11 Best Physician Mortgage Loans in West Virginia With Perks

Are you one of the 6,059 active physicians who calls West Virginia home in 2023? With a population of nearly 1.8 million residents, West Virginia has a lot to offer medical professionals hoping to set down roots.

The state is steeped in history and is home to the tree-studded Appalachian Mountains. Towns like Harpers Ferry are famous for the Potomac River and Civil War, and feature living-history museums that are open to the public.

With all this historic significance and being surrounded by a national park, you’d think that West Virginia real estate would be expensive. But home values in West Virginia are relatively affordable in 2023, coming in at an average of $143,697 (an increase of just 6.4% since the past year).

If you’re a professional in the medical field looking to purchase a home, we recommend checking out the physician mortgage loan in West Virginia. This exclusive program allows health professionals to take advantage of perks and benefits unique to the industry.

Read on to learn more about what a physician loan in West Virginia could mean for you.

Perks of getting a West Virginia physician mortgage loan

A West Virginia physician home loan is the perfect program for professionals like dentists, doctors, nurse practitioners, veterinarians and doctors. This is why it often gets the nickname “doctor mortgage.” 

But contrary to what the name implies, a physician mortgage isn’t just for medical doctors. If you hold an MD, DO, DDS, DP, DPM, OD, DVM, DC or PharmD designation, you could qualify. A physician mortgage lender expects borrowers in these professions to have high amounts of student debt. So, it’s perfect for individuals in these health fields.

Here are three of the primary benefits when applying for a physician mortgage in West Virginia.

No private mortgage insurance (PMI)

Some home loan lenders require PMI if a borrower is unable to meet the minimum down payment. According to FreddieMac, the average cost of PMI is between $30 to $70 per month for every $100,000 borrowed. 

But this is not the case with a physician mortgage, thanks to no PMI requirement. This means saving anywhere from $450 to $1,050 per month based on a home that costs $1.5 million. That's a huge savings every month!

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

Up to 100% financing

Depending on your credit score and your degree, many physician mortgage lenders offer 100% financing on loans up to $1 million or more. This means you could own your dream home with as little as $0 down.

If you need a home loan that’s higher than $1 million, you could still only pay between 5% to 15% down, which is often less than a conventional mortgage down payment.

Generous terms for student loan debt

Physician mortgage loan programs are created especially for borrowers who have advanced degrees and high student loan debt. Because of this, the program comes with generous terms and underwriting guidelines that are flexible when calculating debt-to-income ratios (DTI). 

And in some cases, lenders will use the actual monthly payment under Income-Based Repayment (IBR), Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE).

11 Top physician mortgage lenders in West Virginia

Here some of the top lenders offering physician loans in West Virginia, each with its own perks and program benefits. We recommend starting with quotes from two to three different lenders, so you can find the best terms possible. Review the details of each bank below and reach out to the loan officers listed for more information. 

1. BMO Bank, N.A.

With BMO Bank, N.A., you can get an affordable home loan with no PMI requirement and flexible debt-to-income underwriting options.

As a licensed medical doctor with MD, DDS, DMD or DO designation, you could qualify even if you have student loan debt, are starting residency soon, and have an employment contract with a start date within 90 days of closing. 

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

Contact: Patrick O’Malley

2. Evolve Bank & Trust

If you're looking for a home mortgage in West Virginia, start by getting a quote from Evolve Bank. The physician home loan program is open to more than doctors — medical residents, MD, DDS, DMD, OD, PharmD, DPM, DVM, DO, RN, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPA and attorneys can apply. You must be 10 years or less from starting your career to be eligible.

Evolve Bank's doctor mortgage loan has some of the best rates and terms, although they only offer adjustable-rate mortgages. But financing is available for home purchases and refinancing in 48 states (excludes Alaska and Hawaii).

Financing choices include:

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

You'll need to meet minimum credit score requirements. However, loans are available for H-1B visa and green card holders who can put 25% down, as well as 1099 workers.

3. First Horizon Bank

First Horizon Bank has a flexible physician mortgage option for MD, DO, OMS and DPM professionals. It comes with no upfront PMI, higher loan amounts and very low credit score requirements — borrowers with a score of 670 can qualify. You can also close up to 90 days before starting a new job, so long as you have an employment contract in hand.

Financing choices include:

• 0% down for up to $1.5 million
• 5% down for up to $2 million
• 10% down for up to $2.5 million

4. First National Bank

Get up to 100% financing and no PMI with First National Bank’s specialized Physician Mortgage Program. First National Bank offers fixed-rate mortgages for terms of 30 or 15 years and adjustable-rate mortgages for terms of 15, 10, 7, or 5 years.

