Key Takeaways:
- Physicians, dentists and lawyers can use the First Bank Professional Loan program to secure up to 100% home financing.
- Relocating professionals can qualify for a mortgage through First Bank using contracted income.
- Primary residences in California, Illinois, Kansas, Missouri and Nebraska are eligible.
After sinking hundreds of thousands of dollars into your degree, homeownership might seem like a far-off dream. But physician mortgage programs, like the First Bank Professional Loan, allows residents, fellows and early-career attendings to secure a mortgage with $0 down or other low down payment options.
With more flexible underwriting criteria, no private mortgage insurance (PMI) and other exclusive perks, owning a home could be on the horizon. Read on to learn about the First Bank Professional Loan program.
1. First Bank Professional Loan details 2. First Bank Professional Loan: Pros and cons 3. How to apply for a First Bank Professional Loan 4. Is the First Bank Professional Loan program right for you?
First Bank Professional Loan details
First Bank is one of the largest family-owned banks in the United States, with more than 100 years of family ownership, dating back to 1906. As a full-service mortgage lender, it offers a variety of home loan opportunities for first-time homebuyers and young professionals.
The First Bank Professional Loan program is available to medical, dental and legal professionals in select states.
| Eligible states | CA, MO, KS, NE, IL |
| Lowest down payment | 0% down for up to $400,000 |
| Residents allowed | Yes |
| Maximum loan amount | $1 million |
| Degrees that qualify | MD, DO, DMD, JD |
Get Quotes for Your Doctor Mortgage
What mortgage product do you need?
Home Purchase Home Refinance
Your Occupation As Of September 2023
SelectAttending PhysicianFellowResidentDentist / Dental SpecialistLawyerNurse Anesthetist (CRNA)Nurse PractitionerOptometristPharmacistPhysician AssistantPodiatristVeterinarianMed or Dental Student
Are You Currently Working With a Realtor?
Yes No NEXT
Home Price Range
Select$0 to $200,000$200,001 to $400,000$400,001 to $600,000$600,001 to $800,000$800,001 to $1,000,000$1,000,001 to $1,500,000$1,500,001 to $2,000,000More than $2,000,000
Preferred Down Payment
Select0% Down5% Down10% Down15% Down20% Down
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
SelectNow1 to 3 months4 to 6 months7 to 12 monthsMore than 12 months
How Many Banks Would You Like Quotes From?
Select123456 or more
Any Bankruptcies or Short Sales?
Yes No NEXT
Full Name
Phone Number
State Where You Plan to Purchase
SelectAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming
Metro Area Where You Plan to Purchase
Citizenship Status
US Citizen Permanent Resident Foreign Citizen
Communication Preference
Phone calls OKNo phone calls, text onlyEmail only
Would You Like to Add Any Additional Details?
Yes No GET MY QUOTES Sending request… Request sent. We’ll reach out by email with next steps
First Bank Professional Loan: Pros and cons
There are many physician mortgage programs that work with high-income professions. So, it’s best to consider the benefits and potential drawbacks of each program before blindly applying for a mortgage.
Pros of the First Bank Professional Loan program
- Low down payment options. Includes 0% down for loan amounts up to $400,000 and 5% down for up to $1 million.
- No PMI. You can save hundreds of dollars each month on PMI payments, regardless of your down payment amount.
- Lawyers are eligible. The base audience for most physician mortgage programs is doctors and dentists. But First Bank also serves attorneys.
- Financing available before starting training. Residents and fellows can close on a home up to 30 days before their employment start date.
- Student loans might be treated more favorably. Student loan payments that are in deferment during residency or fellowship won’t be part of your debt-to-income ratio.
Cons of using a First Bank Professional Home Loan
- Shorter timeframe for using contracted future income. Most physician mortgage programs allow residents and fellows to close within 90 days of their start date. First Bank maxes out at 30 days.
- Only available in select states. This program is currently available in California, Illinois, Kansas, Missouri and Nebraska.
- Second homes and multi-unit properties aren’t eligible. Financing is only available for owner-occupied residences, including single-family, condo, townhouse and attached PUDs.
- Limited to adjustable-rate mortgages (ARM). There’s no fixed-rate option, but you can choose between a 10/6 ARM, 7/6 ARM and 5/6 ARM.
How to apply for a First Bank Professional Loan
If you’re in an eligible state and feel First Bank might be a good match, follow these next steps.
Step 1: Reach out to a First Bank Home Loan advisor
If you meet basic eligibility requirements, such as having a credit score of 720 or higher, it’s best to speak with a knowledgeable mortgage advisor to learn more about the program.
In this initial conversation, be prepared to talk ballpark numbers related to your desired loan amount and financial standing. You’ll also need to provide basic personal and professional information, such as your contact information, degree and training plans.
We recommend reaching out to Kent Costello to discuss your unique situation.
Step 2: Gather mortgage application documentation
To move the loan process along faster, collect financial, employment and tax information ahead of time. This includes downloading bank statements and asset account statements, among other documentation requirements.
Here’s a detailed list of information that First Bank will need to begin the loan approval process.
Source: First Bank Home Loan Resources
Step 3: Respond to additional requests for information
First Bank might need additional documentation or clarification during the underwriting process. So, keep an eye out for communication from your loan officer and respond in a timely manner.
Step 4: Prepare to close on the loan
If you’re on track for approval, you’ll need to open a First Bank checking account in order to enroll in automatic mortgage payments. This is a program requirement that must be completed before closing.
When it’s time to close on your new home, thoroughly review the closing costs and loan disclosure. After signing, take a deep breath and prepare for the rollercoaster adventure of being a homeowner.
Is the First Bank Professional Loan program right for you?
First Bank is one of many physician mortgage loan programs that are hustling to earn the long-term business of doctors and dentists. But it’s also one of the few that has extended eligibility requirements to include the legal profession.
Overall, the First Bank Professional Loan program is a great opportunity to access $0 down for home loan amounts up to $400,000. For loans up to $1 million, you’ll need to prepare a 5% down payment. If you prefer a more substantial mortgage, First Bank offers other portfolio products for over $1 million.
If you want help comparing home loan options in your area, fill out the form below to get quotes for your next purchase or refinance.
Get Quotes for Your Doctor Mortgage
What mortgage product do you need?
Home Purchase Home Refinance
Your Occupation As Of September 2023
SelectAttending PhysicianFellowResidentDentist / Dental SpecialistLawyerNurse Anesthetist (CRNA)Nurse PractitionerOptometristPharmacistPhysician AssistantPodiatristVeterinarianMed or Dental Student
Are You Currently Working With a Realtor?
Yes No NEXT
Home Price Range
Select$0 to $200,000$200,001 to $400,000$400,001 to $600,000$600,001 to $800,000$800,001 to $1,000,000$1,000,001 to $1,500,000$1,500,001 to $2,000,000More than $2,000,000
Preferred Down Payment
Select0% Down5% Down10% Down15% Down20% Down
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
SelectNow1 to 3 months4 to 6 months7 to 12 monthsMore than 12 months
How Many Banks Would You Like Quotes From?
Select123456 or more
Any Bankruptcies or Short Sales?
Yes No NEXT
Full Name
Phone Number
State Where You Plan to Purchase
SelectAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming
Metro Area Where You Plan to Purchase
Citizenship Status
US Citizen Permanent Resident Foreign Citizen
Communication Preference
Phone calls OKNo phone calls, text onlyEmail only
Would You Like to Add Any Additional Details?
Yes No GET MY QUOTES Sending request… Request sent. We’ll reach out by email with next steps
Original Article