13 Best Doctor Mortgage Loans for North Carolina Physicians

North Carolina’s rolling mountains and beautiful beaches make it a hot spot for tourists and property owners. 2023 data from the National Association of Realtors shows the median price for single-family homes in North Carolina was $378,700. But with a housing shortage in popular areas of the state, like Jacksonville and Greensboro, your NC dream home could come at a premium.

According to the Economic Research Institute, the average family physician salary in North Carolina in 2023 is $259,033. But when you consider that doctors and dentists often graduate with large six-figure student loan debt, a high salary isn’t always enough to meet mortgage loan requirements.

Fortunately, physicians, dentists and other medical professionals can take advantage of a physician mortgage loan. This type of loan considers the timeline of a physician’s career as a whole, including the likelihood of student loan debt and the potential for a high salary.

Never heard of a physician mortgage? Here’s what you need to know about physician mortgage loans in North Carolina.

How do North Carolina physician mortgage loans work?

With a traditional mortgage loan, you’re typically required to put forth a 20% down payment deposit or carry private mortgage insurance (PMI), which can cost hundreds of dollars each month. But with a physician loan, certain North Carolina medical professionals — and sometimes dental professionals — have access to more flexible down payment options, while still maintaining competitive interest rate loans.

There are many physician mortgage loans that don’t require a down payment at all. But in some cases, a small percentage is required for jumbo loans. However, regardless of whether a down payment is needed, PMI isn’t a requirement making a physician mortgage a big savings opportunity.

As an added bonus, credit factors are assessed with a physician’s career trajectory in mind (e.g. high earning potential and income stability), meaning your student loan debt will be treated more favorably than with a traditional mortgage.

Physician mortgage loans also come with high loan limits, sometimes in the millions. This means you might get approved for a lot more than you can realistically afford. So, stick to your budget and don’t chase more expensive homes just because the bank says you can.

13 Lenders that offer physician mortgage loans in North Carolina

The following North Carolina physician mortgage lenders are member FDIC institutions and have their own set of eligibility requirements and financing structure. For each program listed, you’ll find the basics of each loan program. But you’ll need to reach out to each lender for further specifics.

Note that North Carolina physician mortgage loans are usually intended for professionals who plan to live in the house, and not for rental or investment properties. However, some lenders might allow mortgages for a second home.

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. Citizens Bank

Citizens Bank offers a doctor loan program that benefits licensed Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Dental Medicine (DMD) and Doctors of Dental Surgery (DDS). But to qualify, you must have completed your residency within the last ten years or be a current medical resident, fellow or intern.

Financing options for Citizens Bank physician mortgage include:

• 5% down for loan amounts up to $850,000
• 11% down for up to $1 million
• 15% for up to $1.5 million

Borrowers can choose from fixed or adjustable-rate loan options.

3. Evolve Bank & Trust

Physician mortgage loans from Evolve Bank are available to dentists, podiatrists, optometrists, pharmacists, veterinarians, PAs, nurse practitioners, RNs, clinical nurse specialists, ATP pilots, CPAs and attorneys in North Carolina. You can also apply if you have an H-1B visa or green card – as long as you are able to put 25% down.

Applicants who are under 10 years out from starting a career have the following financing options:

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

Evolve Bank offers adjustable-rate mortgages, but not 30-year fixed-rate loans.

A credit score of 700 is required for 0% or 5% down. Additionally, if you are a 1099 worker, you must provide documentation of income for the past two years.

4. Fifth Third Bank

New and established doctors, dentists and veterinarians (MD, DO, DPM, DDS, DMD, DVM and OD) may be eligible for Fifth Third Bank’s physician mortgage loan program.

Established physicians and dentists, meaning those who have been employed for one year or self-employed for at least two years, might be eligible for:

• Up to $1 million financing with no down payment
• Up to $1.5 million financing with a 5% down payment
• Up to $2 million with a 10% down payment
• Fixed and adjustable-rate mortgage loans are available

Residents, fellows and new physicians also may qualify for similar terms and conditions.

