to established physicians, while most programs are only for new doctors.
• The bank has expanded eligibility criteria, including no age restrictions and accommodating various types of visas.
• The bank offers loans to a wider range of doctors, including medical doctors (MD, DO), podiatrists (DPM), dentists (DDS, DDM), veterinarians (DVM), and optometrists (OD).
• The bank does not require a down payment, and borrowers can get 100% financing for loans up to $750,000.
• The bank does not charge Private Mortgage Insurance (PMI), making the loan payments more affordable.
• The bank offers both fixed and adjustable-rate loans, providing flexibility for doctors' varying needs.
• The bank excludes student loan debt from the debt-to-income ratio, making it easier for residents, fellows, and doctors to qualify.
• The bank provides online tools to calculate monthly mortgage payments based on purchase price, down payment, interest rate, and loan term.
• The bank has an A+ rating with the Better Business Bureau.

Cons

• The bank is not available nationwide and is currently only offering loans in certain states, including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.
• The bank has a credit score minimum of 700, which could be a downside for those with limited credit history or poor credit.
• The bank's interest rates may be higher compared to other lenders due to the lack of Private Mortgage Insurance (PMI) requirement.
• The loan program is only available for primary residences and single-family houses or condos.

Interest rates for Fifth Third Bank physician loans

Fifth Third Bank provides physician loans to new and established doctors to help them get a mortgage soon after med school. The loans can be as high as $2 million, with a maximum of $1 million for new doctors, and the bank offers favourable terms for doctors. Doctors can borrow up to 100% on loans up to $750,000 and higher loan amounts with a small down payment. The bank offers fixed or adjustable-rate mortgage loans for buying or refinancing a house.

The interest rates offered to doctors at Fifth Third Bank vary. Physician home loans do not require private mortgage insurance (PMI), and because of this, they often have a slightly higher interest rate. The bank's competitive rates are subject to change, but you can lock in a rate at the time of application. The bank will stand by the rate through a specified expiration date.

Fifth Third Bank is one of the few lenders that offer physician loans to established physicians. Most programs are only for new doctors. The new doctor loan program is for residents, fellows, and interns who have already started their position or have a contract to start within 90 days. New doctors can borrow up to $750,000 with no down payment or up to $1 million with a 10% down payment on the home. The established doctor program is for licensed medical professionals who have worked as doctors for at least one year. Established doctors can borrow up to $750,000 with no down payment or up to $2 million with a 10% down payment on the home.

Fifth Third Bank prefers credit scores over 700, but they are flexible when looking at creditworthiness. They often look at the big picture, determining if you’re a good candidate. They recognize that med school graduates often have credit challenges, especially with the large amount of student loan debt they carry. Student loan debt is excluded from the debt-to-income ratio to make qualifying for the loan easier. Practising physicians must have a minimum credit score of 720, while doctors still in training need a score of 700.

Frequently asked questions