Civista Physician Loan Review (Updated 2024)

In the ever-evolving landscape of homeownership, medical professionals often face unique challenges when it comes to securing a mortgage. From substantial student loan debts to unconventional income streams, their financial situations can be complex. Civista Bank recognizes the unique needs of healthcare providers and has developed a specialized Physician Mortgage program tailored just for them. This guide thoroughly explores the program, spotlighting its features, eligibility criteria, and the benefits it offers to medical professionals looking for a straightforward path to homeownership.

Civista Bank’s Physician Mortgage Highlights

Civista Bank’s Physician Mortgage program is designed to provide medical professionals with a streamlined and accessible path to homeownership. Here are some of the key features that set Civista apart:

Competitive Financing Options

One of the standout features of Civista Bank’s Physician Mortgage is its competitive financing options. Eligible borrowers can secure financing with:

Zero down payment up to $1,000,000
5% down payment up to $1,500,000
10% down payment up to $2,000,000

This flexibility lets medical professionals buy the property they want without a large initial investment, allowing them to use their resources more effectively.

No Private Mortgage Insurance (PMI)

Typically, conventional mortgages require borrowers to pay Private Mortgage Insurance (PMI) if their down payment is less than 20% of the property’s value. However, Civista Bank’s Physician Mortgage program waives this requirement, eliminating the need for PMI and potentially saving borrowers thousands of dollars over the life of the loan.

Flexible Employment Requirements

Understanding the unique career trajectories of medical professionals, Civista Bank’s program accommodates borrowers who are transitioning into new employment opportunities. The bank allows the use of a new employment contract as qualifying income up to six months before the start date, providing flexibility for those who are relocating or starting a new position.

Inclusive Eligibility Criteria

Civista Bank’s Physician Mortgage program is not limited to medical doctors (MDs) and doctors of osteopathic medicine (DOs). The program extends its eligibility to a wide range of healthcare professionals, including:

Dentists (DDS, DMD)
Residents and Fellows
Veterinarians (DVM)
Podiatrists (DPM)

This inclusive approach recognizes the diverse array of medical professionals who may benefit from specialized lending solutions.

Additional Benefits

Beyond the core features, Civista Bank’s Physician Mortgage program offers additional advantages, such as:

Coverage of appraisal fees
Allowance for construction draw loans
Financing for renovation projects on existing homes
Eligibility for 2-4 unit properties and vacation homes

These added benefits further enhance the program’s appeal, catering to the varied needs and lifestyles of medical professionals.

Eligibility for Civista Bank’s Physician Mortgage

While Civista Bank’s Physician Mortgage program is tailored to the unique needs of medical professionals, borrowers must meet specific eligibility criteria to qualify. These criteria help ensure a responsible lending process while providing flexibility to qualified applicants.

Professional Qualifications

To be eligible for Civista Bank’s Physician Mortgage program, applicants must belong to one of the following professions:

Medical Doctors (MD)
Doctors of Osteopathic Medicine (DO)
Dentists (DDS, DMD)
Residents and Fellows
Veterinarians (DVM)
Podiatrists (DPM)

Advantages of Civista Bank’s Physician Mortgage

Choosing the right mortgage program is vital for a medical professional’s financial health and their ability to build wealth long-term. Civista Bank’s Physician Mortgage program comes with several advantages that make it a very appealing option for those in the healthcare industry.

Increased Purchasing Power

One of the primary advantages of Civista Bank’s Physician Mortgage is the increased purchasing power it provides. Civista Bank offers financing options with low or no down payments, helping medical professionals buy their dream homes without draining their savings or sacrificing their other financial plans.

Flexibility in Employment Transitions

The program’s flexible employment requirements acknowledge the dynamic nature of medical careers. By allowing borrowers to use a new employment contract as qualifying income up to six months before the start date, Civista Bank eliminates the stress and uncertainty often associated with relocating or transitioning to a new position.

Potential for Long-Term Savings

Civista Bank’s Physician Mortgage program really shines by doing away with the need for Private Mortgage Insurance (PMI), which can lead to big savings over the long haul. Without PMI, which usually adds a significant amount to your monthly mortgage payment, you’ll have extra money to put towards other financial priorities, like investing or paying down student loans.

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Alternatives to Civista’s Physician Mortgage

While Civista Bank’s Physician Mortgage program offers a robust physician loan program, it’s not the only choice. Here are some alternatives:

Cadence Bank

Cadence Bank recently merged with BancorpSouth to become an even larger bank than it was before. It still has a limited footprint (southern states) but an excellent doctor home loan program where you can get 100% financing up to $1.5MM. Learn More: Cadence Bank Physician Loan Review

TD Bank

TD Bank’s physician mortgage is a popular choice among LeverageRx readers. The bank provides 100% financing up to $750k for both residents in training and attendings. The loan is for primary residents only. Learn More: TD Bank Physician Loan Review

Truist

Truist was formed through the combination of BB&T and SunTrust. The program provides full financing up to $1MM for the following designations: MD, DO, DPM, DDS, DMD. Learn More: Review of Truist Physician Loan

Key Takeaways

Getting a mortgage as a medical professional might feel overwhelming, but with the right support and advice, it’s completely achievable and can be very rewarding. Civista Bank’s Physician Mortgage program reflects the bank’s deep understanding of the specific hurdles healthcare providers face and its dedication to easing the path to homeownership.

Civista Bank offers a variety of competitive financing options, flexible employment criteria, and personalized solutions, helping medical professionals achieve their dream of homeownership without jeopardizing their financial well-being or long-term wealth-building plans.As you explore your mortgage options, make sure to seek professional advice, thoroughly assess your choices, and choose a lender that really meets your needs. To see your physician mortgage options with Civista and other lenders, request your rates here.