- The Citizens Bank bank physician loan is available to doctors and dentists, as well as residents, fellows and interns looking to buy a home.
- Through this mortgage loan program, eligible candidates can qualify for up to 95% in financing.
- No private mortgage insurance is required.
Homeownership is a dream many people have, and physicians and dentists are no different. What sets them apart, though, is having a higher-than-average income, typically with high student loan debt.
Medical professionals looking for a home loan might be concerned about how to make the numbers work to qualify for a mortgage loan. However, many banks offer physician loans to qualified candidates, which require a low or no down payment and no mortgage insurance requirement.
Such flexible terms allow doctors to buy a new home sooner rather than later. There are various physician mortgage loans on the market. One of which is a Citizens Bank physician loan. Citizens Bank offers various financial products, including student loan refinancing and a doctor loan mortgage.
Lowest down payment
5% down payment up to $850,000
Maximum loan amount
How they treat student loans
Student loans that are deferred for more than a year are excluded from debt-to-income (DTI) ratio. Can also use IBR and reduced student loan payments to qualify.
Requirements to keep low rate
May get a discount by having a bank account with Citizens Bank
Degrees that qualify
MD, DO, DDS and DMD
CA, CT, DC, DE, IL, IN, KS, KY, LA, MA, MD, ME, MI ,MN, MO, MS, NC, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV
Citizens Bank physician mortgage details
If you’re considering buying a home soon, here’s what you need to know about the Citizens Bank Doctor Loan.
What mortgage product do you need?
Your Occupation As Of September 2023
Are You Currently Working With a Realtor?
Home Price Range
Preferred Down Payment
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
How Many Banks Would You Like Quotes From?
Any Bankruptcies or Short Sales?
State Where You Plan to Purchase
Metro Area Where You Plan to Purchase
Would You Like to Add Any Additional Details?
Citizens Bank physician mortgage program: pros and cons
If you’re ready to buy a home, a doctor loan program can help you access the funding you need to get started. However, a mortgage is a big financial move that should be evaluated before taking the next step. Here are the major pros and cons of a Citizens Bank physician loan.
Citizens Bank physician mortgage loan: pros
Mortgage can be used for various properties
The Citizens Bank physician loan can be used for a primary residence, construction, as well as a cash-out refinance. In other words, the loan can be used to buy a new primary home or to build a new property. You might also be able to get a cash-out refinance.
No mortgage insurance requirement
Saving up for a down payment can be a long and drawn-out process. Homebuyers generally want to save a 20% down payment to avoid paying private mortgage insurance (PMI). However, with the Citizens Bank physician loan, there’s no mortgage insurance requirement, so you don’t have to worry about that added expense if you have less saved up.
Multiple mortgage options
Your interest rates and repayment terms can impact how much you pay for your mortgage. With the Citizens Bank physician loan, you can opt for fixed interest rates or get an adjustable-rate mortgage (ARM).
For example, you can choose a fixed-rate mortgage with a 10-, 15-, 20- or 30-year repayment term. ARM options include 3/1, 5/1, 7/1 and 10/1 ARMs. Having choices and flexibility can help you decide what’s best for your finances and can give you a better idea of the total cost of the loan.
Citizens Bank physician mortgage loan: cons
Limited eligibility by profession
Many doctor mortgage programs, given the name, are designed for doctors and dentists. While these loan programs are catered to these types of healthcare providers, some lenders have expanded eligibility to include other types of doctors, including optometrists and veterinarians.
The Citizens Bank physician loan is exclusively for medical doctors and dentists, so the eligibility is much smaller compared to some other lenders and doctor loan programs. Also, you must be within 10 years of residency to qualify.
Doesn’t offer 0% down option
One of the major perks of physician mortgage loan programs is that some lenders allow borrowers to put zero down to obtain financing. That can be a draw for physicians who want to get started with homeownership with little capital to get started. Citizens Bank doesn’t offer this as an option and has a minimum of 5% down payment requirement to get financing.
There may be restrictions by state
Citizens Bank is available in various states but may have different programs and restrictions on a state-by-state basis. So you want to check to see if you qualify based on where you live and see if there are any other eligibility requirements you must meet.
How to apply for a Citizens Bank physician home loan
Interested in getting started with a Citizens Bank physician loan? Here are the steps to get started.
Step 1: Contact a Citizens Bank Doctor Loan Specialist
Citizens Bank offers doctors and dentists unique financial products such as its doctor loan mortgage, student loan refinancing and wealth management services. Because of its various products aimed at health professionals, the bank has a team of loan specialists who are equipped to understand your unique banking needs and offer solutions.
Step 2: Prepare documentation
Once you speak with a banking specialist, you’ll have a better idea about the documentation you need for a mortgage. You’ll likely need to provide proof of income, such as recent paystubs, last year’s tax return or an employment contract from your soon-to-be employer.
For example, Citizens Bank allows medical residents with a new license to obtain a mortgage within 60 days of starting new employment. Self-employed doctors must have two years of experience to qualify.
Step 3: Apply for a mortgage
After doing your research and gathering documentation, it’s time to apply for a mortgage. Evaluate the terms and conditions, repayment terms, interest rates, and closing costs. Consider the pros and cons of the lender and ask any questions you may have. Once you apply and get approved, you’re even closer to getting a home of your own.
Should you apply for a physician mortgage with Citizens Bank?
If you’re a doctor or dentist, you can research many physician mortgage loan lenders to find the best option. Citizens Bank might not offer zero percent down, but it offers many different financial products and could offer support tailored support through its doctor loan banking specialists. If you want a lender who’s willing to be in your corner by helping you with various parts of your finances, Citizens Bank could be a good option.
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