Key Takeaways:
- 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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10 Top physician mortgages available in Delaware
We put together a list of seven different physician mortgage companies in Delaware to start your search.
1. 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 million
- 10.01% down for up to $1.5 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.
For more info, contact Josh Feldman or call him at 843-380-4180.
2. Huntington National Bank
Huntington Bank’s doctor mortgage loan is available to physicians, dentists, veterinarians and podiatrists with a minimum credit score of 700.
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.
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 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.
Financing options include:
- 0% down for up to $750,000
- 5% down for up to $1.25 million
- 10.01% down for up to $1.5 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.
To learn more, contact Neil Surgenor or call him at 646-760-6140.
4. U.S. Bank
The professional mortgage options at U.S. Bank are available for medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.
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.
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
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.
6. Flagstar Bank
Flagstar Bank offers doctor mortgage loans for home purchases and refinancing in all 50 states for up to 100% financing with no PMI.
Financing options include:
- 0% down for up to $1 million
- 5% down for up to $1.5 million
Flagstar Bank allows anyone with the following degrees to apply: medical residents, MD, DDS, DMD, OD, Doctor of Pharmacy, DPM, DO, RN, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPA, attorneys, and veterinarians. To be eligible, one must be 10 years or less from starting one’s career.
There is no 30 year fixed rate option. The only mortgage type available is adjusted-rate mortgages (ARMs).
H-1B visas and/or green card holders are eligible.
To be approved for 5% down, you must have at least a credit score of 700. To be approved for 0% down, you must have at least a credit score of 720.
If you’re a 1099 worker, you need to supply documentation of at least two years of income.
Contact Tish Kumar. Email Tish.
7. Truist
Arkansas physicians, dentists and podiatrists with an MD, DO, DPM, DDS or DMD degree can qualify for the Truist doctor mortgage loan program.
If you’re a practicing physician within 10 years of completing your training, you can choose from the following loan options:
- 0% down for up to $1 million
- 5% down for up to $1.5 million
- 10.01% down for up to $2 million
To unlock the best financing options, you need a minimum credit score of 720.
For specifics, email Matt Albert or call him at 336-439-3560.
8. Fulton Mortgage Company
Fulton Mortgage Company’s physician mortgage loan program is very generous. They provide up to $2 million in financing for physicians, dentists, pharmacists and veterinarians.
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
Eligible borrowers can close on their new home up to 90 days before starting a new position with an acceptable employment contract.
Contact: James Webster. Email James or call him at 301-307-5562.
9. BMO Harris
With BMO Harris, 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. Email Patrick or call him at 623-283-1433.
10. 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. Email Mike.
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.
