As a Physician, your financial situation is uncommon. The structure of traditional mortgages does not align with your financial story. For this reason, Capitol Bank has created a mortgage program that flexes in the right places.
Who qualifies for a Physician’s Loan?
Physician’s Loans are available for medical professional, including medical residents, fellows, and physicians.
What are the benefits of a Physician’s Loan?
The main benefit of a Physician’s Loan is that we don’t have to count the full student loan debt against you. In some situations, if the loan is in deferment, then we don’t have to count any of the student loan payments against you. If the loan is not in deferment, we only have to count 1% of the balance in a payment against you. This enables you to qualify for more of a house. Also, we can do as little as 0% down in some situations for people to get in a home.
Would you ever recommend a traditional loan vs. a Physician’s Loan?
In some situations it might make sense to go with a 30 year fixed rate conforming loan versus an adjustable rate Physician’s Loan. Those situations would be if you have 20% down and don’t need the benefit of a lesser amount down, and also if your student loans are not inhibiting you against qualifying for the certain price of a house that you’re looking for.
What about doctors moving to the Madison area?
If you are relocating to the Madison area with a job in the medical field, we can pre-qualify you ahead of time. We need to have a contract for the new position, but we do not require you to start the job before you close on the loan. In fact, we can close up to 60 days prior to you starting the new position. We simply need a copy of the contract for the new position that includes the salary and the start date.
Little to no down payment and no private mortgage insurance (PMI)*.
Up to $750K
Borrow up to $750,000 to buy your first home or refinance the one you have.
Student loans are counted as only 1% of the outstanding balance or not counted if the loan is not in repayment.
Offer valid for purchase or refinancing of single family homes only. The property in question must be the primary residence of the individual securing the loan. Applicant must start employment in the medical field within 60 days of closing on the loan. Capitol Bank must receive proof of employment commitment prior to loan closing. Applicant needs a contract for residency or employment or must currently be employed as a physician, fellow, or resident. This offer is for properties in the State of Wisconsin. This offer is for medical doctors only as defined by the U.S. federal government. The maximum loan amount for this offer is $750,000. Subject to credit approval. Terms and conditions subject to change without notice.