A Doctor’s Guide to the Huntington Bank Physician Loan Program

If you’re a medical professional who’s looking to buy a home, there’s no shortage of banks you can approach to secure doctors’ home loans.

Huntington Bank is one such mortgage lender that offers loans for physicians, dentists, optometrists, and more.

This article explains the ins and outs of the Huntington Bank physician loan program.

We discuss eligibility criteria and features, as well as a four-step application process you can follow.

Key Takeaways

  • Huntington Bank offers physician loans to residents, practicing doctors, and graduate medical students through its Physician Loans program
  • Key features of the program include zero down payments, multiple financing options, and the acceptance of seller contributions
  • Eligibility criteria include proof of income, educational qualifications, a debt-to-income ratio not exceeding 50%, and an application for a primary residence
  • The application process is a straightforward, four-step process

What Is the Huntington Bank Physician Loan?

Huntington National Bank is one of many mortgage lenders that offers home loans tailored for medical professionals.

The physician mortgage program Huntington operates offers doctors and other professionals in the medical field an easy pathway to home ownership.

This mortgage lender overlooks the high student loan debt racked up by medical students while attending school.

Instead, Huntington Bank looks at its future earning potential, offering borrowers multiple loan options and refinancing for existing mortgages.

Huntington Bank Physician Loan Eligibility Criteria

To be eligible for this physician mortgage loan, you’ll need to meet the following criteria:

  • Educational Qualifications: Huntington Bank only extends its physician loans to medical doctors with an M.D., D.O., D.M.D., D.V.M., or D.D.S degree.
  • Proof of Income: You’ll need to provide proof of income or an employment contract that shows sufficient proof of income and reserves. The amount of reserves you’ll need varies depending on the amount you plan to borrow.
  • Home Type: This doctor loan program is available solely to home buyers who want to refinance a mortgage or purchase a primary residence.
  • Debt-to-Income Ratio: Huntington Bank recognizes that borrowers are grappling with student loan debt. Thus, physicians who want to leverage this financing option can get away with a debt-to-income ratio that doesn’t exceed 50%.

Also, Huntington Bank offers its physician mortgage loans to graduate medical students, practicing doctors, and residents, meaning that you must belong to one of these occupations to qualify.

Features of Huntington Bank’s Physician Loan Program

The main features of the loans this mortgage company provides are as follows:

No Down Payment

Huntington Bank can grant you a home loan irrespective of whether you have cash to put down or not.

The bank offers 100% financing – no down payments or private mortgage insurance are necessary.

Multiple Financing Options

You have multiple mortgage options to choose from, each with a maximum loan amount.

If you decide to kickstart the mortgage process with 100% financing, you can borrow a maximum of $1,000,000. 95% financing lets you loan $1,250,000, and 90% has a maximum amount of $2,000,000 (the maximum overall).

Please note that the loan-to-value options available to you will vary based on your FICO score.

The minimum credit score Huntington Bank allows is 580.

Zero Prepayment Penalty

Huntington Bank doesn’t charge you a prepayment penalty for paying off your loan earlier than agreed.

This arrangement means you can focus on your loan payments without worrying about these kinds of banking fees ballooning the mortgage cost.

Seller Contributions Allowed

Huntington Bank allows seller contributions between 3% and 9%.

For first-time buyers, this feature means the house seller can contribute towards the closing costs for your chosen mortgage product.

It’ll save you money you’d otherwise have to pay when paying off your doctor loan.

Flexible Loan Terms

There are five loan term options available to borrowers: a 3-year, 5-year, 7-year, 10-year, or 15-year term.

All of them are adjustable-rate mortgages, meaning their interest rates change periodically.

Close on Purchase Before Beginning Residency

Huntington Bank strives to make the loan application process as straightforward as possible.

As such, aspiring medical workers can close on their purchases more than 90 days before starting their residencies.

This feature also extends to practicing physicians who can close before relocating their practices or changing jobs.

Association Member Benefit

Huntington Bank physician mortgages provide benefits to members of the following medical associations:

  • American Medical Association
  • Student Osteopathic Medical Association
  • American Osteopathic Association

If you’re a member of any of the above associations, you’re eligible for a $750 closing cost discount when using Physician Loans to purchase or refinance a mortgage.

How to Apply for Huntington Bank’s Physician Loan

Here’s a four-step process you can follow when applying for Huntington Bank’s doctor loan:

Step One: Gather Your Documents

Begin by gathering all the documents Huntington Bank requires when processing physician loans, including your:

  • Bank statements (at least two months prior), pay stubs, or other documents showing proof of funds and reserves
  • Medical degree, medical license, and other documents showing your qualifications
  • Contract of employment
  • Driver’s license, passport, or other evidence of your nationality

Please note that your mortgage loan officer may ask for additional documents that aren’t on the above list.

Step Two: Contact the Bank

You can reach Huntington Bank online or via the telephone at (877) 593-9313.

Before you pick up the phone, make sure you have your personal details (name, address, phone number, etc.) at hand.

Additionally, you’ll need to provide details related to the loan you’re seeking, like the figure you’d like to borrow and the address and zip code of the property you wish to purchase.

Step Three: Match With a Loan Officer and Pre-Qualify for a Loan

If you don’t already have a property in mind that you’d like to purchase, work with your loan officer to find one.

Huntington Bank will match you with an experienced officer who’ll provide this service free of charge.

The officer will also guide you through the loan application process and will always be on standby to answer your questions.

Step Four: Read the Contract and Sign on the Dotted Line

Once Huntington Bank approves your loan application, thoroughly read the contract to understand your obligations.

Take note of the fees you’re expected to pay, the penalties you can incur, and more.

If you’re happy with the contract terms, sign the paperwork, get the loan, and purchase your new home.

Final Thoughts

Huntington Bank’s physician loan program is excellent for medical workers at all stages of their careers, offering perks like zero down payments and flexible loan terms.

If you’re thinking of approaching it for a doctor loan, we can help.

Contact us and speak to one of our consultants to get guidance on the best way to approach this lender.

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