Evolve Bank Physician Mortgage Loan Review: 0% Down for Up to $1 Million

Editor's note: Evolve Bank no longer offers physician mortgage loans. If you're a medical professional looking for a doctor mortgage in your area, visit our updated page to view the best physician mortgage loans by state.

Doctors, dentists and other medical professionals often commit to six-figure student loan debt in exchange for a stable, meaningful career in healthcare. Many put off buying a home because of their staggering student loan payments and the need for a large down payment.

But special financing programs, like the Evolve Bank physician mortgage loan, can make homeownership a reality for residents and early-career medical professionals.

Keep reading to learn how you might benefit from the Evolve Bank physician mortgage loan.

Evolve Bank physician mortgage loan details

Evolve Bank & Trust has been serving banking customers for almost a century. Originally founded in eastern Arkansas, it’s now headquartered in Memphis, Tennessee, and serves clients across the nation.

Its Medical Professional Program is open to medical doctors, dentists, optometrists, pharmacists, podiatrists, physician assistants, chiropractors, veterinarians, nurse anesthetists, nurse practitioners and clinical nurse specialists throughout the United States. This opportunity also includes new medical, dental and veterinary graduates, residents and fellows.

Evolve Bank physician mortgage loan: Pros and cons

Eligible medical professionals can access a variety of down payments and loan terms with the Evolve Bank physician mortgage loan. But there are also drawbacks to using a doctor home loan.

Pros

Low down payment with high loan amounts

A physician mortgage with Evolve Bank can open the door to great financing options that aren’t available to most home buyers. Down payment options include:

• 0% down for up to $1 million.
• 5% down for up to $1.25 million.
• 10% down for up to $1.5 million.
• 15% down for up to $2 million or more.

As with other physician loan programs, Evolve Bank doesn’t require private mortgage insurance (PMI), even if you qualify for a $0 down payment.

Wide variety of medical professionals are eligible

Many doctor home loans limit their eligibility requirements to medical doctors and dentists. But the Evolve Bank physician mortgage loan is available to the following professions and degree designations:

• Medical Doctors (MD or DO)
• Dentists (DMD)
• Dental Surgeons (DDS)
• Optometrist (OD)
• Pharmacist
• Podiatrist (DPM)
• Physician Assistant (PAs)
• Chiropractor (DC)
• Veterinarians (DVM)
• Certified Registered Nurse Anesthetist (CRNA)
• Nurse Practitioners (NP)
• Clinical Nurse Specialists

Residents and fellows are also eligible with proof of current or future employment.

Ability to close on a home during residency

If you just graduated from medical school, dental school or veterinary school, you can use the Evolve Bank physician mortgage loan to buy a new home before or during residency.

For borrowers who haven’t started their new position, proof of future employment is required.

More extensive list of eligible properties

Physician mortgage programs typically restrict property eligibility to primary residences that are single-family units. However, some allow two-unit properties if you live in one of them. But Evolve Bank has a more generous property list that includes one- to four-family homes, condominiums and co-ops, as well as land and new construction.

Cons

Limited to medical professionals within 10 years of residency completion or graduation

If you’ve been out of residency for more than a decade, you can’t use the Evolve Bank physician mortgage loan to purchase or refinance a home. However, this is a normal condition of most physician mortgage programs as they’re intended for early- to mid-career borrowers.

Larger loan amounts could balloon your mortgage payment

A physician loan with Evolve Bank lets you access loan amounts up to $2 million without experiencing a jumbo loan interest rate hike. Additionally, you’ll likely qualify for a higher amount than you would with a conventional mortgage, thanks to relaxed underwriting criteria that treat student loans more favorably and have more flexible debt-to-income ratio (DTI) and credit score requirements.

But a larger loan isn’t always the best financial route since you’ll also be signing on for larger monthly mortgage payments. The last thing you want in the early stages of your career is to struggle with payments or risk losing the roof over your family’s head.

How to apply for a Evolve Bank physician mortgage

Each physician mortgage program will have its own eligibility requirements and borrower perks. Compare several physician mortgage lenders before applying for a mortgage.

If you decide that Evolve Bank is the right fit, follow these basic steps to move forward in the home buying process.

Step 1: Reach out to Evolve Bank for more information

Although Evolve Bank is a nationwide lender, it can be challenging to find information specifically about its medical professional loan. Contact a loan officer directly to discuss your financial situation and explore your mortgage options.

You can also check out Evolve Bank’s online mortgage resources to get a better feel for their different mortgage programs and recommendations.

Step 2: Prepare to submit personal and financial documentation

Each lender has its own list of information and documentation needed to process your loan application. But expect to provide personal information, such as your Social Security Number and contact information. You’ll also need copies of your government-issued photo ID and degree or medical license.

Additionally, you’ll need to submit documentation related to your income and finances. This usually includes recent tax returns, bank statements and W-2s. If you haven’t started your residency or new position, an acceptable employment contract will serve as proof of future income.

If you are looking to put 0% or 5% down, make sure you get your credit score up to 700 or better before you officially apply.

Step 3: Track your loan application progress and communicate with your loan officer

The underwriting process can take time and require clarification on your part. So, respond to requests for additional documentation in a timely manner.

Once your loan application is approved, review all loan disclosures and closing costs for discrepancies. Your mortgage loan officer should be willing to answer questions throughout the entire process.

Should you use an Evolve Bank physician loan?

The Evolve Bank physician mortgage loan allows for a wide range of medical professionals to qualify for low down payment solutions with no PMI, including 0% down for up to $1 million. But there are many physician mortgage lenders to choose from, as well as other mortgage options that might benefit you in different ways.

For example, if you qualify for a VA Loan and have a disability rating, you might benefit more from pursuing it as an alternative no down payment option.

Fill out the form below to get in contact with top physician home lenders who can help you weigh mortgage options based on your unique situation.