BBVA Physician Mortgage Loans

Physician Mortgage Loans: Home Equity Options?

BBVA Physician Mortgage Loans

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Physician Mortgage Loans: Home Equity Options?

With a career in medicine, nearly all physicians enjoy unparalleled job security. After all, our population is growing (and aging), chronic conditions are on the rise, and people will continue to need healthcare; thus, the demand for physicians is not expected to fade anytime soon. Additionally, as costs for secondary education continue their uphill climb, the shortage of physicians increases. You enjoy job security in one of the best paying jobs in the country, according to US News’ Ranking for Best Jobs, so shopping for a new home may not be in your plans. If you are thinking about investing in your existing home, a physician home equity loan could provide you with resources to update or expand your current residence.

Many of the best physician mortgage loan rates are only offered for new home purchases. However, there are times when you want to remain in your home and increase its equity and appeal. A home equity loan is an excellent way to increase your home’s value and your enjoyment of it. Just as physician mortgage programs offer attractive features for medical professionals, some lenders offer equally appealing home equity physician programs.

The Lenders

Although the market is flooded with mortgage providers, not all have the experience and knowledge to offer specialized programs to borrowers in the medical industry. Physicians present unique circumstances—high debt combined with even higher earning potential—which only select banking companies have knowledge in. However, some of the perks are outstanding and it is worth the time to find a lender who can offer you the physician mortgage product suited perfectly for your individual needs. In our series, we share some of the leading banks who are familiar with the ins and outs of doctor finances. We do some of the “legwork” on mortgage companies so that choosing the right lender is a little easier.

A newcomer to the banking industry, BBVA began modestly in 1964 as Central Bank & Trust Company in Birmingham, Alabama. However, it surprised the banking world in 1970 by becoming the first bank to remain open all day and include Saturday business hours. It took another leap into the future in 1978 by establishing the first ATM and issuing the first debit cards in the state of Alabama. After years of expansion and acquisitions, as well as name changes, the bank become a subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA), one of the largest banks in Spain. Today, BBVA enjoys a stellar reputation, with accolades for innovative mobile technology (2014), an award for mobile functionality (2013), Best Digital Bank (2016), and is consistently recognized as a top bank by the Small Business Association.

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The BBVA Professional Mortgage Loan for Doctors Program Offers:

Minimum Credit Score

Not available

States Available

AL, AZ, CA, CO, FL, NV, NM, TN, TX

Loan Amounts For Residents & Fellows

100% financing up to $650,000

Loan Amounts For Practicing Physicians

100% financing up to $650,000
Loan amounts of up to $1.75 million
5% down up to $1.5 million

Eligible borrowers include

Medical Doctor (MD)
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)
Doctor of Osteopathy (DO)
Doctor of Optometry (OD)
Doctor of Optometry (OD)

Highlights

Both fixed and adjustable-rate options available
No private mortgage insurance (PMI) payments
Purchase, Refinance​, Construction ​and Home Equity ​options available
Deferred student loans may be excluded from qualifying ratio in some situations

BBVA is a leading small business lender, dedicated to offering flexible banking services to both individual and commercial customers. With 649 branches in 9 states, you are likely to find a mortgage professional who can assist you in your physician mortgage journey. If you are looking for a lender dedicated to supporting your community, BBVA may be the right fit: the BBVA Foundation has a long history supporting charitable programs, including those focused on community development, education, diversity, arts & culture, environmental & natural resources, and health & human services. You can feel good about doing business with an organization like BBVA, knowing its leaders are invested in the same community you support.  To learn more about BBVA’s Professional Mortgage Loan for Doctors Program, visit their site. To discover other of lenders, review our article list.

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