Fulton Mortgage Company Physician Mortgage Loan Review

Even though doctors often have high incomes, they also usually finish their degrees with a relatively high amount of student loan debt. For some, a doctor mortgage loan can make a difference in being able to buy a home.

Fulton Mortgage Company offers a physician home loan program, but it‘s only available in very few states. Let‘s take a look at the mortgage program from Fulton Mortgage Company so you can decide whether it’s the right choice for your new home.

Minimum down payment	No down payment for loans up to $1.5 million 5% down payment on loans up to $2 million 10% down payment on loans up to $3 million
Residents allowed	Yes
Maximum loan amount	$3 million
Degrees that qualify	DVM, DPM and PharmD (Medical residents, fellows and interns are also eligible.)
Eligible states	DC, DE, MD, NJ, VA

Fulton Mortgage Company physician mortgage loan details

Fulton Mortgage Company was founded in 1882 and remains a regional bank. The bank offers a variety of financial services, including mortgage loans aimed at doctors and veterinarians. The doctor loan program is designed to help those with high student loan payments be able to afford a home.

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Fulton Mortgage Company physician mortgage loan: Pros and Cons

As long as you meet credit approval requirements and have an employment contract, you might be able to get a jumbo doctor loan of up to $3 million from Fulton Mortgage Company. However, before you move forward, you should understand the pros and cons of getting a mortgage with Fulton mortgage company.

Fulton Mortgage Company physician mortgage loan pros

Fulton Mortgage Company offers physician mortgage loans with competitive interest rates and generous underwriting standards.

High loan amount

Fulton Mortgage Company offers doctor loans of up to $3 million. They also offer the ability for certain borrowers to pay $0 down on physician loans of up to $1.5 million.

Different types of loans

Fulton Mortgage Company offers 30-year and 15-year fixed-rate physician mortgage loans as well as adjustable-rate mortgage options. The ARM choices include five-, seven-, 10- and 15-year terms.

Use our physician mortgage loan calculator to help you decide what mortgage payment and other terms will work best for you.

Loans for those who haven’t started a job

Even if you haven’t started your job, you can still get a loan from Fulton Mortgage Company to buy a new home. As long as you have an employment contract with a start date within 90 days, you might be eligible.

Resident doctors could especially benefit

One nice feature about this program is that Fulton allows parent co-signers and does not have a reserve requirement. This could be ideal for prospective homebuyers who are resident doctors.

Medical professionals 15 years out of residency are still eligible

Most physician mortgage programs seem to require doctors to be ten years or less out since residency; however, with Fulton's program, they can accept 15 years out.

No PMI requirement

For most conventional loans, the lender requires you to pay private mortgage insurance (PMI) if you have a down payment amounting to less than 20%. Fulton Mortgage Company, like many other doctor loan programs, doesn‘t require PMI even if you have no down payment.

Fulton Mortgage Company physician mortgage loan cons

Even though Fulton Mortgage Company has a good program, catering to pharmacists, podiatrists and veterinarians, there are some drawbacks. Here‘s what you need to know.

You might borrow more than needed

A low down payment can encourage you to get a bigger mortgage than you need. With Fulton mortgage company allowing you to borrow up to $1.5 million without a down payment, you might end up house-poor.

Monthly payments can be difficult to manage

With such large loans, your monthly payments can cause cash flow issues. If you don‘t qualify for income-driven repayment, you can end up unable to manage both your mortgage payments and your student loan payments.

Limited availability

Loans with Fulton Mortgage Company are limited in availability. You must live in Washington, DC, Delaware, Maryland, Virginia, or New Jersey to be eligible.

How to apply for a Fulton Mortgage Company physician mortgage loan

Before making a decision about where to get your loan, review offers from multiple lenders. If you decide that Fulton Mortgage Company is best for your needs, move forward with your application.

Step 1: Contact Fulton Mortgage Company

To get started with your new home purchase and get approved for a physician mortgage loan, consider speaking with a Realtor and contacting Fulton Mortgage Company. You can contact James Webster.

When reaching out, it’s easier to determine your eligibility if you’re ready with the following information:

• Name
• Email
• Phone number
• Loan purpose
• Loan amount
• Property location
• Property zip code
• Degree
• Employment contract

Step 2: Gather necessary documentation

To get any mortgage loan, including a doctor loan, you need to provide documentation. Your loan officer can give you a list of what you need, including the following items:

• Purchase agreement.
• Pay stubs (recent 30 days) or an employment letter, if you haven’t started.

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

Whether you‘re a first-time home buyer or you‘ve had a mortgage in the past, being prepared can help you close faster.

Step 3: If approved, accept the loan

Once you‘re approved, decide whether to accept the home loan terms. Read the disclosures and understand the total closing cost and terms. Pay attention to fees and penalties. If you‘re satisfied, you can sign the mortgage paperwork and prepare to move into your new real estate.

Should you apply for a physician mortgage loan with Fulton Mortgage Company?

Fulton Mortgage Company offers physician mortgage loans to medical professionals with credit scores as low as 700. Depending on the situation, you might be able to get a $0 down payment or borrow up to $3 million.

Before moving forward though, consider the impact the mortgage will have on your overall financial situation. Compare Fulton mortgage company to other physician mortgage lenders and decide what will work best for you, or fill out the form below.