- MD, DO and medical residents might qualify for a physician mortgage loan with WesBanco.
- It’s possible to get a doctor mortgage loan with a 5% down payment.
- WesBanco might exclude your student loan debt from its debt-to-income ratio assessment.
Going through medical school takes a lot of time and can result in a high amount of student loan debt. You’re making student loan payments and adding a mortgage payment to your monthly budget might not feel doable. Additionally, many doctors don’t meet the traditional requirements to qualify for various mortgage options.
There’s a WesBanco mortgage loan aimed at doctors, osteopathic doctors and medical residents. The underwriting criteria for this type of loan can provide more flexibility for medical professionals.
WesBanco Bank, Inc. is a member-FDIC and an equal housing lender that offers a variety of financial services and products. The bank was founded in Wheeling, West Virginia, and was originally two different banks that merged later.
Lowest down payment
Zero down for recent medical school grads
Maximum loan amount
How they treat student loans
Excluded from debt-to-income calculations
Degrees that qualify
MD or DO
WesBanco physician mortgage loan details
WesBanco offers physician mortgage loans to medical doctors and osteopathic doctors, as well as to medical residents. Recent med school grads can qualify for zero down, but down payments of 5% are also common. The lender also excludes student loans from debt-to-income calculations.
What mortgage product do you need?
Your Occupation As Of September 2023
Are You Currently Working With a Realtor?
Home Price Range
Preferred Down Payment
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
How Many Banks Would You Like Quotes From?
Any Bankruptcies or Short Sales?
State Where You Plan to Purchase
Metro Area Where You Plan to Purchase
Would You Like to Add Any Additional Details?
WesBanco physician mortgage loan: Pros and cons
When looking for mortgage lending as a doctor, it can be difficult to meet traditional requirements. A physician mortgage loan can help you get around some of the criteria since some lenders expect doctor borrowers to make more money later, and be able to afford a mortgage.
Review the pros and cons of WesBanco as you make a decision about using them for your doctor home loan.
WesBanco physician mortgage loan pros
WesBanco offers special home financing options for doctors. These loans come with less rigorous underwriting standards and other features like low interest rates.
Up to 100% financing
WesBanco offers a low down payment option of 5%. However, there’s a loan program for doctors that allows for 0% down if you meet the requirements. Recent medical school grads can pay no money down if they provide a employment contract and employer letter.
Student loan payments might also be excluded from your debt-to-income ratio when applying.
Interest rate discount
WesBanco offers an interest rate discount when you open a checking account and make mortgage payments from that account. There’s a mobile banking app that makes it easier to keep tabs on your account.
Use a physician mortgage loan calculator to run the numbers to see what makes sense in your situation. The rate discount might help you save money on your mortgage payment each month. As a doctor, you might have access to a jumbo loan and that interest rate discount can result in lower interest overall.
One feature of many doctor mortgage products is that you can usually avoid private mortgage insurance (PMI). Even if you don’t put 20% of your purchase price down when getting your loan, you can still avoid PMI with a WesBanco mortgage.
WesBanco physician mortgage loan cons
As you review mortgage loan originators, don’t forget about the cons. Compare those to the advantages before moving forward.
Small down payments can lead to higher monthly payments
You can usually get a bigger mortgage as compared to your income when you use a doctor mortgage program. Full-time residents or new practitioners can qualify, but you might end up feeling house poor. Carefully consider whether you can handle the higher mortgage payment.
Limited doctor loan program options
While you can get a fixed-rate mortgage or an adjustable-rate mortgage, WesBanco doesn’t offer a lot of information about whether you can use the physician loan program for renovations or refinancing. Additionally, you must live in the home as a primary residence and there are limits for the types of homes that qualify.
You might not be eligible for a mortgage loan from WesBanco, depending on where you live. The service area is somewhat limited, so you might need to look elsewhere. Other lenders might offer access to doctor loans, as well as other products, like FHA loans and VA loans, to people in a variety of states.
How to apply for a WesBanco physician mortgage loan
Compare three to five lenders as you decide where to get your home loan. Review your needs to determine whether a physician mortgage loan is the right move, or whether you should consider a traditional mortgage or another type of home loan.
A loan officer can help you with the proper steps, but here are the basics of applying:
Step 1: Contact WesBanco
Your real estate agent can reach out to a bank representative or you can reach out yourself. The WesBanco website offers information, and there’s an information form below.
Be ready with the following information before you reach out:
- Phone number
- Loan purpose
- Loan amount
- Purchase price
- Property location
- Property zip code
- Employment contract
- Proof of medical license
Step 2: Gather necessary documentation
Each lender, including WesBanco, has a list of documentation for a mortgage. Your mortgage loan officer can provide more information. Some common documentation includes:
- Purchase agreement
- Employment contract
- Pay stubs
- Recent bank statements
- Tax returns
- Driver’s license or other ID
- Other documents, as requested
Whether you’re a first-time homebuyer or you’ve been through the process before, gathering your documents and other information ahead of time can ensure you close your mortgage on time.
Step 3: If approved, accept the loan
If WesBanco approves you, consider whether you want to accept the loan. Review the documents to ensure that everything matches with what you were told during the process.
Should you apply for a physician mortgage loan with WesBanco?
Run the numbers to see if a doctor mortgage loan program at WesBanco makes sense for you. As an MD, DO or medical resident, you have access to special financing that can be beneficial as you buy a home.
Before you make your choice, though, compare WesBanco to other physician mortgage lenders. Don’t forget to review other non-conventional mortgage options, like VA, FHA and USDA loans, that might work better for your situation.
Fill out the form below for more information about getting a loan from WesBanco or other doctor loan programs.