Fifth Third Bank Physician Mortgage Loans

Physician Mortgages—New Purchase & Refinancing Options for Doctors

Fifth Third Bank Physician Mortgage Loans

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Banks offer Benefits to Doctors in All Stages of their Medical Careers

Many physician mortgage loans are created for young doctors and dentists just entering the medical profession. However, seasoned physicians deserve benefits too; you have already spent some time in your vacation, already finished with residency and firmly in your specialty practice, perhaps made a huge dent in your student loans, and may even built up strong credit and your first home. Having already proven your financial stability, you should still take advantage of the perks of a physician mortgage. Some lenders offer even better terms to those doctors who have been “in the trenches” for some time, including an extension of low down payments and higher loan-to-value rates, for refinancing existing mortgages.

The Lenders

In our series on physician mortgage loans, we have been evaluating lenders who offer distinctive financing options to doctors and dentists, no matter the stage in their careers. With a proven repayment history, medical professionals represent an ideal banking client who is savvy, responsible, and likely to purchase additional financial products. As an ideal banking customer, you should thoroughly consider your lending options. Here we offer a handful of the top physician mortgage lenders.

Although not a household name, Fifth Third Bank was born from the joining of two banks in 1908. Having completed multiple acquisitions since the early 1990’s, Cincinnati-based Fifth Third bank has grown into one of the largest banks in the U.S. The lender created a physician mortgage program to cater to the needs of new and established doctors and dentists, both for new purchases and refinances. Fifth Third Bank is committed to its customers and their neighbors, evidenced by its pledge of over $6 million in grants to a variety of community organizations. Additionally, in 2019 the lender was honored with the Renewable Energy Hero Award, further supporting its goal to purchase 100% renewable power, several years ahead of schedule.

The Physician Mortgage Loan program at Fifth Third Bank is found at more than 1500 branches scattered across the eastern half of the country. With a wide variety of options and a long history of providing financial products to customers, this mortgage program is worth investigating.

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Fifth Third Bank Physician Mortgage Eligibility

Minimum Credit Score

Not Available

States Available

FL, GA, IL, IN, KY, MI, NC, OH, PA, SC, TN, WV

Loan Amounts For Residents & Fellows

100% financing, up to $750,000
Small down payments, up to $1,000,000
Close 90 days prior to employment start date

Loan Amounts For Practicing Physicians

Established Doctor and Dentist Loan Program is ideal for licensed Non-Residents/Interns/Fellows (MD, DO, DPM, DDS or DMD) who are employed with a hospital, dental center or physicians/dental group for more than one year or have been self-employed as a medical doctor or dentist for at least two years
100% financing, up to $750,000
Small down payments, 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 Podiatric Medicine (DPM)

Highlights

Close 90 days prior to employment start date
Refinancing options available
No Private Mortgage Insurance (PMI). Many lenders require private mortgage insurance for low-down payment loans. However, due to the low risk of physician borrowers, Fifth Third Bank does not require this additional expense
Medical school debts which are deferred or in forbearance are not calculated in the applicant’s debt-to-income ratio. Fifth Third Bank understands the financial challenges physicians face
If the borrower can document that the student loan payment is deferred or in forbearance for at least 12 months after closing, the student loan payment can be excluded from the debt-to-income calculation
Fixed and Adjustable Rate Mortgage (ARM)* loans available
The Doctor and Dentist Loan Program is restricted to primary, owner-occupied residences only
Investment properties, second homes, construction-to-perm and lot loans are ineligible

Fifth Third Bank not only offers competitive financing options to new residents and doctors but provides extra benefits to physicians who have already begun their medical and dental practices. With attractive new purchase and refinancing terms and generous loan amounts, establishing a relationship with First Third Bank may be the best choice for your lending needs. To help you choose the right lender for you, discover the other physician mortgage lenders we have evaluated here.

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