S&T Bank Physician Mortgage Loan Review

Professionals with advanced degrees can earn high incomes, especially doctors. However, getting such a degree can result in a relatively high amount of student loan debt. As a doctor, you might be able to handle the monthly payments on your student loans, but still wonder if you can afford to buy a home.

S&T Bank offers a doctor mortgage program, as well as other loans for professionals. Keep reading to see if S&T offers the financial services you need for banking and buying a home.

Minimum down payment	5% down payment with no limit to loan amount
Residents allowed	Yes
Maximum loan amount	No limit to loan amount
Degrees that qualify	MD, DO, DDS, DMD, DVM and OD. Professionals also qualify for special loans, including those with a PhD or JD
Eligible states	AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, UT, VT, VA, WA, WV, WI, WY

S&T Bank physician mortgage loan details

Founded in 1902, S&T Bank has a footprint in Pennsylvania, New York and Ohio. It offers a variety of consumer loan, banking and mortgage products. Deposits are FDIC-protected. So, you can use this bank for other financial services in addition to a mortgage.

In addition to physicians, osteopathic specialists and veterinarians, S&T also offers loans to dentists and optometrists. Plus, professionals like lawyers and those with PhDs can also access special underwriting for these loans.

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S&T Bank physician mortgage loan: Pros and cons

Depending on your situation, you might qualify for a conventional mortgage, VA loan or doctor mortgage through S&T. Pay attention to potential origination fees and closing costs.

S&T Bank allows borrowers to refinance up to 80% of their LTV. Review the pros and cons of using S&T as your lender for this home financing option.

S&T Bank physician mortgage loan pros

With S&T, you can access physician mortgage loan products that include some advantages, including competitive mortgage rates.

Wider variety of qualified degrees

Rather than limiting the loan options to those with specific degrees and physicians and dentists, S&T also allows optometrists and those with osteopathy degrees access to these doctor loan programs.

Other professionals also have eligibility for special home loans, including lawyers and those who have PhDs in non-medical professions.

Different types of loans

S&T offers a variety of options for different loans. Fixed-rate mortgages can be in terms of 10, 15, 20 and 30 years. The physician mortgage loan also offers five-year and seven-year ARM financing options. S&T also offers FHA loans and VA loans. Carefully compare these terms with your doctor mortgage options to see what works best.

Use our physician mortgage loan calculator to help you decide what mortgage payment and other terms will work best for you, whether you get a small conventional mortgage or a jumbo loan.

Refinancing

Physicians and other professionals who have a good amount of home equity and want to refinance can use S&T. You can get up to 80% of your LTV when you refinance. There might be other incentives as well.

Self-employed doctor mortgage

S&T also accepts 1099 physicians. If you‘re self-employed as a doctor, this can provide you access to financing options. Additionally, S&T offers loans to green card holders and those on H-1-B visas.

S&T Bank physician mortgage loan cons

Before moving forward with this or any other loan program, you should understand the downsides. Here are some of the drawbacks to getting a doctor loan.

No 0% down payment option

You must put down at least 5% for a down payment. Other banks that offer physician loans usually have an option for 0%, even for a jumbo amount up to $1 million. With S&T, you have to put some money down.

Monthly payments can be difficult to manage

Because there’s no limit on your loan amount, your monthly mortgage payment might be high and difficult to manage. Don‘t borrow so much that your debt-to-income ratio is unaffordable.

Credit score minimum

The minimum credit score of 700 at S&T Bank. You need to have good to excellent credit to borrow from this lender. A higher score isn’t necessarily bad, though. You’re more likely to qualify for a lower interest rate if you have good credit.

How to apply for an S&T Bank physician mortgage loan 

Part of the home buying process is to compare lenders. Consider looking at three to five loan providers to see what‘s available. Look for those that have no private mortgage insurance, low mortgage rates and other generous terms.

If you decide that S&T is best for your needs, you can move forward with a physician mortgage loan.

Step 1: Contact S&T Bank

To get started with your home purchase and get approved for an S&T physician mortgage loan, you or your realtor can reach out to a Loan Officer

As you reach out, have the following information available:

• 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, you need to prove that your information is accurate and your income will be enough for loan monthly payments. Your mortgage loan officer can provide you with a list of what you’ll need. Some documentation might include:

• 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 homebuyer or you‘re an old hand at the home-buying process, having these documents can help you get your loan approved faster.

Step 3: If approved, accept the loan

When the lender approves you, it‘s time to decide whether to accept the home loan terms and conditions. Read the disclosures and understand the total closing costs. Pay attention to origination fees and penalties. Once everything‘s signed, you can prepare to take possession of your new real estate.

Should you apply for a physician mortgage loan with S&T Bank?

Physician mortgage loans from S&T can make sense, depending on your situation. It’s an equal housing lender and offers a variety of programs beyond just a doctor mortgage.

Review the impact a large mortgage will have on your finances. Compare S&T to other physician mortgage lenders and decide based on what home loan will work best for you. You can also fill out the form below for more information.