100% financing up to $750k. MD, DO, DDS, DMD, DPMs eligible
Whether you’re an established medical professional or just starting out, finding the right lender to fit your financial needs can seem out of reach. The Fifth Third Bank physician mortgage loan program provides home mortgages for medical professionals based on their financial situations. Most medical students graduate sitting on a mountain of debt. The physician mortgage loan from Fifth Third Bank is there to cater to the physician or dentists’ financial situation in ways that a traditional mortgage may not.
What is Fifth Third Bank?
Fifth Third Bank was founded in Cincinnati, Ohio in 1858. The bank operates in 11 states, with 1,100 branch locations and more than 2,300 ATMs. The Bank has $554 billion in assets, making it one of the largest money managers in the Midwest. Services include checking and savings, small business banking, home and auto loans, money markets, CDs, and student banking. Fifth Third Bank’s small business banking offers credit cards, lending, checking and savings accounts, and cash management solutions, including merchant services and ACH collections. Merchant services give a practice the ability to accept debit and credit cards.
The name Fifth Third originates from the names of the bank’s two former holder companies:
- Fifth National Bank
- Third National Bank
In 1908, these two banks joined forces to become the Fifth-Third National Bank of Cincinnati. The company’s brand identity cycled through a number of changes until 1969 when it became Fifth Third Bank. Since 1994, Fifth Third Bank has completed numerous acquisitions on its way to becoming one of the largest banks in the United States. The bank is currently ranked 308th on the Fortune 500 list of largest companies in the U.S.
Fifth Third Physician Loan Highlights
The physician loan from Fifth Third Bank offers medical professionals solutions to meet their home financing needs. Both new and established doctors can get fixed and adjustable-rate mortgage loans to purchase or refinance a home. What’s more, no private mortgage insurance is required. Eligible borrowers include:
- Medical Doctors (MDs)
- Doctors of Osteopathy (DOs)
- Doctors of Dental Medicine (DMDs)
- Doctors of Dental Surgery (DDSs)
- Doctors of Podiatric Medicine (DPMs)
Fifth Third offers two loans depending on your working status, the Established Physicians and Dentists program and the Residents, Fellows and New Physicians program.
Practicing Physician and Dentists
This program is available for the designations listed above that have been practicing for at least one year.
- Purchase or Refinance
- Attending 1+ years
- 100% financing up to $750,000
- 95% financing up to $1 million
- 85% financing up to $1.5 million
Residents and Fellows In Training
This program is available for the designations listed above that are still in training or attending for less than one year.
- Purchase or Refinance
- Training or Attending 1 year or less
- 100% financing up to $750,000
- 95% financing up to $1 million
For either program, the loan is available for purchase or refinance on a single family home or condominium. Fifth Third has not indicated what their debt-to-income requirement is exactly, but student loans will be excluded. The minimum credit score for practicing physicians is 720, and 700 for doctors still in training. All that said, Fifth Third Bank is not nationwide. Only if you are in or moving to the following states are you eligible:
Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, West Virginia
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Fifth Third Bank Physician Loan Alternatives
Taking out a mortgage is a big deal. You should know all your options and ask plenty of questions before deciding on a lender. Here are a few alternatives to Fifth Third Bank: UMB, Citizens, Cadence
UMB Bank has an incredible financing solution for doctors, offering 100% financing up to $1MM. However, full financing requires the doctor to be attending, not still in school. And the bank has a limited footprint, so be sure and check their coverage in your state.
Learn More: UMB Physician Mortgage Review
Citizens offers fixed- or adjustable-rate mortgages (ARMs) at up to 95% financing for loan amounts up to $850,000. No PMI is required and student debt can be excluded from DTI. A discount is offered for special banking relationships. Offered to medical doctors, doctors of dental medicine, doctors of dental surgery, or doctors of osteopathy.
Learn More: Citizens Bank Physician Mortgage Review
Cadence Bank recently merged with BancorpSouth to become an even larger bank than it was before. It still has a limited footprint (southern states) but an excellent doctor home loan program where you can get 100% financing up to $1.5MM.
Is Fifth Third Bank Right for You?
