Fulton Bank finances 100% of the purchase up to $1,500,000, 95% up to $2,000,000, and 90% up to a $3,000,000 maximum. There is no mortgage insurance at any tier, no reserve requirement, and student loans deferred 12 months or longer are left out of the credit decision entirely. The program runs in PA, NJ, MD, DE, VA and DC.
That student loan rule is the reason this page exists. Most physician programs treat deferred student debt more kindly than a conventional loan does. Fulton removes it from the calculation altogether, in writing, and for a resident carrying a six-figure balance that is usually worth more than a quarter point on the rate.
Fulton Medical Professional Mortgage at a Glance
| Maximum loan amount | $3,000,000 |
| Lowest down payment | $0, up to a $1,500,000 loan |
| Mortgage insurance | None, at any tier |
| Cash required after closing | None |
| Deferred student loans | Excluded from the credit decision if deferred 12 months or longer |
| Eligible degrees | MD, DO, DDS, DMD, PharmD, DVM, DPM, plus residents, fellows and interns |
| Where it lends | Pennsylvania, New Jersey, Maryland, Delaware, Virginia and Washington DC |
| Employment contract | Close up to 90 days before the job starts |
| Seller contribution | Up to 6% toward closing costs and prepaids |
| Rate options | 30 and 15 year fixed, plus adjustable rate options on 5, 7, 10 and 15 year terms |
Where the Program Is Available
Fulton lends in Pennsylvania, New Jersey, Maryland, Delaware, Virginia and Washington DC. Outside that footprint the program is not an option no matter how well you qualify, so this is the first thing to check rather than the last.
Fulton is a regional bank, founded in 1882, with more than $30 billion in assets. That size matters in a practical way: it is large enough to hold a $3,000,000 mortgage on its own balance sheet, which is what makes terms like these possible, and small enough that its physician program is genuinely regional rather than national.
Down Payment Tiers and Loan Limits
Three tiers, with the down payment stepping up as the loan gets larger.
| Loan amount up to | Financing | Down payment | Cash down at the top of the tier |
|---|---|---|---|
| $1,500,000 | 100% | $0 | $0 |
| $2,000,000 | 95% | 5% | About $105,300 |
| $3,000,000 | 90% | 10% | About $333,300 |
For scale, the 2026 conforming loan limit on a one-unit property is $832,750, rising to $1,249,125 in high-cost counties (Federal Housing Finance Agency, November 2025). Fulton’s zero down tier runs to $1,500,000, which is above the high-cost limit everywhere. That is jumbo-size financing at no money down, which conventional lending does not offer at any credit score.
A $3,000,000 ceiling is also unusually high for a physician program. Most stop between $1,000,000 and $2,500,000. If you are buying at the top of a strong market, Fulton is one of the few programs that still has a tier above you. Our guide to zero down physician mortgages covers how these tiers behave across programs generally.
The Student Loan Rule That Changes the Math
Student loan payments deferred for 12 months or longer are not included in Fulton’s credit approval process.
To see why that is the headline, compare it with how the rest of the market handles the same debt. Fannie Mae counts a deferred student loan at 1% of the balance. Freddie Mac and FHA use 0.5% when the reported payment is zero. On the class of 2025 median medical education debt of $215,000, that is roughly $2,150 or $1,075 a month landing in your debt-to-income ratio before you have made a single payment (Fannie Mae Selling Guide B3-6-05; AAMC, October 2025).
Under Fulton’s rule, if your loans are deferred past the 12 month mark, that number is zero. For a resident, the difference between $2,150 of phantom monthly debt and none of it is frequently the difference between an approval and a decline, not just a smaller house.
The condition is deferral, not forbearance or a low income-driven payment, so confirm which status your loans are actually in. Our guide to how student loans are counted explains what each approach produces and why lenders differ so widely.
Who Qualifies
Fulton’s program covers a wider list of degrees than most:
- Medical doctors (MD) and doctors of osteopathy (DO)
- Dentists (DDS and DMD)
- Ophthalmologists and psychiatrists holding an MD or DO
- Pharmacists (PharmD)
- Veterinarians (DVM)
- Podiatrists (DPM)
- Medical residents, fellows and interns with an eligible degree
- Certain senior physician hospital administrators
Two of those deserve attention. Pharmacists are rarely named in a physician loan program at all, and podiatrists are left off more published lists than they are on. If you hold a PharmD or a DPM, this is one of the few programs that says yes rather than leaving you to ask.
Eligible borrowers include US citizens and both legal permanent and non-permanent residents, subject to program requirements. That last part matters if you are on a visa, because visa status is a common silent disqualifier on physician programs and it is rarely spelled out.
The Fifteen Year Window
For purchases, the program is designed for medical professionals who are in residency, fellowship or an internship, who have been practicing 15 years or less after training, or who are relocating for new employment.
Fifteen years is generous. Many physician programs close the door at seven or ten years past training, which pushes mid-career physicians back into conventional underwriting at exactly the point their student debt is still large but their income no longer looks like a resident’s. The relocation clause is a second door: if you are moving for a new position, the years-since-training test is not the only way in.
Closing Before the Job Starts
You can close up to 90 days before beginning new employment, and qualifying income from an eligible future employment contract may be considered.
Ninety days is the common standard rather than a standout, but it covers the ordinary case well: a resident finishing in June with a July or August start date can close in the spring, move once, and be settled before orientation. If your start date is further out than 90 days, this is the specific constraint to raise early. Our guide to buying before your job starts covers what the contract needs to say.
No Mortgage Insurance and No Reserves
There is no private mortgage insurance at any of the three tiers, and no reserve requirement.