Contact: Sandy Salas

5. First Citizens Bank

First Citizens Bank offers physician mortgage loans to medical professionals with the following designations: MD, DM, DO, DPO, DDS, PA, CRNA, CRNP and DPT.

The First Citizens Bank physician mortgage loan features include:

• 100% financing with no down payment
• Ability to purchase a primary residence, build your home or refinance an existing home
• Option to split your mortgage into an 80/20 mortgage (80% will be a first mortgage with 15-, 20- and 30-year terms, and 20% will be a home equity loan)

Additional requirements include a minimum credit score of 700 and a valid employment contract or at least three years of tax returns.

6. 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. They also offer H-1B visa non-citizens loans and 100% financing.

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

7. First National Bank

First National Bank’s Doctor Loan program is available to eligible MDs (Doctor of Medicine), DOs (Doctor of Osteopathic Medicine), dentists, veterinarians, and podiatrists who are less than 10 years from training. 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

Cash out refinancing is available for up to 80% of the loan. 30 or 15 year fixed-rate and 15, 10, 7, and 5 year ARMs are available.

Contact: Josh Feldman

8. Huntington National Bank

Professional mortgage loans from Huntington National Bank are available in a variety of states. These doctor mortgage loans are especially attractive for doctors with an MD, DO, DDS, DVM or DMD.

Key standouts that make Huntington National Bank a great choice include being able to borrow up to $2 million with no PMI. Plus, loans up to $1 million offer 100% financing.

This is also an excellent option for new residents. Simply provide a copy of your employment contract and a letter from your employer to qualify.

Contact: Bill Kekatos, NMLS# 216590

9. 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.

Note that KeyBank includes second homes as an eligible property type for its physician mortgage loan program. It also includes condos and planned unit developments.

10. NEO Home Loans

North Carolina doctors extend various options, like zero down or up to $2 million in financing on a primary residence. Second home and investment financing are also available at NEO.

Cash out refinances are offered at 95% LTV for up to $1 million.

If you hold credentials as an MD, DO, DDS, DMD, DPM or DVM, you can choose from one of the following financing options:

• 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 offered at NEO home loans, so veterans can weigh which program might benefit them more greatly.

J1 visa holders are eligible and encouraged to apply.

If you are unsure about how to make a down payment, note that this program also accepts gifted or borrowed funds as a means.

11. Regions Bank

Regions Bank’s Medical Professional Loans program is worth looking into for North Carolina medical professionals. The program has no PMI requirement and no restrictions on how long an eligible medical professional has to have been practicing to be approved for a loan.

One other highlight is that Regions Bank will exclude some deferred student loan payments from your DTI ratio, making it easier to qualify for the mortgage amount you are seeking.

Eligible applicants include pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs and DDSs. Residents and fellows are also eligible, but non-permanent visa holders are not.

Financing with no loan amount limit is available with varying down payment options:

• 0% down for MD, DDS and DO
• 3% down for certified pharmacists, nurse anesthetists, nurse practitioners, physician assistants, veterinarians, chiropractors, optometrists, podiatrists and licensed attorneys

You can close up to 60 days before the listed start date on your employment contract or date of transferred employment.

12. 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

13. Truist

The Truist doctor mortgage loan program provides low interest rates and favorable repayment terms to new and established physicians.

Financing options for practicing doctors (MD, DO, DDS, DMD or DPM) include:

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

Licensed residents and fellows are capped at a $750,000 maximum loan amount with up to 100% financing.

Contact: Matt Albert

Is a North Carolina physician mortgage right for you?

A North Carolina physician mortgage can help you qualify for a higher loan amount than a conventional loan. It can also give you the ability to buy a home with no money down and free up funds that would traditionally be needed for PMI payments.

But it can be tempting to financially overextend yourself, considering you’ll likely get approved for a higher amount than you would with a conventional mortgage. More house doesn’t equal more happiness, but it could mean more debilitating debt if you aren’t careful.

Use our referral page for physician and dentist mortgage loan options by state to start your search. But be sure to cast a wide net for lenders and consider all types of mortgage options that you’re eligible for before moving forward with a physician mortgage loan.