9 Best Physician Mortgage Loans in Ohio with 0% Down and No PMI

Buying a home is a big milestone that often comes with many hurdles, from saving a large down payment to meeting eligibility requirements and navigating a competitive market.

According to Ohio REALTORS, the average home sales price in the Buckeye State was $245,459 in February 2023. Compared to many housing markets across the country, that’s a reasonable amount. But when you consider that most physicians have high six-figure student debt, it can make owning a home with a conventional mortgage more challenging.

Doctors and dentists can benefit from exploring physician mortgage loans designed with their career trajectory in mind. Let's look at some of the best physician mortgage loans in Ohio.

Ohio Doctor Mortgage Lenders	0% Down Loan Limit	Who Can Qualify	Unique Features
Fifth Third Bank	$750,000	MD, DO, DDS, DMD, DVM, OD	Lends to various visa holders
First Merchants Bank	$1 million	MD, DO, DDS, DMD, DVM, PharmD	Student loan debt deferment allowed
First National Bank	$1.25 million	MD, DO, DDS, DMD, DVM	Eastern US focus
Huntington Bank	$1 million	MD, DO, DDS, DMD, DVM	Minimum 700 credit score
KeyBank	$1 million	MD, DO, DMD, DPM	Can be used for second home
Northwest Bank	$950,000	MD, DO, DDS, DMD, DPM	Northwest US focus
S&T Bank	Min 5% down	MD, DO, DDS, DMD, DVM, OD, JD	No Loan Limit
Truist	$1 million	MD, DO, DDS, DMD, DPM	Within the past 15 years of training
US Bank	Min 5% down	MD, DO	Dentists not eligible

9 Ohio physician mortgage loans to explore

Physician mortgage loans aren’t just limited to medical doctors anymore. Depending on the lender, veterinarians, nurse anesthetists, attorneys and other high-debt, high-earning professions may qualify.

You can jumpstart your search using the form below to quickly match with lenders in your area. Or keep reading to learn about the top Ohio physician mortgage loans to consider, listed alphabetically with contact information (when applicable).

1. Fifth Third Bank

Fifth Third Bank, headquartered in Cincinnati, provides financing for purchasing or refinancing a primary residence. It offers financing options for established physicians and dentists with an MD, DO, DPM, DDS, DMD, DVM or OD designation.

Physician mortgage loans are for amounts up to $1 million with no down payment, up to $1.5 million with 5% down, or up to $2 million with a 10% down payment.

Residents, fellows and new physicians can also qualify for potentially similar terms and conditions. But Fifth Third Bank caps its loan amount for these medical professionals at a lower maximum financing amount with a low down payment.

Contact: Sandy Salas

2. First Merchants Bank

First Merchants Bank's physician mortgage program is a great option for doctors and dentists. It's available to professionals who hold an MD, DO, DDS, DVM, DMD or PharmD designation.

Financing options include:

• 0% down for up to $1,000,000
• 5% down for up to $1,250,000
• Financing up to $2,000,000 is available

If you are another type of medical professional or first responder, First Merchants Bank has you covered too. Their Community One Professional Loan program, which includes police, fire, teachers, RNs, RTs and any hospital employee, offers a loan amount of up to $350,000 with 3% down and no required PMI (private mortgage insurance) on a new home purchase.

3. First National Bank

If you're a medical doctor, dentist, podiatrist or veterinarian, First National Bank’s physician mortgage can be used to purchase or refinance a new home in Ohio. Financing can also be used for new construction builds or a second home.

Those with greater than 10 years are still eligible, but are required to put down a minimum of a 10% down payment. H-1B and green card holders are encouraged to apply. To be approved, one must provide his or her signed offer letter or employment contract.

Financing options include:

• 0% down for up to $1.25 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

There are available options for 30-year or 15-year fixed-rate mortgages, as well as 15-year, 10-year, 7-year, and 5-year adjustable-rate mortgages (ARMs).

Contact: Josh Feldman

4. Huntington National Bank

Huntington Bank, founded and headquartered in Columbus, provides physician mortgages for medical doctors, dentists and veterinarians with an MD, DO, DDS, DMD or DVM designation. Additionally, podiatrists and ophthalmologists might be eligible.

Financing options for borrowers with a minimum credit score of 700 include:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million

For borrowers with a credit score ranging from 680 to 699, financing options include:

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

Note there's a 50% maximum DTI requirement. However, student loan debt is treated differently depending on if you're in residency or fellowship. Otherwise, Huntington will use your actual monthly student loan payments or 1% of your outstanding student loan balance as an estimate for DTI calculations.

Huntington Bank has several ways of treating student loan debt when calculating your DTI ratio. For example, your actual monthly student loan payment will be used. Alternatively, 1% of your outstanding student loan balance will be used as an estimated monthly payment.

