Physician Home Loans in Columbus, Ohio

Introduction to Physician Home Loans (Doctor Mortgage)

Updated: Wednesday, March 19, 2025. Terms and Conditions Subject to Change.

Looking to buy a home in Columbus as a medical professional? Physician loans (also known as doctor mortgages) are special home financing programs tailored to new and practicing doctors. These loans offer low down payments, no private mortgage insurance (PMI), and flexible debt-to-income requirements – helping physicians become homeowners sooner. The Thomas|Riddle Group are local experts in physician home financing, guiding Columbus doctors through the home-buying process with tailored advice and lender connections.

Physician loans are mortgage programs designed specifically for doctors, dentists, and other medical professionals. Unlike conventional mortgages, physician loans let you finance a home with very little money down and no PMI, even if you put down under 20%. This is a major benefit, as PMI typically adds to your monthly payment on standard loans when you have a small down payment. By eliminating PMI and requiring minimal down payment, physician loans make homeownership more attainable for residents, fellows, and attending physicians who may have high student debt but strong future income potential.

Benefits of Physician Home Loans:

• Low or Zero Down Payment: Many physician loan programs offer 0–5% down options (financing 95–100% of the home price), which means you can buy a home sooner without waiting to save a large down payment.
• No PMI: Lenders waive private mortgage insurance even with <20% down, saving you hundreds per month.
• Flexible Debt-to-Income (DTI) Ratios: Physician mortgages often allow higher DTI (up to ~50% in many cases) and make special considerations for student loans (sometimes using income-based payments or offer letter future income).
• High Loan Limits: Doctors can often qualify for larger loan amounts than standard borrowers. For example, some programs finance up to $1–$2 million depending on your down payment, giving you more buying power for a home near Columbus hospitals.
• Early Career Friendly: Physician loans account for the unique situation of new doctors. If you’ve just signed a contract for residency or your first attending job, many lenders will approve your loan based on that offer letter – even before you start work or have regular paystubs.

Thomas|Riddle Group has over two decades of experience in Columbus real estate and understands the needs of physician homebuyers. We’ve helped many doctors relocating to or within Central Ohio take advantage of these loans. As a top Columbus real estate team, Thomas|Riddle Group provides personalized guidance, ensuring you find the right home and connect with lenders offering the best physician loan terms for your situation.

How Physician Home Loans Work

Physician mortgage loans work similarly to regular home loans but with key features adjusted to fit doctors’ finances:

• Low Down Payment Requirements: Physician loans typically allow 0% down on loan amounts up to $1 million, 5% down up to $1.25–$1.5 million, and 10% down for higher amounts. This tiered structure helps doctors buy a home with little cash upfront. For example, Huntington Bank’s program in Ohio finances 100% up to $1M, 95% up to $1.25M, and 90% up to $2M. Fifth Third Bank similarly offers no-money-down financing up to $1M for new physicians.
• No Private Mortgage Insurance: A huge benefit is that lenders do not charge PMI on physician loans. Banks waive this because they view physicians as low-risk borrowers due to high earning potential, even if you haven’t saved 20% down. Skipping PMI can save you a significant amount each month and over the life of the loan.
• Flexible DTI and Student Loan Treatment: Physician loan underwriters often allow higher debt-to-income ratios (often up to 50% of income). They may also exclude or reduce the impact of student loans in the DTI calculation, especially if you are in residency or an income-driven repayment plan. For instance, some lenders use actual student loan payments (which could be $0 on deferment) or 1% of the loan balance, rather than the standard 0.5% rule, making it easier to qualify.
• No Employment History Required: Unlike conventional loans that might require two years of stable income, physician loans are designed for doctors just starting their careers. Lenders will accept a signed residency or employment contract (often if your start date is within 60–90 days) in lieu of pay stubs. This means you can close on a home before your new job begins – a common scenario for residents moving to Columbus for training or attendings relocating for a hospital position.
• Interest Rates: Interest rates on physician loans can be comparable to conventional loans, but sometimes slightly higher or with slightly higher fees. This is the trade-off for low down payment and no PMI. It’s important to shop around with different banks. Many Ohio doctors find the long-term savings (no PMI and not liquidating savings for a down payment) outweigh a marginally higher rate.

Overall, physician loans work by leveraging the high future income and low default rates of medical professionals. Lenders compete for doctors’ business by offering these flexible terms. The result is a mortgage that accommodates your current financial situation (like big student loans and limited savings) while banking on your stable, growing income as a physician.

Who Can Apply?

