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Physician mortgages are a unique financial product designed specifically for medical professionals. These specialized loans offer several benefits that cater to the unique financial situations of doctors, dentists, and other healthcare providers. At Climate First Bank, we understand the importance of supporting our medical community, and physician mortgages are one way we do just that. In this guide, we'll explore the features of physician mortgages and how they can benefit medical professionals.
Who Qualifies for a Climate First Bank Physician Mortgage?
Climate First Bank’s physician mortgage program is specifically designed to meet the unique needs of medical professionals. Eligible applicants include Medical Doctors (MD, DO), Dental Surgeons specializing in oral surgery (OMS), Doctors of Podiatric Medicine (DPM), and Dentists (DDS, DMD). To qualify, applicants must be licensed to practice in the U.S., with their licenses in good standing and free from any limitations or suspensions. Additionally, borrowers in residency or fellowship programs to become an MD, DO, OMS, DPM, DDS, or DMD are also eligible, provided they can show evidence of employment. The program offers loan terms of 100% loan-to-value (LTV) with a 30-year fixed rate.
Unique Features of Climate First Bank’s Physician Mortgages
1. No Private Mortgage Insurance
One of the most significant benefits of Climate First Bank’s physician mortgage is the absence of mortgage insurance for most borrowers. Traditional loans often require private mortgage insurance (PMI) if the borrower puts down less than 20% of the home's purchase price. PMI can add a substantial cost to monthly mortgage payments. However, Climate First Bank’s physician mortgage typically waives this requirement, even with a lower down payment. This can result in significant savings for borrowers.
2. Flexible Down Payment Options
Climate First Bank’s physician mortgage offers a 100% loan-to-value program, meaning no down payment is required. This feature is particularly beneficial for medical professionals who may not have substantial savings. This flexibility helps medical professionals transition into homeownership sooner.
3. High Loan Amounts
Climate First Bank’s physician mortgage program also allows for financing higher loan amounts, up to $2,500,000. This is particularly advantageous for medical professionals looking to purchase more expensive homes, reflecting their future financial stability.
4. Residency and Fellowship Eligibility
Borrowers in residency or fellowship programs to become an MD, DO, OMS, DPM, DDS, or DMD are eligible, provided they can show evidence of employment. This eligibility ensures that even those in the early stages of their medical careers can access favorable mortgage terms and transition into homeownership smoothly.
Why Choose Climate First Bank for Your Physician Mortgage?
At Climate First Bank, we are committed to supporting our community. Our physician mortgage programs are designed to provide the financial flexibility and support that doctors need to achieve their homeownership goals. With competitive rates, personalized service, and a deep understanding of the unique challenges faced by medical professionals, Climate First Bank is your trusted partner in securing a physician mortgage.
Read our blog for more reasons to join Climate First Bank!
In addition to physician mortgages, Climate First Bank offers a full-service portfolio of products to meet all your banking needs. Whether you're looking for personal banking, loan options, or business banking solutions, we have you covered. Our products include:
Climate First Bank NMLS #2169275. All loans subject to credit approval. Some restrictions apply. Subject to change without notice. Interest on the portion of the loan that exceeds the value of the dwelling is not tax deductible and the consumer should consult their tax advisor.
*To earn the published interest rate, in the first 90 days of account opening, a monthly recurring direct depositi of $500 or more must be established. Failure to set up a recurring direct deposit within 90 days of account opening will cause the account to revert to a non-interest earning account. Your account is set up to provide monthly E-Statements. A monthly $5.00 paper statement fee will be assessed should you choose to receive a paper statement. The interest rate on the account is 3.93% with an annual percentage yield of 4.01%. Interest Rate and Annual Percentage Yield (APY) are current as of 05-30-2025, the interest rate and annual percentage yield may change. You must deposit $50.00 to open this account. There is no minimum balance required to qualify for interest. Fees may reduce earnings. New money onlyii.
**If the daily balance is more than $49,999.99, but less than $9,999,999.01, the interest rate paid on the entire balance in the account will be 4.36% with an annual percentage yield of 4.46%. If the balance falls below $49,999.99, the interest rate paid on the entire balance in the account will be 0.05% and the annual percentage yield will be 0.05%. Interest Rate and APY are current as of 05-30-2025. The interest rate and annual percentage yield are subject to change.
[i] We define Direct Deposit as follows: Direct deposits include automated preauthorized electronic deposits made by the customer’s employer issuing payroll or a federal or state government agency paying benefits, etc. Direct deposits do not include deposits to an account that are made by an individual using online/mobile banking or an Internet payment provider such as PayPal. Only one Impact Checking Account is permitted per customer.
[ii] New Money is defined as deposits and investments not previously held by Climate First Bank.
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As the nation’s first climate-focused bank, Climate First Bank is a full-service community bank offering both personal and commercial banking services. We are proud to serve our communities as we work together to promote sustainability and reverse the climate crisis.
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