Fifth Third Bank Physician Mortgage Loan Review

If you’re a doctor, it’s likely you have a high income, but also a high outstanding student loan balance. Although you might be able to afford your student loan payments, qualifying for a conventional home loan might be challenging.

The good news is that there are home buying loan programs for physicians that require little to no down payment, making your dream of home ownership possible. Fifth Third Bank, which has been around since 1858, is a lender to consider for a physician mortgage loan. Below we cover what you need to know and the eligibility requirements for physicians.

Minimum down payment	No down payment for new doctors on loans up to $1 million. 5% down payment on loans up to $1.5 million. 10% down payment on loans up to $2 million.
Residents allowed	Yes
Maximum loan amount	$2 million
Degrees that qualify	MD, DO, DPM, DDS, DMD, DVM or OD
Eligible states	FL, IL, IN, KY, MI, OH, TN, WV, GA, NC, SC

Fifth Third Bank physician mortgage loan details

Buying a home is likely to be your biggest purchase next to your education. That’s why reviewing the finer details of the loan is key to ensuring it makes sense for your unique financial situation.

If you meet the eligibility requirements and fall into one of the doctor categories listed above, getting a home loan through Fifth Third Bank is one option. There might be additional fees and your down payment may vary. Below are the pros and cons of working with this lender for this unique home financing option.

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Pros

The Fifth Third Bank physician loan offers loan products that can help you buy a home in this competitive home-buying environment and offers some advantages.

Various types of medical professionals qualify

Some lenders may have strict designations about who they consider a doctor for doctor loans. Fifth Third Bank includes medical doctors (MD, DO), podiatrists (DPM), dentists (DDS, DDM), veterinarians (DVM) and optometrists (OD). This expanded eligibility can help various types of doctors who may not qualify for other loans that cater to MDs or DOs.

Has a mix of rates and terms

Fifth Third Bank offers various types of interest rates — including fixed rates and adjustable rates, as well as different repayment terms. This can open up the possibility to pay less in interest or have lower payments, depending on your financial situation and your priorities.

You can get 10-year, 15-year, 20-year, and 30-year fixed mortgages. It also offers hybrid adjustable-rate mortgages (ARM), including 5/6 ARMs, 7/6 ARMs, 10/6 ARMs and 15/6 ARMs.

Under these options, you typically have a set period of fixed interest, then variable rates that can change over time. Depending on the type of loan and your financial situation, having more options might be better.

Expanded eligibility

Fifth Third Bank has expanded eligibility that can make some physicians qualify who might not otherwise in certain circumstances. For example, there are no age restrictions on this type of loan and you can also close 90 days before you start a new job, with proof of contract. Additionally, they lend to borrowers with various types of visas including:

• E1-E5
• DV
• F2A
• F2B
• G1-G5
• H1B
• H4
• IR-1
• J1
• J2
• TN
• TD
• Green card holders

Additionally, Fifth Third Bank does work with veterans and offers VA loans. They work with you to decide which loan program would be better for you, whether that is a VA loan or physician mortgage loan.

No PMI requirement

Generally, if you have a down payment that’s less than 20% your lender might require you to get private mortgage insurance (PMI). The good news is that Fifth Third Bank waives this requirement, so there’s no private mortgage insurance needed.

Cons

A home purchase is costly, so understand the drawbacks of taking on a physician mortgage loan first.

You can borrow more than you need

Having no to low down payment options as a physician is a great perk. But you might be tempted to take on a larger mortgage than what realistically makes sense simply because you can. Remember, although a mortgage can pay for a place to live and be an investment in some ways, it still adds to your debt load.

Understand how your mortgage will affect your debt-to-income ratio and look at your budget for housing costs. That way you can still afford other areas of your life and have a buffer for emergencies, life transitions and more, so you have a strong financial plan.

Monthly payments can add up

Similar to the first point, borrowing too much doesn’t just add to the total cost of the loan. It can make your monthly payments for housing higher as well. If you experience bouts of unemployment or lower income, it can make paying your mortgage payments more difficult.

Additionally, consider other utility costs, furniture for a new house, homeowners insurance, etc. as added costs.

Credit score minimum

Fifth Third Bank has a credit score minimum of 700. This is considered a “good” credit score, according to FICO. Though this is more than reasonable given the minimal down payment requirements, it could be a downside if you have a limited credit history or have poor credit or missed payments on credit cards or other types of loans.

How to apply for a Fifth Third Bank physician loan

After reviewing various lenders, you might find that Fifth Third Bank has the best physician mortgage loan for your needs. In that case, here’s how to apply for this specific mortgage program.

Step 1: Contact Fifth Third Bank

To get started buying a new home and getting approved for a physician mortgage loan, contact Fifth Third Bank. You can contact Sandy Salas to start the mortgage process, provide more information, and get connected with a loan specialist. You’ll need to provide:

• Name
• Email
• Phone number
• Loan purpose
• Desired loan amount
• Property location
• Property zip code

Step 2: Provide necessary documentation

When applying for a mortgage, you’ll need to provide documentation to prove your income and doctor status. Confirm with the loan specialist what that might be, but this could include:

• Pay stubs.
• Degree or diploma.
• Medical license.
• Confirmed employment contract.
• Tax returns.
• Other documents as requested.

Having your documents ready can help expedite the process and avoid any delays.

Step 3: If approved, accept loan

Once documentation is provided and you get approved, then you can accept the home loan. Look over the total closing costs, terms and conditions and any fees. Sign the closing disclosures and get ready to purchase your own piece of real estate.

Should you apply for a physician mortgage loan with Fifth Third Bank?

Fifth Third Bank offers physician mortgage loans to various types of doctors and has expansive eligibility requirements and attractive loan options. You can start with no down payment in some cases and buy your first home with the financing you need. Just be aware of how the interest rate will affect total costs and understand your monthly payment before taking on a loan of this size.

You can see additional physician mortgage lenders to review all of your options and check out other mortgage solutions.