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First Citizens Bank Physician Mortgage Loan Review

Key Takeaways:

  • MD, DM, DO, DPO, DDS, or DMD degrees may qualify for a physician mortgage loan with First Citizens Bank. Additionally, those with PA, CRNA and CRNP designations may also qualify.
  • A minimum credit score of 700 is recommended for doctor mortgage programs.
  • 100% financing is available.
  • Refinancing is available.

Medical professionals, like physicians and nurses, have the potential for a relatively comfortable — or even high — income. However, getting an advanced degree in a healthcare field can result in high student loan debt. As a doctor, dentist or nurse, you might be able to afford the monthly payments on your student loans but still wonder if you can afford homeownership.

First Citizens bank offers a mortgage program aimed at healthcare professionals. Find out if First Citizens offers you the products you need to become a homeowner.

Minimum down payment0%
Construction loansYes
Requirements to keep low rateMust have autopay from First Citizens checking
Degrees that qualifyMD, DM, DO, DPO, DDS, DMD, PA, CRNA, CRNP
Eligible statesFL, GA, MD, NC, SC, TN, VA, WV, WI

First Citizens Bank physician mortgage loan details

First Citizens traces its origins to 1872 in Mansfield, Pennsylvania. The bank has been recognized by Forbes as one of the best state banks. It’s an FDIC member and equal housing lender.

In addition to physicians and dentists, First Citizens also offers special loans to nurses. These types of doctor loan programs offer special underwriting so that health professionals with advanced degrees more easily get funding for a home purchase.

Get Quotes for Your Doctor Mortgage

What mortgage product do you need?

Step 1: Job
Step 2: Home
Step 3: Your Info

Your Occupation

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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?

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Full Name

Email

Phone Number

State Where You Plan to Purchase

Metro Area Where You Plan to Purchase

Citizenship Status

Communication Preference

Would You Like to Add Any Additional Details?

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First Citizens Bank physician mortgage loan: Pros and cons

First Citizens offers two different mortgage options, including a 100% mortgage and an 80/20 mortgage. When getting a mortgage, make sure you understand the origination fees and closing costs.

First Citizens also allows borrowers to refinance or build a home. Review the advantages and disadvantages of using First Citizens Bank as your lender for your doctor loan.

First Citizens Bank physician mortgage loan pros

With Citizens Bank, you can access doctor loans and other loan options that have interest rates.

Up to 100% financing

You can get up to 100% finance on mortgages with First Citizens. You need a valid employment contract or show three years of tax returns, but you could still qualify. There’s also an 80/20 loan that’s split into two parts. The first part is a mortgage, with the 20% down payment coming from home equity.

Different types of loans

First Citizens Bank offers different loan options, including fixed-rate and adjustable-rate mortgages. You can get terms of 15, 20 and 30 years. Compare your options with other loan choices to see if a different program might work. You can also get financing to build a home or even refinance a current home.

Use a physician mortgage loan calculator to run the numbers. You want to know what works best for you, whether you get a small conventional mortgage or a jumbo loan.

No PMI

On top of different mortgage program options and low down payment options, it’s also possible to avoid paying private mortgage insurance (PMI). First Citizens will work with healthcare professionals to find a solution that works for them.

First Citizens physician mortgage loan cons

Before moving forward with First Citizens or any other bank, you should understand the downsides. A physician loan program comes with its own pitfalls, and you should be aware of those.

Small down payments can lead to higher monthly payments

Because doctor and nurse loan programs allow you to get a more expensive house for less money down, it can be tempting to take advantage. However, this can lead to higher monthly payments. Plus, if you get the 80/20 mortgage, you end up with two different mortgages. You’re more likely to end up house poor with a doctor loan if you aren’t careful.

Monthly payments can be difficult to manage

With student loans and higher monthly payments, you could end up struggling. Be careful about borrowing so much that your debt-to-income ratio is unaffordable while you live in your new home. Even in cases where student loans aren’t factored into the debt-to-income amount when buying the home, you still have to manage that debt.

Credit score minimum

The minimum credit score for the loan program at First Citizens is 700. You need to have good to excellent credit to get the best interest rates (and have a First Citizens checking account). If you don’t meet the requirements, you might need to look into a program with more flexible credit requirements, like the FHA loan.

How to apply for a First Citizens Bank physician mortgage loan 

Part of the home buying process is comparing lenders. Review three to find lenders and understand their terms. Give preference to lenders that don’t charge private mortgage insurance, focus on low mortgage rates and offer other generous terms.

If you decide First Citizens is best for your needs, fill out a mortgage application to get started.

Step 1: Contact First Citizens Bank

To start the approval process for a doctor loan, you or your realtor can reach out to a bank representative. You can also request information through the website.

Before you make your call, be ready with the following information:

  • Name
  • Email
  • Phone number
  • Loan purpose
  • Loan amount
  • Property location
  • Property zip code
  • Degree
  • Employment contract

Step 2: Gather necessary documentation

All mortgages require that you document your identity, income and other information. Your mortgage loan officer can provide you with a list of what you’ll need. Some documentation might include:

  • Purchase agreement.
  • Employment contract.
  • Recent bank statements.
  • Tax returns.
  • Driver’s license or other ID.
  • Other documents, as requested.

Whether you‘re a first-time homebuyer or a veteran in the process, having the right documents at the beginning can help you close on your home faster.

Step 3: If approved, accept the loan

If First Citizens approves you, it‘s time to decide whether to accept the home loan terms and conditions. Review the disclosures and confirm the closing costs. After you close on the home, you can prepare to move into your new real estate.

Should you apply for a physician mortgage loan with First Citizens Bank?

The physician mortgage loan programs from First Citizens can be a good move if the numbers work for you. It’s an equal housing lender, and there are different options a loan officer can help you review to see what works for you.

Make sure you’re ready to buy a home and compare First Citizens Bank to other physician mortgage lenders. Decide what works for you and move forward with that loan. You can also fill out the form below for more information.

Get Quotes for Your Doctor Mortgage

What mortgage product do you need?

Step 1: Job
Step 2: Home
Step 3: Your Info

Your Occupation

NEXT

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?

NEXT

Full Name

Email

Phone Number

State Where You Plan to Purchase

Metro Area Where You Plan to Purchase

Citizenship Status

Communication Preference

Would You Like to Add Any Additional Details?

GET MY QUOTES

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