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Huntington National Bank Physician Loan Review

Key Takeaways:

  • MD, DO, DDS, DMD or DVM degrees may qualify for a physician mortgage loan with Huntington National Bank.
  • Program requirements depend on whether borrowers have a credit score of 700 or a score between 680 to 699.
  • There may be no down payment required for some home loans for borrowers with a 700 score.
  • The maximum debt-to-income ratio is 50%.

Even though many doctors have high incomes, they also have a lot of student loan debt. To manage student loan payments and home loan payments, it can make sense to look into home-buying loan programs for physicians.

These programs often offer flexible terms and make homeownership possible for doctors. Huntington Bank is a lender to consider if you want access to a home loan after finishing medical school. Let‘s take a look at the physician mortgage program at Huntington.

Minimum down payment0% up to $1 million
Residents allowedYes
Maximum loan amount$2 million
Degrees that qualifyMD, DO, DDS, DMD, DVM
Eligible statesCO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, ME, MD, MA, MI, MN, MO, MT, NE, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, UT, VT, VA, WA, WV, WI, WY

Huntington Bank physician mortgage loan details

Before deciding on a Huntington physician mortgage loan, there are a few things to consider. Take a look at some of the details.

As a doctor, you might qualify for special financing terms for a home loan through Huntington National Bank. Realize that there might be fees and your down payment might vary based on your loan-to-value (LTV) and other factors, like your credit score.

Huntington also offers refinancing, including a cash-out refinance of up to $250,000. Let’s take a look at the pros and cons of using this lender for a doctor loan program.

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?

GET MY QUOTES

Huntington Bank Physician Mortgage Pros

Huntington National Bank offers physician mortgage loan products that can help you achieve homeownership with a variety of options.

Different down payment options

One of the biggest differentiators with Huntington is the fact that it offers different down payment options for borrowers. Medical doctors, podiatrists and veterinarians can all get different choices based on their credit score and how much they plan to borrow.

For those with a credit score of at least 700, the down payment options include:

  • No down payment up to $1 million.
  • 5% down payment up to $1.25 million.
  • 10% down payment up to $2 million.

For those with a FICO score of 680 to 699, down payment options include:

  • 5% down payment up to $500,000
  • 10% down payment up to $1 million
  • 25% down payment up to $2 million

Additionally, this mortgage company allows you to use gifts for down payments and reserves, making it easier to meet the requirements.

Has a mix of rates and terms

Huntington National Bank offers different interest rates and mortgage options, including adjustable and fixed rates.

With Huntington, you can get a 15-year fixed or 30-year fixed physician mortgage loan. There are also adjustable-rate mortgage options, including 15/6, 10/6, 7/6, 5/6, 3/6 and 1/6 ARM options. This allows you to figure out what monthly payment and interest rate situation works best for you.

Refinancing

Medical professionals who want to refinance can do so with Huntington. Borrowers can use their home equity as part of a cash-out refinance or line of credit, up to $250,000.

No PMI requirement or prepayment penalty

For most home loans, if you have a down payment amounting to less than 20%, your lender may require Private Mortgage Insurance (PMI). There‘s no private mortgage insurance required for physician loan options at Huntington National Bank.

Additionally, you don‘t have to worry about a prepayment penalty if you pay off your mortgage early.

Huntington Bank Physician Mortgage Cons

It‘s important to understand the drawbacks of using a physician mortgage loan before you commit to a home loan.

You may borrow more than you need

With a low down payment and various ARM choices, you run the risk of borrowing more than you need. A physician mortgage loan can add to your debt-to-income ratio and cost you a lot of money in interest.

Carefully consider your budget for housing costs to understand your mortgage financing options will impact your overall personal finances. Using a physician mortgage loan payment calculator can help.

No construction loan option

If you’re planning to use a doctor loan to build a home, that’s not an option with Huntington. Instead, you must have an existing home to get a loan through this lender.

Credit score minimum

As with other physician loan programs, you need a minimum credit score of 700 to qualify for the best financing options, including a lower down payment. With a credit score of 680, you can still get one of these loans, but you‘ll have to pay a higher down payment.

How to apply for a Huntington National Bank physician mortgage loan

Compare different lenders to determine if Huntington is the best physician mortgage loan program for you. If you decide it is, here‘s how to get started.

Step 1: Contact Huntington National Bank

Be ready with the following information:

  • Name
  • Email
  • Phone number
  • Loan amount
  • Property type and location
  • Property zip code

Step 2: Gather your documentation

Next, the mortgage lender needs to verify your identity and financial details. Your mortgage loan officer can give you a full list, but try to collect the following items:

  • Pay stubs (recent 30 days).
  • Employment contract, if you haven’t started.
  • Recent two months of bank statements.
  • Prior two years of tax returns.
  • Driver’s license or other ID.
  • Copy of medical license or medical school diploma.
  • Other documents, as requested.

Have your documents ahead of time for faster processing and approval.

Step 3: If approved, accept the loan

Once you‘re approved, you can decide to finalize and accept the home loan. Be sure to carefully read the contract so you know your total closing costs, terms and conditions, as well as any other fees.

After the disclosures and other paperwork are signed, you can prepare to move into your new home.

Should you apply for a physician mortgage loan with Huntington?

Huntington National Bank offers doctor loans to different professionals and also accepts H-1-B visas and green cards. Additionally, you might be able to get a loan without making a down payment or worrying about PMI.

Compare Huntington to other physician mortgage lenders and pick a mortgage program that fits your needs.

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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