Physician home loan programs are primarily aimed at medical doctors, but many include a range of health professionals. Eligibility typically includes:

• Degrees: MD and DO (medical doctors and osteopathic physicians) almost always qualify. Many programs also welcome DDS and DMD (dentists), DPM (podiatrists), and DVM (veterinarians). Some lenders extend eligibility to OD (optometrists) and PharmD (pharmacists) as well.
• Residents and Fellows: You do not need to be an attending physician to get a doctor loan. Medical residents and fellows in training are often eligible, usually with proof of your position or a contract. For example, Huntington and other banks explicitly cater to residents and graduating med students with tailored options. New physicians just out of residency can also qualify under “new doctor” programs (sometimes with slightly lower max loan amounts).
• Attendings and Established Physicians: Practicing physicians in any stage of their career can apply. There’s often no upper age or experience limit, though a few banks only offer 100% financing if you’re within 5–10 years of completing training. Most lenders, however, allow attendings well into their careers to use physician loans (sometimes requiring a small down payment if 10+ years out of training).
• Other Medical Professionals: Some programs expand beyond doctors. Dentists commonly qualify. Select lenders offer “professional” mortgage versions for medical professionals like nurse practitioners, physician assistants, chiropractors, and others – though terms might differ (often slightly lower loan limits or a small down payment required). For instance, First Merchants Bank in Ohio has a separate program with 3% down for RNs, pharmacists, and even hospital employees.
• Credit and Financial Requirements: You’ll still need decent credit (often a 680–700+ FICO minimum) and to meet basic underwriting. Most physician loans require you to use the home as a primary residence (no investment properties). They may also require some cash reserves after closing (e.g. a few months of mortgage payments saved up). But unlike conventional loans, self-employed doctor applicants may not need a full 2-year income history, and visa holders (H-1B, J-1) are often accepted by many doctor loan programs.

In summary, medical residents, fellows, and practicing physicians (MD, DO, DDS, DMD, DPM, DVM, etc.) are the core candidates for physician loans. Even if you’re early in your career or still in training, you can likely apply. Thomas|Riddle Group can evaluate your eligibility and refer you to lenders that match your profile, whether you’re a first-year resident or a seasoned specialist.

Availability and Where to Apply

Physician loan programs are offered by a variety of banks – from large national lenders to regional Ohio banks and local community banks. In Columbus and Central Ohio, several banks offer physician loans:

• Huntington Bank: Headquartered in Columbus, Huntington is a major provider of doctor loans. Their program finances up to 100% for loans up to $1 million (no down payment), 5% down for up to $1.25M, and 10% down up to $2M. They require a credit score of 700+ for the best terms and allow new physicians to qualify with a contract (start within 90 days). Huntington’s “Doctor Loan” is well-known locally and caters to medical students, residents, and attendings. (Apply online or through local loan officers.)
• Heartland Bank: A community bank based in central Ohio, Heartland Bank has mortgage options that can be tailored for professionals. They’ve worked with local medical residents and doctors (contact Kelly Law at Heartland for physician lending). Heartland emphasizes personal service and understanding first-time buyers’ needs. While not advertised as a specific “physician loan” on their site, Heartland Bank’s mortgage team is experienced with low down payment loans for doctors – it’s a recommended local option for a more personalized touch.
• Fifth Third Bank: Fifth Third offers a physician mortgage program in Ohio. Established doctors (MD, DO, DDS, DMD, DVM, etc.) can get up to $1M with 0% down, $1.5M with 5% down, or $2M with 10% down. Residents and new physicians also qualify for slightly lower maximums with low down payments. Fifth Third’s program does not require PMI and is available in Columbus through local branches.
• KeyBank: KeyBank is a regional bank active in Columbus that provides 100% financing on physician loans as well. They don’t charge PMI, and they even allow doctors to use the loan for a second home or investment property in some cases, which is unique. KeyBank’s program is open to MD, DO, DMD, DDS, DPM designations. Loan amounts can go as high as $3.5 million for well-qualified physicians, useful if you’re buying a high-end property.
• Other Lenders: Additional banks serving Ohio with physician loan options include First National Bank (100% financing up to $1M, no PMI), First Merchants Bank (0% down up to $1M, open to PharmD and others), Truist Bank (covers physicians, dentists with flexible student debt considerations), and PNC Bank (has a medical professional loan program). US Bank and Navy Federal also have variants for physicians or high-earning professionals. It’s wise to compare rates and terms from a few lenders, as each bank’s program has different loan limits and credit requirements.