5. KeyBank

KeyBank offers doctor mortgage lending for interns, residents, fellows, doctors, dentists, clinical professors, researchers and managing physicians. Qualifying designations include MD, DO, DMD, DDS or DPM.

KeyBank provides up to 100% financing for purchasing your primary residence. Financing options are available for second homes, as well, but a larger down payment might be required. Doctors at all career stages are eligible, unlike some banks that restrict their programs to doctors within 10 years of finishing training.

6. Northwest Bank

Northwest Bank offers a handful of programs (e.g. First Time Homebuyers and Affordable Home Program) designed to make homeownership more attainable. It also provides physicians and residents with MD, DO, DDS, DMD or DPM designations access to loan amounts up to $1.25 million and no required PMI.

Its Physician’s Loan Program comes with down payment requirements as low as 0% and fixed-rate or adjustable-rate mortgage options.

Financing options include:

• 0% down for up to $950,000
• 5% down for up to $1,250,000
• 10% down for up to $1,500,000

A mortgage pre-qualification can help determine how much you can borrow, based on estimates of key factors, such as income, current monthly debt, and credit history.

7. S&T Bank

With S&T Bank’s Professional Mortgage Program, physicians and other eligible professionals can get a loan for 5% down with no required maximum loan amount. No restrictions apply on a physician’s age. Newly self-employed (1099 independent contractor) physicians are allowed with a provided employment agreement.

To be eligible, one must be a medical resident, medical fellow, attorney, or hold a MD, DDS, DMD, DO, DVM, or PhD in a non-medical science. H-1B visas and/or green card holders can be served. VA loans are also available; although, you will find better deals with their Professional Mortgage Program, by comparison.

A 700 or higher FICO score is recommended when using S&T Bank.

Cash out refinances are limited to 80% LTV (Loan-to-Value) and no cash out limit.

30, 20, 15, and 10 year fixed rate options and 5 and 7 year ARM’s options are available.

Contact: Mike Wagner

8. Truist

A Truist doctor mortgage loan can provide up to $1.5 million in home financing for practicing MD, DO, DPM, DDS or DMD physicians. Residents, interns and fellows in an MD, DO or DPM program can also get in on the action with a maximum loan amount of $750,000.

Financing options for physicians with less than 10 years of post-residency experience include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10.01% down for up to $2 million

However, if you have 10 to 15 years of experience, you’ll be limited to 89.99% financing for up to $1.5 million.

Contact: Matt Albert

9. U.S. Bank

The professional mortgage options at U.S. Bank are available for lawyers and medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.

You can borrow up to $2.5 million, but you’ll need a minimum down payment:

• 5% down for up to $1 million
• 10% down for up to $1.5 million
• 15% down for up to $2 million

Related: Try our Physician Mortgage Loan Calculator for monthly payment estimates and more

How an Ohio physician mortgage loan works

A conventional mortgage will typically require you to bring 20% of the home purchase price to the table. Otherwise, you’ll pay for private mortgage insurance (PMI) each month until you’ve built enough equity in your home.

In contrast, a physician mortgage loan offers doctors and dentists exclusive benefits, including:

• No-money-down options. Most physician mortgage loans offer 90% to 100% financing for qualifying borrowers.
• No PMI. Even if your down payment is a goose egg, you won’t need to pay PMI as a monthly payment or lump sum.
• Relaxed income requirements. Many physician mortgage lenders allow you to close on your home up to 90 days before starting a new job with an acceptable employment contract as proof of income. Conventional loans require at least a two-year employment history, making Ohio doctor home loans a huge benefit for new physicians.
• Favorable treatment of student loans. Physician loan programs know you’ll have high student debt, so they’ll usually treat student loans differently when calculating your debt-to-income (DTI). For example, many will use your actual monthly payment on an income-driven repayment (IDR) plan or exclude your student loan debt altogether if your loans are deferred.

Additionally, physician loans have much higher loan limits upwards of $1 million or more. While this is a nice perk, it can also get you into trouble if you sign for a mortgage that you can’t safely afford.

Should you take out an Ohio physician mortgage loan?

Ohio physician mortgage loan programs are designed for professionals who have a lot of student debt but also a high earning potential over the course of their careers.

New and established practicing physicians (usually capped at 10 years post-training) can own a home with no or a low down payment, making homeownership a reality sooner than expected.

However, you’ll still need to compare rates and terms with other mortgage options (e.g. FHA or VA loan) to ensure you’re using the most beneficial program for your situation.

Regardless of how much you get approved for with a physician mortgage loan or another loan program, limit your home purchase to less than two times your household income to keep your debt manageable.

If a physician mortgage loan is in your future, find a doctor mortgage loan in your state today.