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  • Writer's pictureNathan Zarcaro

[2024] Fifth Third Bank Physician Loan Review

Updated: Dec 20, 2023

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.

Fifth Third Bank physician mortgage

Financing Options

Vary depending on career and experience

Eligible Professions




Minimum Credit Score


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:

  1. Medical doctors

  2. Dentists

  3. Veterinarians

  4. 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 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.


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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About Nathan Zarcaro

Nathan Zarcaro is the founder of The Student Debt Destroyer and is passionate about personal finance related causes.  A 2018 graduate of Providence College's Liberal Arts Honors Program, Nathan studied Finance, and has worked for industry leaders in both finance and healthcare.  In his free time, Nathan enjoys playing golf and traveling with his wife Brigid.

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