Cash-out refinancing is available for up to 80%.

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

Eligible applicants hold an MD, DO, DDS, DMD, DVM, or DPM degree.

To be approved, one must supply an employment contract or a signed offer letter.

Contact: Josh Feldman

5. Huntington National Bank

In addition to Huntington National Bank’s physician mortgage loan program being open to doctors, dentists and veterinarians, it’s also available for podiatrists and ophthalmologists. It’s a great program for new residents who are first-time homebuyers or who've purchased a home in the past.

If you have one of these degrees and a credit score of 700 or more, you could get financing options such as 0% down for up to $1 million, 5% down for up to $1.25 million or 10% down for up to $2 million.

If your credit score ranges between 680 to 699, other financing options are available, such as 5% down for up to $500,000, 10% down for up to $1 million or 25% down for up to $2 million.

Contact: Bill Kekatos, NMLS# 216590

6. KeyBank

KeyBank’s doctor and dentist program extends its eligibility to those who are a resident, fellow, or attending with an MD, DO, DPM, or DMD. Those who can provide a signed employment contract can close 90 days prior to his or her start date of employment.

Borrowers can be granted 100% financing on a conventional mortgage.

KeyBank has 30, 25, 20, 15, and 10 year fixed rate options, as well as adjustable rate options of 10/6 ARM, 7/6 ARM, and 5/6 ARM.

Maximum cash out available is $1,000,000.

7. NEO Home Loans

West Virginia doctors could benefit from checking out NEO's Physician Home Loans program. This program offers great rates with high loan amounts to those who qualify. Qualifying credentials include MD, DO, DDS, DMD, DPM and DVM. Keep in mind that this program only offers one rate option, a 30-year ARM. NEO also offers cash out refinances at 95% LTV for up to $1 million.

Here are the financing choices:

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

VA loans are also available, to qualifying doctor veterans. Also, if you are a J1 visa holder, you are encouraged to apply.

8. 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

9. TD Bank

TD Bank doctor mortgages are a great option for physicians, dentists, and podiatrists seeking up to 100% financing with no PMI. Residents and fellows can also qualify, with an added bonus of being able to close up to 90 days in advance of your start date.

You need one of the following degree types to qualify: MD, DO, DPM, DDS, or DMD.

Here are the TD Bank loan specifics:

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

TD Bank has 30-year fixed as well as adjustable-rate mortgage (ARM) financing options. They also offer flexible underwriting to those with large student loan balances.

Doctors with green cards and those on H-1B visas can also qualify.

Contact: Neil Surgenor

10. Truist

The doctor mortgage program from Truist helps qualified physicians achieve their dreams of buying a home. Doctors with the MD, DO, DPM, DD or DMD designations can get up to 100% financing with no PMI payments. 

Residents, interns and fellows can qualify for loans up to $1 million with no money down. Borrowers in these medical fields will also receive favorable repayment terms in line with high student loan debt and a demanding career.

Contact: Matt Albert

11. U.S. Bank 

Compared to some of the other lenders on this list, U.S. Bank has slightly higher down payment requirements. But if you’re looking for stellar customer service as a medical professional, they come highly rated. 

Eligible applicants include lawyers and medical physicians. This includes residents, fellows, doctors of osteopathy (DO) and juris doctors (JD). Dentists and nurses are not eligible at this time.

Financing options include:

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

If you want even more choices for physician mortgage loans in West Virginia, check out our full list of lenders in all 50 states.

Is a doctor mortgage in West Virginia for you?

If you’re concerned about the risk of making a monthly mortgage payment on such a high home loan along with your student debt, here are some things to keep in mind. These programs are designed for doctors, dentists, pharmacists and physicians just like you! 

Your debt-to-income ratio is calculated with your student loans in mind offering favorable treatment versus most conventional home loans. Plus, with zero down payment options, you won’t need a large amount of savings to make your homeownership dreams possible. 

Depending on your income, you can use the mortgage interest paid on your home as a deduction on your taxes each year. For these reasons, we believe that getting a doctor mortgage in West Virginia makes a lot of sense. 

But you should always take time to do some comparison shopping before making a final decision. Use our physician mortgage loan calculator to make sure you can afford the home you want without overextending your budget.  

Evaluate your home financing options from this list of lenders to see if a physician mortgage loan is a good fit for you. To get started, simply fill out the form below.