On a conventional loan with less than 20% down, PMI generally runs between 0.46% and 1.50% of the loan amount per year, driven mostly by credit score and down payment size (Urban Institute). On a $900,000 loan that is roughly $345 to $1,125 a month you never pay. Over five years the low end is about $20,000 and the high end is nearer $67,000.
The absence of a reserve requirement is the quieter of the two and it matters more than people expect. Many jumbo programs want six to twelve months of mortgage payments sitting in an account after closing. For a resident who has just spent everything on a move, that requirement alone can end the conversation. Fulton does not impose it.
Our physician mortgage payment calculator will show you what that saves on a specific purchase price, month by month.
Rate Options and Seller Contributions
Fulton offers 30 year and 15 year fixed rate loans, plus 5/6, 7/6, 10/6 and 15/6 adjustable rate mortgages.
Having both fixed and adjustable options on a physician program is worth noting, because some programs are ARM only. If you expect to be in the house a long time, a fixed rate is available here rather than being something you have to refinance into later. Our guide to fixed versus adjustable walks through how to read the caps if you go the ARM route.
The program also allows up to a 6% seller contribution toward eligible closing costs and prepaid expenses. That is the practical answer to the cash problem that zero down creates, and it is a negotiating lever worth using in a market where sellers are willing to help.
Construction Financing
Fulton extends the program to construction: up to $3,000,000 in financing, as little as 5% down for financing up to $1,500,000, no mortgage insurance, and both fixed and adjustable options.
Construction lending for physicians is genuinely scarce. Most physician programs cover purchases and refinances and stop there, so if you are building rather than buying, the list of lenders who will work with you on physician terms is very short.
Two Features That Work After Closing
Rate reduction modification. Eligible borrowers may be able to reduce their rate later without a traditional refinance. The new rate has to meet program requirements, including being at least 0.50% lower than the existing rate, and a $1,200 fee applies.
That is worth understanding now rather than later. A conventional refinance means a new application, a new appraisal and a fresh set of closing costs, commonly 2% to 5% of the loan. On a $900,000 loan that is $18,000 to $45,000. A $1,200 modification fee is a different order of magnitude. If you buy during a high rate stretch and rates fall, this is the feature you will care about.
Mortgage recasting. If you make a significant principal reduction, you may be able to have the monthly payment recalculated on the lower balance without changing the loan terms. A $250 fee applies. Useful if a bonus or a windfall lands and you would rather cut the payment than the term.
Relationship Pricing
Fulton offers pricing benefits tied to deposit and investment relationships with the bank. If you are going to hold your operating cash somewhere anyway, ask what moving it changes about your rate before you lock. The answer is sometimes nothing and sometimes meaningful, and it costs nothing to ask.
What Zero Down Still Costs at Closing
Zero down is not zero cash, and this is the most common surprise on a physician loan.
Average closing costs run about $4,528 including recording fees and transfer taxes, or $2,993 without them, averaging 1.04% of the sale price nationally. The spread between states is wide, and it matters here: Delaware, which is inside Fulton’s footprint, averages 3.06%, the highest in the country (LodeStar, April 2026, based on 2025 data). Those figures exclude lender fees and prepaid items like your first year of homeowners insurance and the property taxes collected up front and held for you, which are often the larger number.
Budget for earnest money, the appraisal, the inspection, closing costs, prepaids and the escrow account even when the down payment is zero. The 6% seller contribution is the main lever for offsetting it. We walk through the full list in our guide to physician mortgage closing costs.
Common Questions About the Fulton Physician Loan
How much can you borrow with Fulton’s medical professional mortgage?
Up to $3,000,000. The zero down tier runs to $1,500,000, 95% financing to $2,000,000, and 90% financing to the $3,000,000 maximum.
Does Fulton require mortgage insurance?
No. There is no private mortgage insurance at any of the three financing tiers, including the zero down tier.
How does Fulton treat student loans?
Student loan payments deferred for 12 months or longer are excluded from the credit approval process entirely. That is more favorable than Fannie Mae, Freddie Mac and FHA, all of which count a percentage of the balance.
What states does Fulton lend in?
Pennsylvania, New Jersey, Maryland, Delaware, Virginia and Washington DC. The program is not available outside that footprint.
Do pharmacists and podiatrists qualify?
Yes. PharmD and DPM are both named, alongside MD, DO, DDS, DMD and DVM. Both are commonly excluded elsewhere.
Can residents and fellows qualify?
Yes. Residents, fellows and interns holding an eligible degree are covered, as are physicians up to 15 years past training and those relocating for new employment.
Can you use it to build a house?
Yes. Construction financing is available up to $3,000,000, with as little as 5% down for financing up to $1,500,000 and no mortgage insurance. Construction is rare on physician programs.
Are reserves required?
No. Fulton does not require post-closing reserves, which is unusual at these loan sizes and is often what decides whether a resident can close at all.
Is Fulton the Right Fit for You
Fulton is a strong fit if you are buying in its six-state footprint, if you are carrying deferred student debt that other lenders keep counting against you, if you need a loan above $2,500,000, if you hold a PharmD or DPM, if you are building rather than buying, or if you are further past training than most programs allow.
It is not an option at all if you are buying outside Pennsylvania, New Jersey, Maryland, Delaware, Virginia or Washington DC. That single constraint rules it out for most of the country regardless of how well the rest of the program fits.
One thing this page cannot tell you is the rate. No bank publishes physician loan pricing, because it is quoted per borrower, so the only honest number is the one you are given.
If you want us to check whether this program fits your degree, your state and your loan size, answer eight questions and we will tell you which lender’s program actually covers your situation. It takes about two minutes and costs you nothing.
Conforming loan limits from the FHFA. PMI cost range from the Urban Institute. Deferred student loan treatment from the Fannie Mae Selling Guide. Median education debt from the AAMC. Closing cost averages from LodeStar. Lender programs change without notice, so confirm current terms before relying on them.