When Are These Loans Available?

Physician loans are available year-round. It’s a program, not a one-time offer, so you can apply anytime during your home search or even before you start looking (to get pre-approved). Many medical residents moving to Columbus begin the loan process in spring or early summer ahead of residency start dates in June/July.

Where to Start

Let Thomas|Riddle Group connect you with our preferred physician loan lenders in Columbus. By filling out our inquiry form, we can introduce you to a reliable loan officer at a bank that fits your needs (whether you prefer a big bank like Huntington or a smaller bank like Heartland that offers more personal guidance). We maintain relationships with lenders at Huntington, Fifth Third, Heartland, and others who have successfully helped our physician clients.

Columbus Hospitals and Where to Live

Having so many hospitals means a steady influx of new doctors each year (new residents, fellows, Attendings) who need housing. Physician loans are particularly relevant in Columbus due to the concentration of teaching hospitals and medical institutions. For example, incoming OSU residents often use 0%-down doctor loans to buy homes in their first year of residency, building equity while they train. Attendings recruited to Columbus from elsewhere frequently use physician loans to move here without draining savings. Even long-time local doctors moving up to a bigger home in Dublin, New Albany, or Powell might choose a physician loan to finance a luxury home with favorable terms.

• The Ohio State University Wexner Medical Center: A top-ranked academic medical center and one of the largest employers of physicians in Columbus. This includes University Hospital (main campus) and OSU East Hospital. Thousands of residents, fellows, and attending physicians train or practice at OSU Wexner Medical Center, making the area around Columbus (especially near OSU in Upper Arlington, Grandview, Clintonville) popular for physician homebuyers.
• OhioHealth Hospitals: Columbus is home to several major OhioHealth system hospitals:
  • Riverside Methodist Hospital – the largest hospital in the OhioHealth system (over 1,000 beds) and a Level II trauma center on the northwest side. Many specialists and surgeons work here, often living in Worthington, Dublin, or northwest Columbus.
  • Grant Medical Center – a Level I trauma center downtown, known for serving central Ohio since 1900. Young doctors working at Grant often look at downtown or German Village and Bexley for living.
  • Doctors Hospital – on the west side (Columbus), known for osteopathic training.
  • (OhioHealth also operates Dublin Methodist, Grady Memorial, etc. in the region.)
• Mount Carmel Health System: Another health system with hospitals in the Columbus area:
  • Mount Carmel East – a large hospital on Columbus’s east side (near Reynoldsburg), recently expanded with modern facilities.
  • Mount Carmel St. Ann’s – in Westerville (northeast suburb), a full-service hospital with a busy maternity center.
  • Mount Carmel Grove City – a new hospital south of Columbus (relocated from the old Mount Carmel West). Physicians working here often consider homes in Grove City or southern Franklin County.
• Nationwide Children’s Hospital: A nationally ranked pediatric hospital located just south of downtown Columbus. It’s one of the country’s largest pediatric research hospitals, employing hundreds of pediatric specialists and residents. Many staff live in Bexley, Olde Towne East, or other family-friendly neighborhoods nearby. Physician loans aren’t limited to just “adult” doctors – pediatricians and specialists at Nationwide Children’s also utilize these programs.
• Other Facilities: Columbus VA Medical Center, specialty hospitals like The James Cancer Hospital (part of OSU Wexner), Ohio State Harding Hospital (psychiatric), and numerous outpatient surgery centers and clinics also draw medical professionals buying homes in the area. Wherever you work in healthcare around Columbus, a physician loan can likely help with your home purchase.

Thomas|Riddle Group stays connected with the Columbus medical community. We frequently assist clients affiliated with OSU Wexner, OhioHealth, Mount Carmel, and Nationwide Children’s. We understand the demands of medical schedules – our team works around your shift hours and can coordinate with your program or HR department if employment verification is needed for your loan. We even have relocation guides for Columbus tailored to healthcare professionals, highlighting commute times from various neighborhoods to the hospitals.

