First United Bank Physician Mortgage Loan Review

Dentists and doctors often have the potential for a relatively high income. However, getting an advanced degree in a healthcare field can result in high student loan debt. As a doctor or dentist, you might manage to pay the monthly payments on student loans, but you could struggle to make mortgage payments on top of that.

First United Bank offers a mortgage program aimed at doctors and dentists, providing a way to take the steps toward homeownership, even though they might not otherwise qualify.

Residents allowed	Yes
How they treat student loans	Doesn't count toward qualification
Degrees that qualify	MD, DO, DDS or DMD
Eligible states	TX, OK

First United Bank physician mortgage loan details

First United Bank considers itself a faith-based bank with a higher purpose. It’s an FDIC member and equal housing lender.

First United only offers physician mortgage loans to doctors and dentists, although residents and fellows are also eligible for this mortgage program.

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First United Bank physician mortgage loan: Pros and cons

When reviewing your mortgage options, including those for medical professionals, make sure you understand the origination fees and closing costs. Understand the terms as well, so you know what to expect.

First United Bank offers advantages and disadvantages as a lender for your doctor loan.

First United Bank physician mortgage loan pros

With First United, you can access doctor loans and other loan options that have low interest rates and other features.

Residents and fellows are eligible

Not every physician loan program allows residents and fellows to apply. However, First United does allow you to access these programs. Additionally, if the co-borrower is a doctor, dentist, resident or fellow, you might also qualify for one of these loans.

Different types of loans

First United Bank offers different loan options, including fixed-rate mortgages and adjustable-rate mortgages. There are a variety of term lengths. Additionally, your loan-to-value ratio and other factors might provide you with access to different perks of a home mortgage.

Use a physician mortgage loan calculator to figure out what works best for you. As a healthcare professional, you might have access to a jumbo loan or other loans without some of the stricter requirements often seen with a conventional mortgage.

No PMI

On top of different mortgage program options, avoiding paying private mortgage insurance (PMI) is a potential possibility when you get one of these doctor loans. First United will work with medical professionals to find a solution that works for them.

First United Bank physician mortgage loan cons

Before moving forward with First United or any other bank, you should understand the drawbacks of their programs. A physician loan program has its own issues, and you must carefully consider what makes sense for you.

Small down payments can lead to higher monthly payments

Because doctor and dentist loan programs often allow you to get a more expensive house for less money down, it can be tempting to get a bigger mortgage. You might qualify, but a doctor loan can make you feel house poor if a lot of your monthly income goes toward making your mortgage payments.

Not a lot of transparency around its doctor loan program 

A lot of the information about the First United loan program and underwriting process isn’t readily available. In order to find out if you can get your dream home using one of the programs at First United, you need to speak with someone. Make sure you take good notes, since the information isn’t readily available on the website.

Credit score minimum

First United Bank suggests a minimum FICO score of 700 for its doctor loan program. You need to have good to excellent credit to get the best interest rates. Some other loans, like FHA and VA loans, offer access to more flexible credit requirements and might work better for you in the long run.

How to apply for a First United Bank physician mortgage loan 

Part of the home buying process is comparing lenders. Review three to five lenders, comparing terms like income ratio, down payment, the underwriting process and more.

Consider giving preference to home lenders that don’t charge private mortgage insurance and might be willing to waive including your student loan payments in your debt-to-income ratio for qualification. If you decide First United is best for your needs, contact them to start filling out a mortgage application.

Step 1: Contact First United Bank

To start the approval process for a physician or dentist loan, you or your real estate agent can reach out to a bank representative. You can also request information through the website.

Before you make your call, be ready with the following information:

• Name
• Email
• Phone number
• Loan purpose
• Loan amount
• Property location
• Property zip code
• Degree
• Employment contract
• Proof of medical license

Step 2: Gather necessary documentation

The lender will want specific information and documentation when filling out an application. Your mortgage loan officer can give you more information about potential documents, including:

• Purchase agreement.
• Employment contract.
• Recent bank statements.
• Tax returns.
• Driver’s license or other ID.
• Other documents, as requested.

Whether you’re a pro or a first-time homebuyer, having the right information and documentation as early as possible can speed up your home ownership process.

Step 3: If approved, accept the loan

If First United approves you, it‘s time to decide whether to accept the home loan terms. Confirm that the paperwork matches what you were told. Once you close on the property, you can begin moving in and making it your dream home.

Should you apply for a physician mortgage loan with First United Bank?

If the numbers work for you, the dentist and physician mortgage loan programs at First United can be a good financial choice. First United Bank is an equal housing lender, and there are different options a loan officer can help you review to see what works for you.

Review your finances to see if you’re ready to buy a home and compare First United Bank to other physician mortgage lenders. Then make a choice about which lender best suits your needs. You can also fill out the form below for more information.