PNC Bank Physician Mortgage Review

Medical professionals, including doctors, face unique financial challenges. Generally, these healthcare professionals have high student loan debt, but also have a high income. To address these needs, banks created physician mortgage loans, to offer exclusive rates and special terms to those in a qualifying career.

BBVA was once a top physician mortgage loan lender. However, in 2021, it was acquired by PNC Bank. There is speculation that PNC plans to downsize or eliminate the physician mortgage loan program altogether. As of now, they’re still in business and offering a PNC Bank physician mortgage loan. Read on for more details.

Minimum down payment	Not disclosed
Residents allowed	Yes, within five years
Maximum loan amount	$1 million
Degrees that qualify	MD, DO, DDS, and DMD
Eligible states	AL, AZ, CA, CO, DE, DC, FL, GA, IL, IN, KS, KY, MD, MA, MI, MN, MO, NJ, NM, NY, NC, OH, PA, SC, TN, TX, VA, WV, WI

PNC Bank physician mortgage details

PNC is a top national bank that covers a large footprint, since its founding over 160 years ago. The PNC Bank physician mortgage loan allows borrowers to obtain a mortgage for up to $1 million.

It is mainly geared toward doctors. However, fellows, residents and interns are also eligible. There’s little published about this specific mortgage loan, but here’s what you need to know about homebuying with PNC Bank as a doctor.

PNC Bank physician mortgage program: Pros and cons

Homeownership isn’t something to take lightly. When thinking about buying a home, it’s key to review all mortgage lenders, loan terms, and pros and cons associated with each lender. For PNC bank, here are the advantages and drawbacks to consider.

Pros of PNC Bank physician mortgage loans

National footprint

One of the upsides to working with PNC bank is that it has branches in many different states. This national footprint could expand eligibility so that more doctors qualify. On top of its reach, the bank has been around for more than a century and has a well-established history.

No private mortgage insurance required

According to the PNC Bank’s website, there’s no private mortgage insurance required for its Medical Professionals mortgage loans. This is one of the primary perks of physician loans. Although this is a common feature offered by other physician mortgage lenders, it’s a substantial benefit when compared to conventional loans.

There’s no need to save up 20% for a down payment or be forced to pay private mortgage insurance (PMI).

Fixed- or adjustable-rate mortgages

A mortgage can be in the over six figures range, making it a large investment. Borrowing money might be a requirement, but having flexible interest rates and repayment terms can help.

The PNC Bank physician mortgage loan offers fixed-rate mortgages, in addition to adjustable-rate mortgages. You can choose to keep your rates and monthly payments the same with a fixed rate option or choose an adjustable rate option that might be advantageous if rates drop.

Cons of PNC Bank physician mortgage program

Little information available

As noted above, BBVA was acquired by PNC. After this change, it seems that there’s little information available about the medical professional physician mortgage loan. On its website, the lender includes a blurb about its loan options and who qualifies, but not much else. This might mean you’ll need to do more legwork to see if you qualify.

Smaller mortgage loan limit than other lenders

PNC Bank offers mortgages of up to one million dollars. Although that amount is nothing to scoff at, it’s a lower loan limit compared to other lenders. This might be especially troublesome in high cost-of-living areas, where home prices are significantly higher than the national average.

Might have down payment requirements

The PNC Bank website doesn’t disclose much about down payment requirements for its Medical Professionals mortgage loan option. It advertises options for other loan types and loan products, but not this one. It does note that gift funds are allowed as part of a down payment, which suggests that there’s a down payment required.

Some other physician mortgage lenders allow you to put no money down at all. There might be a low down payment requirement, but it appears there isn’t a zero-down option. Putting money down isn’t necessarily bad, but might require you to save up for a longer period of time before buying a home.

How to apply for a PNC Bank physician loan

The mortgage process can be time-intensive so it's best to prepare ahead of time. To apply for a PNC Bank Medical Professionals mortgage loan, here are the next steps to take.

Step 1: Get in touch with a PNC Bank representative

Since the information on its website is limited, it’s best to reach out to PNC Bank directly for more information about its Medical Professionals mortgage loan program. You can reach out to them online or over the phone, or find a mortgage loan officer near you.

Step 2: Organize documents

After getting more information from PNC about what to do and what you need, it’s time to organize your documents for the mortgage application. As a doctor, you might need to show proof of your medical license, educational achievements and degrees.

To prove your income, you might need various financial documents such as pay stubs, cash flow statements if you’re a practice owner, tax returns, bank statements and more.

Organizing your documents ahead of time can keep the process efficient. Also, check your credit score for accuracy to ensure there are no errors, and to ensure you’re in a good position to borrow.

Step 3: Apply for a mortgage with PNC Bank

The final step is to submit your paperwork and apply for a mortgage! If you get the green light to move forward, thoroughly review your loan’s closing costs. Understand your loan terms including the breakdown of your loan, repayment terms, interest rates and mortgage payment before signing on the dotted line. If you feel good about the terms of your loan agreement, move forward along the process to get the funding needed for your new home purchase.

Should you apply for a physician mortgage with PNC Bank?

PNC Bank is a well-known national bank that has many branches across the U.S. It’s worth it to look into if you’re a doctor who could benefit from their terms and rates for a PNC Medical Professionals mortgage. You can also compare other physician mortgage lenders on the market and receive more information by submitting the form below.