How to Apply

Ready to get started on a physician loan? Here’s a step-by-step guide:

1. Determine Your Budget: Use a mortgage calculator or talk to a lender to figure out how much home you can afford with a physician loan. Because you may qualify for a high loan amount, be mindful to set a comfortable budget that fits your salary and lifestyle.
2. Get Pre-Qualified: Contact a lender that offers physician loans to get pre-qualified. They will check your credit score (aim for 700+ if possible) and basic financial info. Often, the lender will just require an employment letter or residency offer and your med school diploma or transcripts. Getting pre-approval is important before house hunting so you know your price range and can make a strong offer.
3. Connect with Thomas|Riddle Group: Share your home buying goals with us. Our team will provide recommendations on neighborhoods near your workplace, and we can refer you to trusted physician loan officers if you haven’t chosen a lender. We often connect clients with specific contacts at Huntington, Fifth Third, etc., who specialize in doctor loans.
4. Gather Documentation: Prepare the documents for your loan application:
   • Proof of Employment: This could be your residency contract, hospital offer letter, or a letter from your program director verifying your position and income.
   • Medical License or Diploma: Some lenders ask for proof of your medical degree or board certification.
   • Financial Documents: Recent pay stubs (if available), bank statements, and ID. If you’re currently a med student or starting residency, you may not have pay stubs yet – and that’s okay, lenders will use your contract.
   • Offer Letter for New Job (if applicable): As noted, most physician loan lenders accept a signed contract as proof of income, even if your job hasn’t started.
5. Apply for the Loan: Complete the lender’s application (online or with a loan officer’s assistance). Indicate you’re applying for their physician loan program. They will verify your info and initiate underwriting. The lender may come back with questions or require an appraisal of the property once you’re in contract.
6. Home Search and Offer: While the loan is in progress, work with Thomas|Riddle Group to find your home. With your pre-approval letter in hand, we can confidently submit offers. We often include a note that you’re using a physician loan with a reputable lender – this assures sellers that your financing is solid (many listing agents in Columbus are familiar with doctor loans as reliable).
7. Loan Processing and Closing: The lender’s underwriting team will finalize the loan approval. Thanks to the tailored nature of physician loans, this process is usually smooth – they expect things like high DTI or no prior job income. Aim to coincide your closing date with your job start if you’re relocating (or slightly before). Many physician loans can close in 30-45 days, and some lenders even expedite to as little as 2-3 weeks in urgent cases. At closing, you’ll sign the papers and get the keys to your new home!

How We Can Help

Throughout this process, Thomas|Riddle Group will coordinate closely with your lender and title company. We ensure all paperwork (purchase contract, appraisal scheduling, etc.) flows smoothly so your loan isn’t delayed. Our goal is to make the buying process stress-free, even if you’re busy at the hospital. We can also help you navigate options like taking seller credits for closing costs or using a physician loan to refinance later if needed.

Next steps: We encourage you to reach out for a personalized consultation. Fill out the contact form below or call us – we’ll discuss your situation (e.g., “I’m a 3rd-year resident at OSU looking to buy a condo” or “I’m moving to Columbus to join OhioHealth in a few months”), then outline a game plan. This usually involves connecting you with the right lender and setting up tailored home search alerts in your desired areas. With Thomas|Riddle Group and our lending partners, you’ll have a dedicated team making your home purchase a reality.

Resources

To help you research and get started, we’ve compiled some authoritative resources on physician loans and Columbus real estate:

• Huntington Bank – Physician Loan Program – (0% down, no PMI, loan limits).
• Fifth Third Bank – Doctor Mortgage Overview of Fifth Third’s physician mortgage terms in Ohio.
• Heartland Bank – Mortgage Services – Local community bank in central Ohio for personalized home loans (contact: Kelly Law).
• Student Loan Planner – Ohio Physician Mortgage Guide – In-depth guide listing the top physician loan lenders in Ohio and their features.
• Financial Residency – Best Physician Loans in Ohio – Reviews of various banks (Huntington, KeyBank, etc.) offering doctor loans and their down payment options.
• White Coat Investor – Doctor Mortgage Loans – Explains benefits like no PMI and 100% financing for doctors, with pros/cons analysis.
• BigLawInvestor – Ohio Physician Loans – Highlights advantages of physician loans (e.g., high loan amounts, student debt flexibility) and potential drawbacks.
• Relocating to Columbus – Thomas|Riddle Guide – Information for newcomers to Columbus, including neighborhood insights for medical professionals (proximity to hospitals, schools, etc.).
• Columbus Hospitals – Wikipedia/Info – Reference pages for major hospitals: OSU Wexner Medical Center, OhioHealth Riverside Methodist, Grant Medical Center – to learn about the institutions where you might work.

By leveraging these resources and partnering with experts, you’ll be well-equipped to secure your physician loan and purchase your Columbus dream home. Thomas|Riddle Group is here to assist every step of the way, from loan pre-approval to picking up your new house keys. Welcome to Columbus, doctor – let’s make your home ownership goals a reality!

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