What you need to know:
- Physician home loans in Delaware offer no private mortgage insurance (PMI), allowing more of your monthly payment to go towards principal.
- Availability of up to 100% financing for loans as high as $1 million or more as a physician, dentist, veterinarian or other qualifying medical professional
- Delaware physician mortgage loans can be easier to qualify for if you have high student loan debt or recently finished training.
With a population of just under 1 million residents, Delaware is a more affordable state than some of the other population centers of the Northeast. Many physicians, dentists, and other professional families choose The First State to get more home for the money.
From 2020 to 2021, Delaware saw a modest but respectable growth rate of 1.4% in population while other states and cities in the Northeast saw population declines.
With approximately 1,600 physicians, Delaware allows for close proximity to all the amenities of New York, DC, Philadelphia and Baltimore without the high price tag. You can also enjoy less professional competition from other physicians and dentists. Home values from 2020 to 2021 soared in Delaware at a rate of over 19%.
If you’re a physician or dentist looking to secure a physician mortgage loan in Delaware, you have a unique tool in your toolbox to handle today’s housing market: the physician mortgage loan.
Conventional mortgages typically require a 20% down payment. This type of mortgage generally has a $647,200 max loan size in most parts of the country. For many physicians looking to buy their dream home out of training, a conventional mortgage might require a huge down payment or more income history than they can provide.
How a Delaware physician mortgage allows for home buying benefits
Physician home loans have a similar interest rate to conventional mortgages but with no PMI. Low down payments are also available, with as little as 0%, 5%, or 10% down for most home purchases.
Banks restrict these mortgage programs to individuals with specific graduate degrees, such as MD, DO, DMD, DDS, DPM, DVM and occasionally some others.
A doctor loan also makes it easier to qualify for when you have significant student debt.
If you want to get started, check out the quote form below, or keep reading to see the names of each of the Delaware banks offering doctor mortgages.
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What is your preferred down payment?
What stage are you at in the home buying process?
How soon do you hope to secure a mortgage approval?
How many banks would you like quotes from?
Have you experienced any bankruptcies or short sales?
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Metro area where you would like to purchase your home
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5 top physician mortgages available in Delaware
We put together a list of five different physician mortgage companies in Delaware to start your search.
1. First National Bank
The Physician home loan product at First National Bank allows you to borrow up to 100% for existing homes and new construction or to refinance a current home loan.
To qualify, borrowers need to be physicians or dentists who hold an MD, DO, DDS or DMD. Note that only primary, secondary and vacation homes are eligible (i.e. no investment properties).
For more info, contact Josh Feldman or call him at 843-380-4180.
2. Huntington Bank
Huntington Bank’s doctor mortgage loan is available to physicians, dentists, veterinarians and podiatrists with a minimum credit score of 700.
Financing options include:
- 0% down for up to $1 million
- 5% down for up to $1.25 million
- 10% down for up to $2 million
For more info, email Bill Kekatos or call him at 847-443-5978.
3. TD Bank
TD Bank’s doctor mortgage program is open to physicians, physician residents, dental residents, dentists and fellows. Here are the loan options:
- 0% down for up to $750,000
- 5% down for up to $1.25 million
- 10.01% down for up to $1.5 million
To learn more, contact Neil Surgenor or call him at 646-760-6140.
4. US Bank
US Bank’s physician mortgage loan program is open to individuals with an MD or DO degree. The loan must be for a primary home and includes no PMI. These loans are for relatively recent graduates of med school, residency, or a fellowship program.
For specifics, reach out to Jonathan Brozek by email or call him at 916-602-4080.
5. Citizens Bank
Citizens Bank allows for down payments as little as 5%. Their max physician home loan amount is $1.5M. They offer fixed-rate mortgages from 10 to 30 years as well as adjustable rate mortgages from three to ten years.
Is a Delaware physician home loan right for you?
If you purchase a home with a reasonable price compared to your income, then a physician mortgage can make a lot of sense.
Mortgage interest on a principal amount of $750,000 or less can be tax deductible if you itemize. If you have student loans, that interest is not tax deductible.
Hence, if you’re paying down student debt, a tax-efficient strategy is to borrow more on your mortgage so you can pay down your student loans faster.
In addition, you can use other cash you had saved for a down payment on accomplishing your other homeownership goals such as renovating or buying furniture.
If you want to explore your options, fill out the form below and start receiving quotes.
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