Huntington Bank Physician Mortgage Loans

Physician Mortgage Loans—Buy or Refinance at Special Rates

Lynne Cody

January 30, 2020

Lynne Cody

January 30, 2020

Huntington Bank Physician Mortgage Loans

Physician Mortgage Loans—Buy or Refinance at Special Rates

Lynne Cody

January 30, 2020

Buy or refinance with a physician mortgage loan

Leaving medical school and beginning the next step–Residency—you enter a new stage in your medical career, which is filled with exciting challenges and benefits. You may experience the same feelings when you embark on the journey to home ownership, especially when purchasing your first home. Physician Mortgage lenders, however, are experts in the process. Many representatives have years of experience helping new doctors and dentists obtain competitive financing and can help you navigate the process and take advantage of the perks your medical degree brings.

From lower (or zero) down payment options to flexible underwriting, physician mortgage loans may be the best choice financing your first home. With multiple lenders in this specialized market, we introduce you to some of the most popular and well-respected financial institutions.

The lenders

With many banks entering the physician mortgage lending arena, it is essential to research the pros and cons of each financial institution. In this series, we present lenders who have clear guidelines for these specialized lending programs. Additionally, we focus on those banks which have a history of successful financing relationships with medical professionals.

With a long and successful history (beginning in 1866 as P.W. Huntington & Company), this subsidiary of Huntington Bancshares Incorporated is centered in 7 states in the Great Lakes region. Maintaining its community-centric image, Huntington Bank has a long reputation for strong civic involvement and sponsorship. In addition to financial services to consumers and commercial entities, Huntington Bank offers investment management, brokerage, and trust services and maintains banking relationships with automotive dealers for vehicle financing.

Huntington Bank physician mortgage program details:

Minimum credit score

Not available

States available

Loan amounts for residents and fellows

100% financing for residents, up to $650,000 for purchase or rate/term refinance. This is limited to primary residences only for purchase or rate/term refinance mortgages only
Must provide employment contract and letter from employer
For rate/term refinances limited to 95% financing

Loan amounts for practicing physicians

Up to $2 Million financing options for qualified Practicing Physicians
Refinances loan-to-value limited to 95% financing with no cash-out
100% financing is obtainable, for loans up to $650,000, but only for those purchasing a primary residence or rate/term refinance and submitting proof of employment

Eligible borrowers

Highlights

No Private Mortgage Insurance required
Fixed, adjustable rates offered
Purchase or rate/term refinance offered
Minimum credit requirments subject to lender approval
No penalties for prepayment, borrowers can pay off mortgages early, saving money on interest costs

For doctors based in the Great Lakes region looking for a community-minded financial institution, consider Huntington Bank for your mortgage needs. This lender’s commitment to recent medical school graduates and doctors entering residency proves its dedication to future medical providers. Look for other potential physician mortgage loan programs in additional articles.