As 2024 approaches, physicians and other healthcare providers continue to look towards physician mortgage programs to aid them in the home financing process.
And it's easy to understand why, given average student loan debt balances nearing $38,000 in just federal debt and home prices nationwide near all time highs.
This is a review of the Fifth Third Bank physician loan program.
Financing Options | Vary depending on career and experience |
Eligible Professions | MD, DO, DDS, DMD, DPM, DVM |
States | FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV |
Minimum Credit Score | 700 |
Fifth Third Bank
Headquartered in Cincinnati, Ohio, Fifth Third Bank is one of the largest banks in the United States. With over 1,100 branches and 50,000 ATMs, Fifth Third offers a whole slew of products, including checking and savings, small business baking, corporate services, and asset management.
They're also in the mortgage lending business and offer a physician loan program for qualifying doctors.
Fifth Third Bank physician loan review
Each physician loan program is a little different, depending on the lender. Here is everything you need to know about Fifth Third's doctor loan program.
First, there are actually two different programs to choose between:
New Doctor Loan Program: Interns, residents, and fellows mid residency and those scheduled to begin their residency within 90 days of closing on a home may use this program. Additionally, eligibility is granted to doctors, dentists, and veterinarians who completed their residency in the previous twelve months.
Established Doctor Loan Program: Self-employed doctors, dentists, and vets, in addition to those at least twelve months into employment with a hospital, physician group, or dental group may use the Established Doctor Loan Program.
Who is eligible?
At this time, Fifth Third offers physician mortgages to:
Medical doctors
Dentists
Veterinarians
Podiatrists
Furthermore, to be eligible, you'll need to:
Have a credit score of at least 700
Buy a home in FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV
This credit score requirement is lower than that requested from other lenders, like Amerant.
Fifth Third differentiates themselves from many of the other programs on the market by offering eligibility to home buyers with green cards, and E1-E5, DV, F2A, F2B, G1-G5, H1B, H4, IR-1, J1, J2, TN, and TD visas.
Available financing and term options
Fifth Third offers a variety of financing options to program participants, including:
100% financing up to $750,000
90% financing up to $1 million (for new doctors)
90% financing up to $2 million (for established doctors)
In the midst of these options, established physicians may also opt for 95% financing up to $1,250,000.
Borrowers also have a number of term options available to them:
10-, 15-, 20-, and 30-year fixed rate loans
5/6, 7/6, 10/6, and 15/6 adjustable rate mortgages (ARMs)
No matter the loan or term you choose, private mortgage insurance will not be required.
Special Fifth Third physician loan perks
Fifth Third Bank physician loan program participants face no private mortgage insurance (PMI) requirements, even if they put down no down payment. PMI expenses vary by loan type and size, but this could provide you with over $100 per month in savings.
Additionally, borrowers may take advantage of a variety of fixed and adjustable rate options, which is unusual for a physician loan program. Usually, loan/term options are a little limited.
Both the New Doctor and Established Doctor programs may be used for existing home refinances.
Apply for a physician mortgage with Fifth Third
The application process with Fifth Third is simple to manage and easy to complete. Begin the process by visiting 53.com and providing some personal information, such as your:
Name
Phone number
Email address
Address
Anticipated loan amount
Property location and zip code
After you submit this information, you'll hear from a Fifth Third loan specialist via phone or email. If a couple days go by and you don't hear from the bank, you may also reach out directly to their loan division at (800) 473-6934.
Either way, once you're in contact with a loan officer, you'll be asked to disclose some financial and employment information, such as:
1-2 years of recent tax returns
3+ months of investment and bank statements
Proof of employment/residenct/fellowship or an offer letter
Other information as required
From here, your loan officer will send your application for review and underwriting. If approved, you'll receive a letter and information containing your approved loan amount, interest rate, and forecasted closing cost estimate.
Pros and cons to a Fifth Third physician loan
Like all the other doctor loan programs on the market today, there are some notable benefits and drawbacks to Fifth Third's progra.
Some of our favorite pros are:
1. Array of loan types and terms
It is rare for a doctor loan program to offer as many term options as Fifth Third does, at least eight by our count. But just as importantly, borrowers will have their pick between a fixed rate and adjustable rate mortgage, which is crucial depending on prevailing interest rates at any given time.
2. Open to those beginning their residencies
Usually, if physician loans are offered to residents, they'll need to be within 90 days of starting their full-time careers. But Fifth Third offers expanded eligibility to those that are mid residency or even about to start it.
3. Eligibility for visa holders
Most programs require participants to be United States citizens, though sometimes those on H1-B visas may also qualify. But Fifth Third takes it one step further, offering its program to those on many different types of visas.
Next, something we'd like to see the program improve upon:
1. Geographic presence
Currently, Fifth Third doctor loans are only available in eleven states across the country. This means that tens of thousands of doctors in populated states like New York and California do not qualify.
Conclusion
Fifth Third offers a couple of physician mortgage programs with flexibility for doctors, dentists, vets, and podiatrists. With multiple financing, loan, and term options, Fifth Third's physician mortgage program offers far greater flexibility for healthcare providers than many other competitors currently on the market.
What are your favorite and least favorite parts about this program? Tell us in the comments below!
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