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GreenState Credit Union Physician Mortgage Loan Review

Key Takeaways:

  • Medical doctors and dentists in select states can access up to 100% financing with the GreenState Credit Union physician mortgage loan.
  • The GreenState physician loan has no private mortgage insurance (PMI) requirement and a variety of adjustable-rate and fixed rate mortgage options.
  • This physician loan program is 1099-friendly and allows physicians to close on a home with proof of an employment contract.

If you’re a physician in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, Wisconsin or West Virginia, you might be eligible for the GreenState Credit Union physician mortgage loan.

This exclusive home loan program allows medical doctors and dentists to purchase a new home with as little as $0 down, while also reaping the benefits of relaxed underwriting guidelines. Keep reading to learn about the GreenState Credit Union physician mortgage loan.

Minimum down payment5% down (with some exceptions for 0% down)
Maximum loan amount$2 million
Degrees that qualifyMD, DO, DDS or DMD
Eligible statesCO, IA, IL, IN, KY, MI, MN, MO, NE, OH, PA, SD, WI and WV

GreenState Credit Union physician home loan details

GreenState has grown to be Iowa’s largest credit union with over 400,000 members. However, it also provides banking services and products to anyone living or working in nearby counties in Illinois, Wisconsin, Nebraska and South Dakota.

That said, as a subsidiary of the credit union, GreenState Mortgage offers medical doctors, dentists, podiatrists, ophthalmologists and veterinarians in other select states a physician mortgage loan with low down payment options.

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GreenState Credit Union physician mortgage loan: Pros and cons

Eligible borrowers have a lot to gain from using a doctor home loan program. But each lender has its own eligibility requirements (e.g., minimum credit score), program perks and loan limitations.

You’ll need to compare the pros and cons of the GreenState Credit Union physician mortgage with other loan programs in your area.

Pros

No down payment required

GreenState offers the following down payment options based on the overall loan amount:

  • 0% down for up to $750,000.
  • 5% down for up to $1.25 million.
  • 10% down for up to $2 million.

Eligible homes include one- and two-unit properties, condominiums, townhouses, planned urban developments (PUDs) and modular homes.

Ability to buy a home with an employment offer in place

If you’ve secured residency placement or signed a contract for a new position, you can purchase a home before you start your new role by using a doctor home loan.

However, unlike other physician mortgage lenders that require an employment start date within 60 to 90 days of closing, GreenState doesn’t impose a time limit if the borrower has adequate reserves.

1099-friendly lender

Most lenders will require at least a two-year income history for 1099 physicians. But GreenState waives this guideline for physicians hired as a contractor or 1099 employee.

Variety of loan terms to choose from

Whether you want a traditional 15- or 30-year fixed interest rate or an adjustable-rate mortgage (ARM), the GreenState Credit Union physician mortgage loan has a variety of options to choose from. If you’re interested in a variable rate, you can explore 5-, 7-, 10- and 15-year loan options.

Cons

Physician loan program isn’t nationwide

If you live in Colorado, Iowa, Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio, Nebraska, Pennsylvania, South Dakota, Wisconsin or West Virginia, then the GreenState Credit Union physician mortgage loan might be a great fit. But borrowers interested in properties outside of these states might need to look elsewhere for other qualifying programs.

That being said, GreenState sometimes works with physicians in other states on a case-by-case basis. So, it might be worth reaching out either way.

Narrow degree qualifications

To qualify for the GreenState Credit Union physician mortgage loan, you’ll need an MD, DO, DDS or DMD degree designation. Its target audience includes medical doctors, dentists, podiatrists and ophthalmologists. However, veterinarians might also be permitted.

A larger loan amount isn’t always the best choice

Because physician home loan programs come with relaxed underwriting guidelines that often exclude student loan debt from your debt-to-income ratio (DTI), you’ll likely qualify for a higher loan amount than a conventional loan.

This can be beneficial for some borrowers, but it can also quickly balloon your monthly mortgage payment. So, you’ll need to be diligent about just how much house you can realistically afford.

How to apply for a GreenState Credit Union physician loan

If you’re interested in applying for a physician home loan with GreenState, here’s how you can move forward.

Step 1: Contact a GreenState Mortgage representative

Before applying for a mortgage, it’s best to reach out to a loan officer with GreenState to discuss its loan process, including any questions related to underwriting and conditions to close. You can reach out online or by calling 877-527-3510.

Step 2: Submit an online application and underwriting documentation

You can quickly get pre-qualified for submitting an online loan application. But in order to move forward with the loan, you’ll need to submit supporting documentation, including:

  • Personal information like your Social Security Number and state issued photo ID.
  • Recent pay stubs for the previous 30 days and year-to-date totals.
  • Two years of tax returns and bank statements.

If you already own real estate property, expect to show information related to your existing mortgage account and home insurance policy.

Step 3: Complete closing process

Once the underwriting department has reviewed your file, it’ll send a “conditions to close”, which might include requests for additional information. Be ready to respond in a timely manner.

When your mortgage loan officer receives the “clear to close”, you’ll meet to review and sign loan paperwork. Make sure you understand all final closing costs and terms and conditions of your physician loan before signing.

Is a physician mortgage with GreenState Credit Union right for you?

The GreenState Credit Union physician mortgage loan offers ample opportunity for medical doctors and dentists to close on a new home with little money down. This is a great option for physicians with an executed employment contract as there isn’t a 60- to 90-day timeframe for your start date. Additionally, physicians with 1099 income might have more flexibility than with other loan programs.

But this isn’t a nationwide physician loan program, so you’ll need to look into other mortgage options if you don’t live in a qualifying state. To quickly compare physician lenders, fill out the form below for your next home purchase or refinance.

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