- A physician home loan in West Virginia means 0% down payment or low down payment options for medical degrees.
- Get up to 100% financing plus no private mortgage insurance (PMI) if you’re a doctor, dentist or other qualifying health professional.
- Take advantage of generous perks and underwriting options for those with student loan debt.
Are you one of the 6,000 practicing physicians who calls West Virginia home? 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 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 coming in at an average of $130,625 (an increase of just 13% in 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).
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6 Top physician mortgage lenders in West Virginia
Here are six 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. Fifth Third Bank
If you have been employed as an MD, DO, DPM, DDS, DMD, DVM or OD for the last year or two, you could be eligible for Fifth Third Bank’s physician mortgage program. As an established physician or dentist, you could get financing up to $750,000 with no down payment, or up to $2 million with a 10% down payment.
New residents, fellows and physicians also qualify for these same terms, except your loan is capped at $1 million with a low down payment.
2. 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 million
- 10.01% down for up to $1.5 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.
3. Northpointe Bank
Northpointe Bank offers financing to qualified borrowers for 0% down up to $1.1 million (or as little as 15% down for up to $2 million). Special financing options are also available for new doctors with proof of employment. In addition, don’t worry about paying PMI since mortgage insurance is not required.
Northpointe Bank’s Doctor Loan program is open to the following designations:
- Dr. of Chiropractic (DC)
- Dr. of Dental Medicine (DMD)
- Dr. of Dental Surgery (DDS)
- Dr. of Ophthalmology (MD)
- Dr. of Optometry (OD)
- Dr. of Osteopathy (DO)
- Dr. of Pharmacy (PharmD)
- Dr. of Podiatric Medicine (DP)
- Dr. of Surgery (DCH)
- Dr. of Veterinary Medicine (DVM)
- Medical Doctors (MD)
- Medical fellows (MD)
- Medical residents (MD)
4. 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.
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.
6. 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.
Established physicians with a credit score of 710 or higher can get 95% financing for up to $548,250 (or up to $822,375 in select counties). Or, if you need a loan that’s up to $2.5 million, qualified borrowers can get up to 75% financing.
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.