Fifth Third Bank offers loans to practicing and established medical professors with friendlier terms, making it easy for them to not only establish their careers, but also their homes. That said, is this lender the best one for you? They do offer 100% financing, but only up to $750. It’s a full-service bank which means you can easily pay your mortgage online and perhaps even automatically through their platform for customers. If you ever want to start your own medical practice, Fifth Third caters to small businesses so that is certainly a win. That said, the bank is severely limited in footprint, only 11 states. If you’re looking for a jumbo loan, such as $1 million, you will have to put down at least 15%.
Compare all physician mortgage programs here in less than 2 minutes
Fifth Third Bank FAQ
It’s always good to learn as much as you can about the lender you are going to enter a potentially 30-year relationship with.
Is Fifth Third Bank a good place to get a mortgage?
In addition to offering personal banking, Fifth Third Bank offers benefits to medical professionals who are just starting out in their careers. Regardless of your financial situation, Fifth Third Bank makes it easy for medical professionals to plant their roots where their career starts and finishes.
Does Fifth Third Bank offer practice loans?
No, however they do offer small business loans which are backed by the Small Business Administration (SBA). SBA loans and lines of credit offer more flexible borrowing amounts and repayment options, which means lower monthly payments for you while offering a limit up to $5 million. Loans may be used for commercial real estate expansion/new construction, working capital, equipment finance, and refinancing existing debt. And as reported earlier, Fifth Third Bank does offer small business banking, including deposit accounts, credit cards, and debit and credit card processing solutions.
Can you use a physician mortgage more than once?
It all depends on the lender you’re working with. Most will allow subsequent loans as long as you meet the criteria. But be aware that physician mortgages are designed primarily for those who are no more than 10 years out of residency. If you exceed that time frame you may not be able to get this type of loan even if you apply with a different lender.
As an enthusiast and expert in the field of mortgage financing, particularly for medical professionals, I can provide valuable insights into the Fifth Third Bank physician mortgage loan program mentioned in the article.
Fifth Third Bank Overview: Fifth Third Bank, founded in Cincinnati, Ohio in 1858, has grown to become one of the largest money managers in the Midwest with $554 billion in assets. Operating in 11 states, the bank offers a range of services, including checking and savings, small business banking, home and auto loans, money markets, CDs, and student banking.
Physician Mortgage Loan Program: The Fifth Third Bank physician mortgage loan program is designed to assist medical professionals, including Medical Doctors (MDs), Doctors of Osteopathy (DOs), Doctors of Dental Medicine (DMDs), Doctors of Dental Surgery (DDSs), and Doctors of Podiatric Medicine (DPMs), in securing home mortgages. The program offers two main loans:
Established Physicians and Dentists Program:
- Available for those practicing for at least one year.
- Offers 100% financing up to $750,000, 95% financing up to $1 million, and 85% financing up to $1.5 million.
Residents, Fellows, and New Physicians Program:
- Available for those still in training or attending for less than one year.
- Offers 100% financing up to $750,000 and 95% financing up to $1 million.
Loan Eligibility and Requirements:
- Eligible properties for purchase or refinance include single-family homes or condominiums.
- Student loans are excluded from the debt-to-income calculation.
- Minimum credit score requirement is 720 for practicing physicians and 700 for doctors still in training.
Geographic Limitations: Fifth Third Bank's physician mortgage loan program is limited to certain states, including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.
Alternatives to Fifth Third Bank: For those seeking alternatives, UMB Bank, Citizens Bank, and Cadence Bank are mentioned in the article. These banks offer physician mortgage loan programs with varying terms and conditions.
Considerations for Borrowers:
- Fifth Third Bank is highlighted for providing friendlier terms to medical professionals, allowing them to establish both their careers and homes.
- The bank's limitations include a footprint in only 11 states, and for jumbo loans exceeding $750,000, a down payment of at least 15% is required.
Fifth Third Bank FAQ:
- The bank is considered a suitable place for medical professionals to get a mortgage, offering benefits to those starting their careers.
- While Fifth Third Bank does not offer practice loans, it provides small business loans backed by the Small Business Administration (SBA).
- Physician mortgages can typically be used more than once, but eligibility criteria may vary among lenders, and these loans are primarily designed for those within the first 10 years of residency.
In conclusion, Fifth Third Bank's physician mortgage loan program aims to address the unique financial situations of medical professionals, offering competitive financing options and tailored solutions. However, potential borrowers should carefully consider geographic limitations and compare alternative options before making a decision.